JCI Seen Moving Sideways Amid Reforms, Data Watch

RRI.CO.ID, Jakarta - The Indonesia Stock Exchange (IDX) entered a period of consolidation on Wednesday, February 4, 2026, as market participants focused on regulatory reforms and awaited domestic economic growth figures.

“The JCI is expected to potentially consolidate in the range of 7,950–8,400,” said Ratna Lim, Head of Research at Phintraco Sekuritas, as quoted by Antara.

A key development is the Financial Services Authority (OJK) and Self-Regulatory Organizations (SRO) initiative to expand investor classifications from nine categories to 27 sub-types.

The new framework will include private equity, government entities, and peer-to-peer lending participants, and will distinguish between affiliated and non-affiliated investors. The move is intended to meet MSCI's transparency benchmarks and provide a more detailed view of market liquidity.

Ratna also noted that Finance Minister Purbaya Yudhi Sadewa’s decision to form a selection committee for new OJK leadership “shows efforts to maintain stability and credibility in the financial sector, even though the process has passed the ideal deadline.”

She added that traders are adopting a “wait-and-see” stance ahead of the release of fourth-quarter 2025 GDP growth data, which will serve as a benchmark for Indonesia’s economic fundamentals.

From the United States, Ratna explained that investors are awaiting the January 2026 ISM Services PMI, which is expected to remain relatively stable at 54.3, compared to 54.4 in December 2025.

Meanwhile, European markets are awaiting January inflation data, which are forecast to ease to 1.8 percent year-on-year from 1.9 percent in December 2025.

On Tuesday, Wall Street closed lower, with the Dow Jones Industrial Average down 0.34 percent to 49,240.99, the S&P 500 falling 0.84 percent to 6,917.79, and the Nasdaq Composite dropping 1.55 percent to 25,338.62.

Asian markets opened mixed on Wednesday. Japan’s Nikkei fell 292.90 points, or 0.54 percent, to 54,427.80. Shanghai gained 12.86 points, or 0.32 percent, to 4,947.70, while Singapore’s Straits Times rose 3.61 points, or 0.07 percent, to 4,947.83. Hong Kong’s Hang Seng slipped 21.36 points, or 0.08 percent, to 26,813.66. ***​