Jakarta. Indonesia’s benchmark stock index closed lower on Wednesday as investors turned cautious amid escalating geopolitical tensions and renewed gains in oil prices, trimming earlier global market optimism.

Jakarta Composite Index (JCI) fell 51 points, or 0.69%, to close at 7,389, moving within a trading range of 7,380 to 7,527.

Market activity remained heavy, with 31.2 billion shares traded, generating a turnover of Rp 15.71 trillion ($930.45 million) across more than 1.8 million transactions. Decliners outnumbered gainers, with 266 stocks falling, 312 advancing, and 139 unchanged.

Among the session’s biggest movers, Pakuan (UANG) surged 24.93%, followed by MDTV Media Technologies (NETV) which climbed 24.71%. Alakasa Industrindo (ALKA) jumped 24.11%, while Danasupra Erapacific (DEFI) rose 23.50%.

On the losing side, Bank Artha Graha International (INPC) plunged 14.57%, Mandom Indonesia (TCID) dropped 14.48%, Indospring (INDS) declined 14.38%, and Hotel Fitra International (FITT) slipped 14.29%.

Pilarmas Investindo Sekuritas said the Indonesian market fluctuated throughout the day as investors digested mixed signals from both global and domestic developments.

From the external side, Asian markets continued their upward trend, supported partly by stronger economic data from Japan. The country’s economy expanded 1.3% year-on-year in the fourth quarter of 2025, rebounding from a 2.6% contraction in the third quarter, reflecting resilient private consumption and increased government spending backed by fiscal stimulus aimed at easing household burdens and supporting economic activity.

Positive trade data from China also helped sustain sentiment, with exports and imports in the first two months of the year growing faster than expected, indicating strong external and domestic demand.

However, markets remained sensitive to conflicting messages from the administration of US President Donald Trump regarding the situation in the Strait of Hormuz, a critical global oil shipping route.

US Energy Secretary Chris Wright briefly claimed on social media that the US Navy had escorted an oil tanker through the strait, but later deleted the post after the White House denied such an operation had taken place.

At the same time, the Pentagon said the US and Israel had launched their most intense attacks on Iran and would continue operations until Tehran was defeated, contradicting Trump’s earlier suggestion that the conflict could end soon.

In Europe, European Central Bank President Christine Lagarde said policymakers would do whatever was necessary to keep inflation under control despite the latest surge in energy prices, reiterating the central bank’s commitment to preventing a repeat of the sharp price spikes seen in recent years.

Domestically, Pilarmas noted that retail activity remained stable in January, supported by seasonal spending ahead of Ramadan and Eid al Fitr. However, gains were limited as investors adopted a more defensive stance amid global uncertainty and ahead of the long holiday period.

The brokerage said market participants were trimming exposure to riskier assets to mitigate potential volatility stemming from rising geopolitical tensions while Indonesia’s markets are closed during the Eid holidays.

Oil prices continued to swing sharply amid the escalating conflict involving Iran. Brent crude, the international benchmark, rose 2.6% to $90.11 per barrel, while US benchmark crude climbed 3.2% to $86.08 per barrel, though both remained below the nearly $120 peak reached earlier this week.

Global equity markets were mixed. In Asia, Japan’s Nikkei 225 advanced 1.4% to 55,025, while South Korea’s Kospi gained 1.4% to 5,609 after rising more than 3% earlier in the day.

In contrast, Hong Kong’s Hang Seng slipped 0.2% to 25,898, while China’s Shanghai Composite edged up 0.3% to 4,133.

On Wall Street overnight, the S&P 500 fell 0.2%, extending volatility triggered by oil price swings. The Dow Jones Industrial Average dropped 0.1%, while the Nasdaq Composite edged up less than 0.1%.

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