February 19, 2026 | 10:26 am
TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) on the Indonesia Stock Exchange (IDX) strengthened on Thursday, February 19, 2026, as market participants expressed optimism that Bank Indonesia (BI) would maintain its benchmark interest rate.
The JCI opened higher by 47.22 points, or 0.57 percent, to 8,357.45. Meanwhile, the 45-stock blue chip index, or LQ45, rose 3.83 points, or 0.46 percent, to 842.37. "The JCI is projected to strengthen on Thursday," said the Lotus Andalan Sekuritas Research Team, citing Antara.
Domestically, market participants are awaiting the outcome of the Bank Indonesia (BI) Board of Governors Meeting (RDG). The consensus of 12 institutions predicts the central bank will maintain its interest rate at 4.75 percent. This is to maintain the stability of the Rupiah exchange rate amid global uncertainty.
Meanwhile, Indonesia's inflation data for January 2026 was recorded at 3.55 percent (yoy), relatively under control. Therefore, there is still room for interest rate cuts in the future, potentially starting in March 2026, depending on market dynamics.
On the other hand, Indonesia's foreign debt in the fourth quarter of 2025 rose to US$431.7 billion, primarily from increased government debt due to the influx of foreign funds into government securities (SBN).
Despite the potential to put pressure on the Rupiah and the bond market, the foreign debt structure is considered healthy, with a ratio to gross domestic product (GDP) of 29.9 percent and long-term debt dominating 85.7 percent.
Internationally, the minutes of the Fed's FOMC meeting in January 2026 revealed that the majority of Fed officials agreed to hold interest rates in the 3.5-3.75 percent range. However, they remain divided on the next step.
Some are open to lowering interest rates if US inflation subsides. Others are considering raising them if inflation remains high.
Read: JCI Might Test 8,300 Level Ahead of BI Rate Release, Says Analyst
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