Jakarta. Jakarta Composite Index (JCI) tumbled 86 points, or 1.04%, to close at 8,235 on Thursday, pressured by a mix of global geopolitical jitters and domestic policy concerns over planned restrictions on minimarkets in rural areas.

The benchmark index moved within a range of 8,139 to 8,258 during the session.

Trading activity remained brisk. Volume reached 56.10 billion shares with total turnover of Rp 27.74 trillion ($1.65 billion) across more than 3.1 million transactions. Decliners overwhelmed gainers, with 568 stocks falling, 146 advancing and 105 ending flat.

On the gainers board, MNC Sky Vision (MSKY) led with a 34.62% surge, followed by Armada Berjaya Trans (JAYA), up 34.57%, Nusantara Voucher Distribution (DIVA), which climbed 31.29%, and Ifishdeco (IFSH), rising 25%.

On the losing side, Pelayaran Nasional Ekalya (ELPI) slipped 14.96%, Indospring (INDS) fell 14.95%, Sekar Bumi (SKBM) dropped 14.88%, and Arkora Hydro (ARKO) declined 14.82%.

Pilarmas Investindo Sekuritas said the JCI turned red as markets digested negative external and internal catalysts.

From abroad, the brokerage noted that regional Asian markets were weighed down by escalating geopolitical tensions and uncertainty over US trade tariff policy. “An increase in US troop deployments in the Middle East has made investors cautious ahead of nuclear talks in Geneva, while Washington has stepped up pressure on Iran by sanctioning entities involved in oil and weapons exports,” Pilarmas wrote in its Thursday research note.

At the same time, the administration of US President Donald Trump is seeking to maintain its global tariff strategy, raising concerns among trading partners. US Trade Representative Jamieson Greer said tariffs on certain countries could rise to 15% or higher, from the recently imposed 10%.

On the monetary front, persistent inflation concerns have prompted investors to delay expectations of the next Federal Reserve rate cut until September, according to Pilarmas.

Domestically, attention has turned to the government’s plan to limit new minimarket permits in rural areas to support the Merah Putih Village Cooperatives (Kopdes).

Pilarmas warned that restricting new minimarket licenses to strengthen Kopdes could carry serious consequences for national economic stability, particularly in investment and market efficiency. Modern minimarkets typically offer competitive pricing and consistent service standards. Without competition, rural consumers may face higher prices or limited product choices at cooperatives. Minimarkets also operate highly efficient logistics systems. If Kopdes lacks comparable logistical readiness, supply shortages or higher distribution costs could emerge. “Sudden or market-closing policies may generate negative sentiment among retail investors,” Pilarmas said.

Across Asia, markets were mixed.

Tokyo’s Nikkei 225 briefly crossed the 59,000 mark for the first time before paring gains to close up 0.3% at 58,753. Shares of SoftBank Group rose 4%.

South Korea’s Kospi surged 3.7% to 6,307, extending its rally after surpassing the 6,000 level for the first time on Wednesday. The index has jumped 46% since the start of the year. Samsung Electronics climbed 7.1%, while SK Hynix gained 8%.

In contrast, Hong Kong’s Hang Seng fell 1.4% to 26,383, while the Shanghai Composite was little changed at 4,146.

Global sentiment was partly buoyed by strong earnings from Nvidia, whose quarterly revenue jumped 73% year-on-year to $68 billion. The company forecast $78 billion in revenue for the current quarter, above analysts’ expectations. Nvidia rose 0.2% in after-hours trading.

Overnight on Wall Street, the S&P 500 advanced 0.8% to 6,946. The Dow Jones Industrial Average climbed 0.6% to 49,482, while the Nasdaq Composite gained 1.3% to 23,152.

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