Indonesia’s financial markets on March 9, 2026, were marked by sharp equity losses, a weakening rupiah, and commodity-driven sectoral shifts. The Jakarta Composite Index fell over 3%, the rupiah hovered near Rp16,970/USD, and oil price spikes triggered a rally in palm oil futures.
1. Jakarta Composite Index Drops 3.27% to 7,337.37
- The JCI closed down 3.27%, touching an intraday low of 7,156, its weakest level in seven months. This decline was driven by global risk-off sentiment, U.S. futures sell-offs, and regional market weakness.
- Sectoral losses were broad-based, with transportation down 5.22% and financials also under pressure. Despite the downturn, four LQ45 stocks managed gains, showing selective investor resilience.
2. Rupiah Weakens Toward Rp16,970/USD
- The rupiah slipped to Rp16,970 per USD, marking its third consecutive decline and nearing January’s record low of Rp16,985. The weakness was fuelled by safe-haven demand for the U.S. dollar amid ongoing conflict in Iran.
- Domestic sentiment was further pressured by recent credit outlook downgrades from Moody’s and Fitch. Consumer confidence also fell in February, reflecting rising cost pressures ahead of Eid al-Fitr.
3. Oil Price Surge Sparks Palm Oil Rally
- Global oil prices jumped 30% above USD100 per barrel, intensifying inflation concerns and weighing on risk assets. This surge spilled over into commodities, driving the largest rally in crude palm oil (CPO) futures in three years.
- The rally boosted plantation-linked stocks and highlighted Indonesia’s dual exposure: while higher oil prices strain currency and fiscal stability, they also benefit commodity-linked sectors.