Jakarta. Jakarta Composite Index (JCI) retreated from its record level on Thursday, slipping 19.34 points, or 0.22%, to close at 8,925. The benchmark traded within a wide range of 8,918 to 9,002 during the session.

Market activity remained robust. RTI Data showed trading volume reached 55.13 billion shares, with turnover totaling Rp 29.03 trillion ($1.73 billion) across more than 3.84 million transactions. Decliners outnumbered gainers, with 370 stocks falling, 302 rising, and 138 ending flat.

On the gainers’ board, Sinergi Multi Lestarindo (SMLE) jumped 34.52%, followed by Kokoh Exa Nusantara (KOCI), which surged 34.04%. Ifishdeco (IFSH) climbed 25%, while Abadi Lestari Indonesia (RLCO) advanced 24.90%.

Losses were led by Multi Hanna Kreasindo (MHKI), which tumbled 14.97%. Golden Flower (POLU), Perintis Triniti Properti (TRIN), and Optima Prima Metal Sinergi (OPMS) also slid sharply, each dropping around 15%.

According to research from Pilarmas Investindo Sekuritas, the JCI spent most of the day in positive territory, supported by a mix of domestic and global tailwinds, particularly Indonesia’s foreign exchange reserves, which hit their highest level since March.

Pilarmas noted that Bank Indonesia reported December 2025 foreign reserves rose to $156.5 billion from $150.1 billion in the previous month. The increase was driven by tax and services receipts, the government’s global sukuk issuance, and foreign loan drawdowns.

The reserves are sufficient to cover 6.4 months of imports, or 6.3 months of imports and government external debt payments, well above the international adequacy benchmark of around three months of imports.

“This level of reserves reflects a resilient external sector, supported by sustainable export prospects and steady foreign investment inflows,” Pilarmas wrote, adding that the data helped reinforce positive market sentiment toward Indonesia’s economic outlook and investment returns.

From overseas, Pilarmas said Asian markets mostly moved lower as investors assessed mixed signals from recent US economic data and their implications for the Federal Reserve’s policy path. JOLTS data showed a sharp drop in job openings, pointing to cooling labor demand, while ADP reported a modest pickup in private hiring. Meanwhile, the ISM services PMI rose above expectations.

“Markets are now awaiting weekly jobless claims on Thursday and the US December employment report on Friday, which will be key cues for the Fed’s next steps,” Pilarmas said.

Geopolitical concerns also lingered after tensions between Japan and China escalated following Beijing’s move to impose export controls on products used for military purposes destined for Japan.

Across Asia, markets were broadly weaker.

Tokyo’s Nikkei 225 fell 1.6% to 51,117, pressured by technology stocks, with SoftBank sliding 7.6% and Tokyo Electron down 4%.

Hong Kong’s Hang Seng lost 1.2% to 26,143, though shares of Chinese AI firm Zhipu jumped about 15% above their offer price in their trading debut. Shanghai’s Composite Index eased nearly 0.1% to 4,082, while South Korea’s Kospi was little changed, inching up less than 0.1% to 4,552.

On Wall Street, early-year optimism faded on Wednesday. The S&P 500 slipped 0.3% from its record high to 6,920, the Dow Jones Industrial Average dropped 0.9% to 48,996, while the Nasdaq Composite edged up 0.2% to 23,584.

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