Jakarta. The Jakarta Composite Index (JCI) opened in the red on Thursday, shedding 10.3 points (0.14 percent) to 7,373.5 following Donald Trump’s victory in the US presidential election. The index moved within a range of 7,329 to 7,386. On Wednesday, it had fallen sharply by 108.06 points (1.44 percent), closing at 7,383.8.

In early Thursday trading, 981.8 million shares were exchanged, generating Rp 815.3 billion in trade value over 54,210 transactions. Among the stocks, 157 gained, 191 declined, and 176 remained unchanged.

Asian markets also faced volatility, mirroring investor caution. Japan’s Nikkei 225 dipped 0.6 percent to 39,246.86, South Korea’s Kospi lost 0.4 percent to 2,554.57, and Australia’s S&P/ASX 200 slipped 0.1 percent to 8,191.00. Chinese stocks saw similar declines, with Hong Kong’s Hang Seng dropping 0.7 percent to 20,386.36 and the Shanghai Composite falling 0.7 percent to 3,359.99.

Analysts are watching for impacts from Trump’s “America First” economic stance, which has historically emphasized trade restrictions, especially with China. Mirae Asset Sekuritas Senior Market Analyst Nafan Aji Gusta warned, “Trump is likely to revive high tariffs on Chinese goods, imposing measures to strengthen the U.S. economy and limit China’s global influence.”

Nafan projected that tariffs could rise to as much as 60 percent on Chinese imports, potentially slowing down China’s economy and dampening global growth. Given China’s role in global supply chains, “a downturn there could create ripple effects for economies worldwide, including Indonesia,” he explained.

The US and China are Indonesia's largest trading partners.

There are also concerns about inflation in the US as higher tariffs drive up import prices. This could pressure the Federal Reserve to raise interest rates, making US assets more appealing to international investors.

“A sustained rise in U.S. interest rates may redirect capital away from emerging markets like Indonesia, adding pressure to the JCI,” Nafan noted.

Electoral counts as of Thursday morning showed Trump with 295 electoral votes, surpassing the 270 required to win the presidency, while Democratic candidate Kamala Harris received 226 electoral votes.

US markets rallied sharply on Wednesday amid expectations of pro-business policies under Trump’s administration. The S&P 500 rose 2.5 percent to 5,929.04, the Dow Jones jumped 3.6 percent to 43,729.93, and the Nasdaq advanced 3 percent to 18,983.47. Investors are also closely watching the Federal Reserve’s interest rate decision due later in the day, as it could shape global market sentiment further.