March 17, 2026 | 12:58 pm
TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) on Tuesday morning, March 17, 2026, moved higher amid market participants taking a wait-and-see approach towards the direction of central bank benchmark interest rate policies, both domestically and internationally.
JCI opened higher by 52.32 points or 0.75 percent to 7,074.61. Meanwhile, the LQ45 index, which represents 45 leading stocks, increased by 6.99 points, or 0.98 percent, reaching 720.72.
"Ahead of the long holiday, it is estimated that investors are likely to hold back amid the still high uncertainty. JCI is predicted to move in the range of 6,900-7,150," said the Head of Research at Phintraco Sekuritas, Ratna Lim, in her analysis in Jakarta, on Tuesday.
Market players around the world are anticipating central bank decisions this week, including the U.S. Federal Reserve's, scheduled for Wednesday, March 18, 2026.
This policy will be the first opportunity for central banks to react to the escalation of the conflict between the U.S. and Israel with Iran, which has entered its third week.
Conversely, the movement of global crude oil prices remains a concern for market participants because the closure of the Strait of Hormuz hinders energy flow and endangers the global economy.
Despite the U.S.'s efforts to ease supply concerns, including the relaxation of some sanctions on Russian oil, crude oil prices continue to rise.
U.S. President Donald Trump has asked some countries to assist the U.S. in reopening the Strait of Hormuz. However, some countries have shown reluctance to assist.
Furthermore, Trump stated that his planned trip to China at the end of March 2026 may be postponed, as the U.S. seeks to pressure China to help reopen the Strait of Hormuz.
Domestically, concerns about the impact of rising oil prices on inflation, the potential widening of the state budget deficit, the depreciation of the rupiah, and the potential slowdown of the domestic economy are negative factors influencing the movement of JCI.
President Prabowo has once again emphasized his commitment to fiscal discipline, stating that the main principle of his government is to ensure that the Indonesian nation lives within its means.
The President emphasized that the option to widen the state budget deficit is a last resort. He said he would only consider raising the maximum state budget deficit limit to three percent of GDP if Indonesia were to face an extraordinary emergency.
On the other hand, market participants are awaiting the results of the Bank Indonesia Board of Governors Meeting today, which is expected to maintain the BI Rate benchmark interest rate at 4.75 percent.
Meanwhile, bank credit growth is expected to increase by 10.1 percent (yoy) in February 2026, up from 9.96 percent in January 2026.
This morning, the regional stock exchanges in Asia, including the Nikkei index rising by 285.50 points or 0.53 percent to 54,036.60, the Hang Seng index rising by 336.26 points or 1.30 percent to 26,170.29, the Shanghai index rising by 11.93 points or 0.29 percent to 4,096.72, and the Strait Times index rising by 56.37 points or 1.16 percent to 4,925.06.
Read: Fiscal Developments to Shape JCI Movement This Week
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