Jakarta Market Defies Global Jitters, Closes at Another All-Time High
Jakarta. Jakarta Composite Index (JCI) closed higher on Wednesday, adding 11.2 points or 0.13% to finish at 8,944.8, marking another fresh all-time high.
Trading value on the bourse reached Rp 36.8 trillion ($2.20 billion). Market breadth was slightly negative, with 367 stocks advancing, 375 declining, and 216 unchanged. Total volume stood at 68.5 million shares, changing hands in 4.5 million transactions.
Among the day’s top gainers, Optima Prima Metal Sinergi (OPMS) jumped 34.67%, followed by Asri Karya Lestari (ASLI), which surged 25%. Maharaksa Biru Energi (OASA) climbed 24.85%, while Bank Sinarmas (BSIM) rose 24.78%.
On the losing side, Victoria Care Indonesia (VICI) slid 14.93%, Electronic City Indonesia (ECII) dropped 14.84%, and Soho Global Health (SOHO) fell 13.62%. Equity Development Investment (GSMF) also retreated, down 13.16%.
Pilarmas Investindo Sekuritas said the JCI’s continued advance to a new record was driven mainly by foreign buying, even as broader Asian markets traded mixed amid expectations of monetary easing by the US Federal Reserve this year.
Across Asia, sentiment remained cautious. Japan’s Nikkei 225 fell 1.1% to 51,961.98, a day after hitting a record, pressured by rising geopolitical tensions and China’s move to ban exports to Japan of goods that could be used for military purposes. Relations between the two countries have deteriorated following comments by Japan’s prime minister on potential involvement should China take action against Taiwan, after Beijing staged military drills around the island last week.
Elsewhere, South Korea’s Kospi gained 0.6% to 4,551, while Hong Kong’s Hang Seng declined 0.9% to 26,458. Shanghai Composite edged up less than 0.1% to 4,085.
Global equities also traded mixed as investors shifted focus to interest-rate expectations and rising geopolitical risks, including developments in Venezuela. “Global uncertainty continues to deepen,” Tan Boon Heng of Mizuho Bank in Singapore said, referring to the reported capture of Venezuelan President Nicolás Maduro by US forces over the weekend.
Analysts noted that the rally driven by technology stocks may be losing momentum. “Tech appetite is weaker in Asia,” Swissquote senior analyst Ipek Ozkardeskaya said, adding that the sector is showing signs of fatigue, supporting rotation trades amid persistent geopolitical headlines.
Overnight on Wall Street, the S&P 500 rose 0.6% to another record, while the Dow Jones Industrial Average gained 1% and the Nasdaq Composite added 0.6%. Investors are now awaiting key US labor market data due later this week.
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