Jakarta. Indonesian stocks closed lower on Thursday as profit-taking and governance concerns weighed on sentiment, pushing the Jakarta Composite Index (JCI) down 25.61 points, or 0.31%, to 8,265 after trading between 8,220 and 8,334.

Trading volume reached 43.26 billion shares with a turnover of Rp 23.84 trillion ($1.42 billion) across more than 3.02 million transactions. Decliners outnumbered gainers 384 to 294, while 144 stocks were unchanged.

Among top movers, Leyand International (LAPD) surged 34.55%, Bersama Zatta Jaya (ZATA) jumped 32.98%, while Jakarta International Hotels & Development (JIHD) and Indospring (INDS) each climbed 25%. On the losing side, Satria Mega Kencana (SOTS) fell 14.93%, Hillcon (HILL) dropped 14.68%, Lion Metal Works (LION) slipped 14.62%, and Gowa Makassar Tourism Development (GMTD) declined 13.96%.

Pilarmas Investindo Sekuritas attributed the JCI’s weakness to profit-taking and rising investor concerns over governance credibility following Indonesia’s drop to 109th place in the 2025 Corruption Perceptions Index.

“The decline in the CPI ranking reflects perceptions of domestic governance and anti-corruption efforts, which can ultimately influence investor confidence,” Pilarmas wrote in a Thursday research note.

The brokerage added that market participants were also monitoring reports of four letters from MSCI to regulators that allegedly went unanswered and were said to have drawn a response from President Prabowo Subianto.

“However, the Indonesia Stock Exchange firmly denied the reports, stating there has been no official communication from MSCI regarding index matters or stock changes,” Pilarmas said.

Externally, Asian markets were mixed as investors consolidated positions following solid US economic data. The US unemployment rate fell to 4.3% from 4.4%, easing fears of an economic slowdown and reinforcing expectations that the Federal Reserve will keep interest rates higher for longer.

Cleveland Fed President Beth Hammack signaled rates may remain at current levels for an extended period, a view echoed by Dallas Fed President Lorie Logan, who supports holding rates steady while assessing incoming data.

“Markets are now awaiting the release of US inflation data later this week for further clues on the next direction of monetary policy,” Pilarmas noted.

Across the region, Japan’s Nikkei 225 briefly topped 58,000 before ending slightly lower at 57,639, while South Korea’s Kospi climbed 3.1% to a record 5,522, lifted by technology stocks including Samsung Electronics, up 6.4%, and SK Hynix, which gained 3.3%.

Hong Kong’s Hang Seng fell 0.9% to 27,028, while China’s Shanghai Composite edged up 0.1% to 4,140.

On Wall Street overnight, the S&P 500 was little changed, slipping 0.34 points to 6,941.47. The Dow Jones Industrial Average fell 0.1% to 50,121.40, and the Nasdaq Composite dropped 0.2% to 23,066.47 after a stronger-than-expected US jobs report showed employers added 130,000 positions in January, signaling a stabilizing labor market and reducing the likelihood of near-term rate cuts.