Jakarta. Jakarta Composite Index (JCI) ended Friday nearly unchanged as investors adopted a cautious stance amid global trade tensions and concerns over Indonesia’s fiscal outlook.

The benchmark index inched up just 0.22 points, or 0.0%, to 8,235, after moving within a range of 8,093 to 8,246 during the session.

Trading activity remained heavy, with volume reaching 47.64 billion shares and turnover totaling Rp 38.24 trillion ($2.27 billion) across more than 2.5 million transactions. Market breadth showed 341 gainers, 315 decliners, and 163 unchanged stocks.

Among top gainers, Bakrie & Brothers (BNBR) surged 32.92%, followed by MNC Studios (MSIN) climbing 21.90%, Widodo Makmur Unggas (WMUU) rising 16.88%, and Bank Dinar Indonesia (DNAR) advancing 15.94%.

On the losing side, Satria Mega Kencana (SOTS) fell 14.86%, Pollux Investasi (POLI) declined 14.77%, Armada Berjaya Trans (JAYA) dropped 14.68%, and Sekar Bumi (SKBM) slipped 14.56%.

Pilarmas Investindo Sekuritas said the muted market performance reflected rising investor caution driven by both global developments and domestic fiscal concerns.

From the external front, the brokerage noted that Asian markets moved cautiously as investors adopted a wait-and-see approach ahead of the release of China’s February PMI data and the country’s annual parliamentary meeting scheduled for March 4–11, 2026.

During the gathering, the Chinese government is expected to announce its economic targets and outline policy direction under the 15th Five-Year Plan for 2026–2030. Uncertainty over China’s stimulus measures and growth outlook has prompted investors to hold back positions.

At the same time, global trade tensions have escalated after US President Donald Trump imposed tariffs of up to 104% on Indonesian solar energy products, alongside countervailing duties on solar panels from India and Laos.

Pilarmas wrote in a Friday research note that the policy is seen as worsening global trade tensions and raising concerns over a potential slowdown in the green energy sector.

Domestically, negative sentiment also came from a warning by S&P Global Ratings about rising fiscal pressure in Indonesia.

Pilarmas said the agency highlighted that the government’s interest payment burden is estimated to have exceeded 15% of state revenue, increasing the risk of a potential credit rating downgrade.

The rating agency also pointed to a steadily rising interest-to-revenue ratio since the pandemic, a 2.9% fiscal deficit to GDP due to weak revenue, and the potential for foreign capital outflows.

Pilarmas added that the combination of these factors could pressure the rupiah, raise financing costs, and weaken public finances. However, authorities are reportedly preparing a series of market reforms to maintain stability.

Globally, world shares were mostly higher on Friday after US stocks slid in the previous session following a sharp drop in Nvidia.

In Asia, Tokyo’s Nikkei 225 edged up 0.2% to 58,850, Hong Kong’s Hang Seng jumped 1% to 26,630, and the Shanghai Composite gained 0.4% to 4,162. Meanwhile, South Korea’s Kospi fell 1% to 6,244 as investors locked in profits.

Overnight in the US, the S&P 500 fell 0.5%, the Dow Jones Industrial Average added less than 0.1%, and the Nasdaq Composite dropped 1.2% to 22,878.

Investors are also awaiting the release of US inflation data later Friday. Meanwhile, a report showed the number of Americans filing for unemployment benefits rose slightly last week, broadly in line with economists’ expectations and still relatively low by historical standards.

Chip giant Nvidia, a key driver of the artificial intelligence boom, reported another strong quarter of profit growth that exceeded analysts’ expectations. However, its stock slumped 5.5%, marking its biggest loss since April as investors appeared to have already priced in the company’s stellar performance.

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