TEMPO.CO, Jakarta – The Jakarta Composite Index (JCI) of the Indonesia Stock Exchange (IDX) weakened by 204.9 points or 2.86 percent to reach 6,969.40 at the close of trading on Friday, May 8, 2026. MNC Sekuritas analyst, Herditya Wicaksana, stated that the JCI correction aligns with the majority of global stock market declines amid external sentiment and pressure on mining-based stocks.
“This aligns with the majority of global and regional Asian stock markets that experienced corrections, caused by the ongoing negotiations between the U.S. and Iran, which have not reached a middle ground. Looking at the exchange rate of the rupiah against the U.S. dollar, it also weakened,” said Herditya, as quoted from Antara.
Herditya explained that from a technical standpoint, JCI still has the potential to continue weakening. Apart from global factors, the biggest pressure comes from metal miners, who are concerned about the government’s proposed increase in mineral and coal royalties to boost state revenue.
The government, through the Ministry of Energy and Mineral Resources (ESDM), has proposed a new progressive royalty scheme for several main mineral commodities. “This scheme includes an increase in the upper limit of royalties and adjustments to price ranges to optimize state revenue when commodity prices rise,” said Herditya.
The proposal revised the royalty for copper concentrate from a flat rate of 7-10 percent to 9-13 percent. Meanwhile, the royalty for copper cathodes increased from 4-7 percent to 7-10 percent.
The proposed increase in the gold royalty is from 7-16 percent to 14-20 percent, with new price ranges above $5,000 per ounce. Meanwhile, the royalty for silver changed from a flat 5 percent to a progressive 5-8 percent. The royalty for tin then increased from 3-10 percent to a progressive 5-20 percent.
For nickel ore, the royalty rate remains in the range of 14-19 percent. However, the price interval is adjusted lower, potentially resulting in a faster increase in rates.
This sentiment is reflected in the 7.80 percent decline of the basic commodities sector, followed by the 4.59 percent decrease of the energy sector (IDXENERGY) and the 5.72 percent weakening of the transportation sector (IDXTRANS).
Throughout the trading, there were 138 gaining stocks, 607 declining stocks, and 214 unchanged stocks. The market capitalization of the IDX was recorded at Rp12,405 trillion.
Trading activity recorded 54.39 billion shares changing hands through 2.8 million transactions. Meanwhile, the transaction value reached Rp36.07 trillion.
Read: JCI Gains Following Global Oil Price Correction: Which Sectors Lead?
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