Jakarta. Jakarta Composite Index (JCI) reversed course in Thursday’s midday session and closed in negative territory, pressured by investor caution ahead of Bank Indonesia’s policy decision despite broadly supportive global cues.

The benchmark index ended at 8,274, falling 36.14 points or 0.43%, after trading within a range of 8,251–8,376. Market activity remained heavy, with 53.30 billion shares traded and turnover reaching Rp 26.23 trillion ($1.55 billion) across more than 3.3 million transactions. Decliners outnumbered gainers 366 to 326, while 127 stocks were unchanged.

On the top gainers board, Kokoh Exa Nusantara (KOCI) surged 35%, Raja Roti Cemerlang (BRRC) climbed 34.04%, Cilacap Samudra Fishing Industry (ASHA) advanced 28.77%, and Satria Mega Kencana (SOTS) jumped 25%.

Meanwhile, Sunson Textile Manufacturer (SSTM) dropped 14.96%, Rockfields Property Indonesia (ROCK) fell 14.85%, Satu Visi Putra (VISI) slid 14.79%, and Hillcon (HILL) declined 14.71%.

Pilarmas Investindo Sekuritas said the JCI weakened as investors awaited clarity on Bank Indonesia’s benchmark rate decision due later in the day.

“The market expects BI to maintain its benchmark rate at 4.75% amid uncertainty and rising financial market risks,” Pilarmas wrote in a Thursday research note. “This reflects BI’s continued efforts to safeguard domestic economic and rupiah stability in a sustainable manner.”

Separately, Pilarmas noted that President Prabowo Subianto is scheduled to meet US business leaders in Washington, underscoring Indonesia’s push for deeper economic diplomacy.

“This is a highly crucial strategic step for the direction of economic policy regarding Indonesia’s position in the global geopolitical and economic landscape,” the brokerage said.

Regionally, Asian equities extended gains following a Wall Street rally supported by solid US economic data. January industrial production rose 0.7% month-on-month, up from 0.2% previously and above the 0.4% market expectation.

“This indicates unexpected resilience in the real sector, suggesting the US economy may avoid a slowdown,” Pilarmas said.

Markets also digested the latest Federal Reserve minutes, which revealed diverging views among policymakers. Some officials see room for rate cuts if disinflation continues, while others favor keeping rates elevated or even tightening further if inflation proves stubborn.

“This reflects the Fed’s reluctance to move hastily, as decisions remain highly dependent on real economic conditions,” Pilarmas added.

Asian shares were mostly higher Thursday after a Wall Street rally led by chip giant Nvidia. Japan’s Nikkei 225 rose 0.6% to 57,467, while South Korea’s Kospi jumped 3.1% to 5,677 as trading resumed after holidays, with Samsung Electronics gaining 4.9%. Markets in Greater China remained closed for Lunar New Year.

Overnight in the United States, the S&P 500 climbed 0.6%, the Dow Jones Industrial Average added 0.3%, and the Nasdaq Composite gained 0.8%. Nvidia advanced 1.6% after Meta Platforms announced a long-term partnership to deploy millions of Nvidia chips for artificial intelligence data centers.

“No one deploys AI at Meta’s scale,” Nvidia CEO Jensen Huang said, highlighting the chipmaker’s outsized influence on Wall Street performance.

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