Jakarta Composite Index Slides at Open After Moody’s Outlook Cut, While Small-Caps Buck the Selloff

JAKARTA, Investortrust.id — The Jakarta Composite Index opened sharply lower on Friday, Feb 6, 2026, as investors reacted to Moody’s downgrade of Indonesia’s sovereign outlook, even as pockets of speculative buying lifted several thinly traded stocks.

The benchmark index fell more than 210 points, or about 2.5%, at the opening bell to around 7,889, after closing at 8,103 a day earlier. All major sectors declined, led by primary consumer and technology stocks, each sliding more than 3%, while energy, basic materials, and infrastructure stocks dropped over 2%.

The selloff followed Moody’s Investors Service decision to revise Indonesia’s outlook to negative from stable, while affirming the country’s Baa2 sovereign credit rating. The move weighed on risk sentiment at the open, amplifying pressure already visible in Thursday’s trade.

“The affirmation of the Baa2 rating confirms that Indonesia’s economic fundamentals remain solid,” said Financial Services Authority interim chairwoman Friderica Widyasari Dewi, adding that the outlook change reflected short-term global uncertainty rather than domestic weakness. “This is supported by relatively strong economic growth, a disciplined macro policy framework, and a resilient financial services sector.”

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Foreign investors were net sellers on Thursday, unloading about Rp 469.74 billion, with the largest outflows seen in mining and energy names. Shares of Aneka Tambang, Merdeka Copper Gold, and Bumi Resources accounted for a significant portion of the selling.

Despite the broad-based decline, speculative buying lifted several third-layer stocks. KJEN surged 27% to Rp 184, LION rose 23% to Rp 600, and NZIA gained about 23% to Rp 226, underscoring persistent retail appetite for high-volatility names even amid market stress.

Regulators sought to reassure investors that macro conditions remained supportive. Moody’s itself noted that Indonesia’s economy stayed resilient, backed by structural strengths and prudent fiscal and monetary policies, while recent data showed the economy expanded 5.11% in 2025.

“Going forward, OJK will consistently implement its 2026 Priority Programs with an emphasis on prudence, strengthening financial sector resilience, and measured market deepening,” Friderica said. “These steps are aimed at maintaining financial stability, supporting government priority programs, and reinforcing market and investor confidence.”

While Friday’s opening drop highlighted sensitivity to global ratings signals, policymakers maintained that Indonesia’s growth trajectory and financial stability remained intact, even as markets braced for continued volatility in the near term.