Jakarta. Jakarta Composite Index (JCI) swung between gains and losses throughout Tuesday’s session before closing marginally higher, adding 2.68 points or 0.03% to finish at 8,646.

Pilarmas Investindo Sekuritas said the benchmark remained under pressure ahead of the year-end, weighed down by a mix of global and domestic uncertainties that continued to dampen market sentiment.

The index traded within a range of 8,584 to 8,663. Total trading volume reached 39.31 billion shares, with turnover at Rp 20.28 trillion ($1.21 billion) and transaction frequency exceeding 2.5 million times. Market breadth was mixed, with 346 stocks advancing, 317 declining, and 146 unchanged.

On the gainers’ board, Chitose International (CINT) jumped 34.81%, followed by Presisi (PPRE), which climbed 25.36%, Royaltama Mulia Kontraktorindo (RMKO), which surged 24.73%, and Polychem Indonesia (ADMG), up 22.65%.

Meanwhile, losses were led by Ulima Nitra (UNIQ), which fell 14.83%, followed closely by Mustika Ratu (MRAT), down 14.78%, Pudjiadi Prestige (PUDP), which slid 14.29%, and Optima Prima (OPMS), which dropped 13.46%.

Pilarmas said that investor caution intensified amid a dense slate of upcoming global economic data and heightened geopolitical risks. Across Asia, equity markets mostly moved lower as investors adopted a wait-and-see stance ahead of the release of the Federal Reserve’s December meeting minutes, weekly US jobless claims, and China’s manufacturing index.

Geopolitical tensions also resurfaced after reports of an alleged attack targeting the residence of Russia’s president, prompting Moscow to reassess its negotiating stance in the Ukraine conflict and raising global risk concerns. In the Middle East, Saudi airstrikes in Yemen and remarks from Iran hinting at the risk of a full-scale war involving the US, Europe, and Israel further unsettled markets. US President Donald Trump also warned of possible further strikes should Iran resume its nuclear program.

From the domestic front, Pilarmas added that investors remained cautious ahead of several key economic data releases due later this week, including manufacturing activity, inflation figures, and the trade balance.

Despite year-end volatility, Indonesia’s stock market capped the year as one of the world’s strongest performers, with the Jakarta Composite Index up 18.01% year to date, outpacing most major global benchmarks.

Year-to-date performance comparison:

• Indonesia (JCI): +18.01%
• Thailand: +17.80%
• Philippines: +14.65%
• United Kingdom: +8.33%
• India: +7.53%
• Australia: +4.51%
• United States (Dow Jones): +4.25%
• South Korea (Kospi): +2.89%
• Hong Kong (Hang Seng): +1.06%

Several major indices ended the year below their previous year-end levels:

• Malaysia (FTSE): –1.68%
• Singapore (Straits Times Index): –1.89%
• Japan (Nikkei 225): –14.60%
• China (Shanghai Composite): –15.89%

In the region, Japan’s Nikkei slipped 0.37% to 50,339, though it remains up nearly 25% for the year. Hong Kong’s Hang Seng index climbed 0.86% to 25,854, while China’s Shanghai Composite was virtually unchanged at 3,965. South Korea’s Kospi edged down 0.15% to 4,214.

Wall Street ended lower on Monday amid thin year-end trading. The S&P 500 fell 0.3%, though it remains up more than 17% for the year and is on track for its eighth consecutive monthly gain. The Dow Jones Industrial Average dropped 0.5%, while the Nasdaq Composite also slipped 0.5%.

With just two trading days left before the year-end, many large investors have already closed their positions, keeping market volumes light. Most global markets will be closed on Thursday for New Year’s Day, with some also shutting on Wednesday and Friday.

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