TEMPO.CO, Jakarta - Indonesia's benchmark Jakarta Composite Index (JCI) closed down 1.88 percent at 6,196 on Friday, July 24, 2026, as rising global oil prices and new U.S. import tariffs on Indonesian goods weighed on investor sentiment.
A total of 104 stocks advanced, 587 declined, and 105 ended unchanged. Trading volume reached 37.9 billion shares, with a total transaction value of Rp17.7 trillion (about US$985 million) across 2.25 million transactions.
According to Phintraco Sekuritas, the JCI retreated after briefly surpassing the 6,400 level earlier this week, as investors locked in profits following a rally.
"After breaking above the 6,400 level intraday this week, the JCI weakened on Friday due to negative sentiment from rising crude oil prices, which triggered profit-taking," the brokerage's research team said in a report released on Friday.
Oil Prices and U.S. Tariffs Pressure Markets
In addition to higher crude oil prices, market sentiment was dampened by the United States' decision to impose a 10 percent import tariff on Indonesian products.
The tariff policy also weighed on Indonesia's currency. The rupiah weakened to Rp17,963 per U.S. dollar at Friday's close.
Ibrahim Assuaibi, Director of PT Traze Andalan Futures, said the new tariff took effect after the expiration of a 150-day temporary tariff policy.
He also warned that escalating tensions in the Middle East could further strain Indonesia's external position in the third quarter of 2026, potentially widening the country's current account deficit and putting additional pressure on the rupiah.
"Crude oil prices have once again risen above the level assumed in the state budget, forcing the government to spend more U.S. dollars to cover the deficit," Ibrahim said in a written statement on Friday.
Trade Deficit Adds to Concerns
Ibrahim also pointed to Indonesia's US$1.61 billion trade deficit in May 2026, marking the country's first monthly trade deficit after 72 consecutive months of surplus.
The combination of higher energy prices, a weaker rupiah, new U.S. tariffs, and a deteriorating trade balance has added to concerns over Indonesia's economic outlook and pressured the country's financial markets.
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