Indonesia's JCI rebounds as BBCA leads gains after US midterm result

BBCA leads the late recovery

The Indonesia Stock Exchange Composite Index, known as the IHSG or JCI, fell as low as 4,824.36 during the session before recovering toward the close. IDNFinancials reported market turnover of IDR 10.77 trillion, with 26.66 billion shares changing hands in 1.23 million trades.

PT Bank Central Asia Tbk (BBCA) accounted for 8.38 points of the index's gain as its shares climbed 1.86% to IDR 4,930. Other contributors included PT Astra International Tbk (ASII), which advanced 3.16%, and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), up 1.13%. Among sectors supporting the recovery, basic materials rose 0.91%, consumer non-cyclicals added 0.22% and financials gained 0.17%.

Foreign buying was already evident during the weaker morning session. CNBC Indonesia, citing Stockbit Sekuritas data, said foreign investors made net purchases of IDR 268.67 billion across all markets in the first session. BBCA attracted the largest net inflow, at IDR 117.43 billion.

Rebound follows a broad sell-off

Wednesday's recovery came after the JCI lost 3.78% on Tuesday, November 3, closing at 4,904.29. MNC Sekuritas reported net foreign selling of IDR 575.01 billion that day. Every sector declined, with basic materials down 6.00% and energy down 4.38%.

MNC attributed part of Tuesday's risk aversion to caution ahead of MSCI's November 11, 2026, review. Investors remained concerned about a possible change in Indonesia's market classification and continued capital outflows, the brokerage said.

Democrats' victory lifts sentiment

Phintraco Sekuritas said the JCI's strength emerged late in Wednesday's session after persistent weakness from the opening bell. Its analysts viewed the Democratic Party's US midterm victory as a favorable development for the index.

"This has raised hopes of changes to the global economy, particularly in fiscal policy, international trade, interest rates, the US dollar exchange rate and geopolitical relations," Phintraco analysts wrote in a note to investors.

An NPR analysis drawing on race calls by The Associated Press said Democrats secured both the House and Senate in the November 3, 2026, elections, restoring the party's full control of Congress for the first time since 2023. Seven Senate seats changed from Republican to Democratic control: North Carolina, South Carolina, Ohio, Texas, Kansas, Iowa and Maine. Rep. Hakeem Jeffries is poised to become the first Black speaker of the House.

Gold recovers as the rupiah weakens

The US dollar and Treasury yields eased following the election result, helping gold regain the US$4,000-per-troy-ounce level. IG put the metal at about US$4,028 on the morning of November 4, a rise of roughly 2.5%. Even after that gain, gold remained about 28% below its late-January 2026 record of just under US$5,600.

The rupiah did not share in the improvement, slipping 0.04% to IDR 18,168 per US dollar. MNC Sekuritas data for November 3 showed a USD/IDR rate of 18,148, about 8.95% higher than a year earlier, and Bank Indonesia's benchmark interest rate at 5.75%.

For Thursday, November 5, Phintraco expects the JCI to trade sideways between 4,800 and 5,000.