Jakarta. Jakarta Composite Index (JCI) pushed deeper into record territory on Thursday, briefly breaking above the 9,100 mark to set a new all-time high before closing at 9,075, up 42 points or 0.47%. The benchmark moved within a 9,040–9,100 range during the session.

RTI data showed total trading volume reached 50.32 billion shares, with turnover at Rp 27.86 trillion ($1.65 billion) across more than 3.36 million transactions. Market breadth was nearly balanced, with 339 gainers, 331 decliners, and 133 stocks unchanged.

Pilarmas Investindo Sekuritas said the rally was driven by optimism over domestic stimulus, as investors welcomed the government’s plan to allocate Rp 101 trillion ($5.98 billion) to support the textile industry. The policy is aimed at safeguarding labor-intensive sectors that employ millions of workers while enhancing national industrial competitiveness amid intensifying global competition. “This sentiment became a positive catalyst for the market, especially ahead of the national holiday, despite weaker Asian bourses,” Pilarmas wrote in its research note.

Gains were concentrated in textile-related names. Bersama Zatta Jaya (ZATA) led the top gainers with a 35% jump, followed by Ever Shine Textile Industry (ESTI), which rose 34.75%, Inocycle Technology (INOV) up 34.56%, and Trisula Textile Industries (BELL) gaining 34.15%. On the losing side, Sentral Mitra Informatika (LUCK) fell 13.25%, Danasupra Erapacific (DEFI) dropped 12.03%, PAM Mineral (NICL) slid 11.32%, and Acset Indonusa (ACST) declined 10.70%.

Regionally, Pilarmas noted Asian markets were weighed down by rising geopolitical risks and renewed trade tensions after US President Donald Trump imposed a 25% tariff on chip products. China responded by requiring domestic companies to stop using cybersecurity software produced by US and Israeli firms, highlighting the intensifying technology rivalry between the two economies. The brokerage warned the dispute could heighten global uncertainty, add to US inflationary pressures, and limit the Federal Reserve’s room to cut interest rates in the near term. Separately, Chinese regulators raised the minimum margin for stock financing to 100% from 80% to rein in excessive risk-taking.

Most Asian equities ended lower on Thursday after Wall Street retreated, dragged down by losses in Big Tech stocks.

Japan’s Nikkei 225 slipped 0.9% to 53,863, pressured by technology-related shares, with SoftBank Group down 5.6%, Advantest falling 4.1%, and Tokyo Electron sliding 3.3%. Toyota Industries, however, jumped 6% after reports that Toyota Motor raised its buyout offer to 18,800 yen ($118.61) per share.

Hong Kong’s Hang Seng dropped 0.6% to 26,850, while Hong Kong-listed Trip.com shares plunged more than 20% after Beijing opened an antitrust investigation into the group. The Shanghai Composite Index fell 0.6% to 4,101. South Korea’s Kospi gained 0.5% to 4,747.

On Wall Street overnight, the S&P 500 fell 0.5% to 6,926 for a second straight loss, the Dow Jones Industrial Average slipped 0.1% to 49,149, and the Nasdaq Composite dropped 1% to 23,471. Big Tech stocks weighed on performance as investors trimmed exposure to the artificial intelligence trade, with Nvidia down 1.4% and Broadcom sliding 4.2%.

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