Jakarta Composite Index Slides Below 6,650 as Sectoral Selling Persists

The Jakarta Composite Index (JCI) continued its downward trend on Monday, closing at 6,648.14. The index shed 94.43 points, or 1.40%, as selling pressure intensified across several key sectors, leaving the benchmark just below the 6,650-point threshold. This latest drop is part of a broader correction in the Indonesian market, which has seen a cumulative decline of over 6% across four consecutive sessions. The slump persists despite a generally optimistic global forecast for Asian markets, which have been supported by gains in the technology and finance sectors elsewhere. The decline was led by a sharp sell-off in the telecommunications sector, most notably Indosat Ooredoo Hutchison, which plummeted 13.51%. Major banking institutions also faced losses, with Bank Mandiri and Bank Negara Indonesia dropping 2.91% and 2.81%, respectively. Resource and cement stocks, including Vale Indonesia and Indocement, further contributed to the index's slide. In contrast, U.S. markets closed higher on Monday, with the S&P 500 gaining 0.67% and the NASDAQ rising 0.98%. While Wall Street traders largely shrugged off new U.S. tariff threats on steel and aluminum, the JCI remains under pressure. Investors are now awaiting Indonesia's January consumer confidence index and upcoming U.S. inflation data to determine if the market will find a support level on Tuesday.