Jakarta. Jakarta Composite Index (JCI) closed down 15 points, or 0.25%, at 6,101 on Tuesday as investors awaited MSCI’s decision on Indonesia’s market classification, weighed manufacturing concerns, and monitored developments in US-Iran negotiations.

The benchmark index traded between 5,993 and 6,121 during the session. Trading volume reached 41.52 billion shares with turnover of Rp 32.9 trillion ($1.84 billion) across more than 1.7 million transactions. Losers outpaced gainers 373 to 282, while 160 stocks were unchanged.

Pilarmas Investindo Sekuritas said most Asian markets weakened following the latest developments in negotiations between the United States and Iran. Washington has reportedly granted Tehran a 60-day window to sell oil on international markets, raising expectations of increased global oil supply.

“The development has triggered expectations that global oil supply could rise again,” Pilarmas wrote in a research note on Tuesday.

However, investors remain focused on the outcome of the talks, as geopolitical uncertainty continues to pose risks to global financial markets in the near term.

Pilarmas also noted concerns that Iran could use additional oil-export revenue to strengthen its military capabilities. US President Donald Trump has yet to provide assurances that proceeds from oil sales would not be used for that purpose.

Meanwhile, Iranian Central Bank Governor Abdolnaser Hemmati said the country is under no obligation to purchase US agricultural products, contrary to Washington’s expectations.

Domestically, investors are awaiting MSCI’s final decision on Indonesia’s market classification status, which could influence global fund flows into the domestic stock market. “The decision has become a key focus because it could affect international investor allocations to Indonesian equities,” Pilarmas said.

Market sentiment was also weighed down by concerns over Indonesia’s manufacturing competitiveness. Investors are monitoring reports that several Japanese automotive component manufacturers in East Java are considering relocating production facilities to Vietnam.

“This has raised concerns about potential layoffs and a decline in manufacturing investment in Indonesia,” Pilarmas added.

Asian markets mostly declined on Tuesday as recent optimism faded amid uncertainty over efforts to end the conflict involving Iran. Japan’s Nikkei 225 fell 3.6%, South Korea’s Kospi lost 1%, Hong Kong’s Hang Seng dropped 2.1%, and China’s Shanghai Composite slipped 1.3%.

On Wall Street, the S&P 500 fell 0.4% on Monday, leaving the benchmark 1.8% below its record high. The Dow Jones Industrial Average gained 0.3%, while the Nasdaq Composite tumbled 1.3%.