Jakarta. Jakarta Composite Index slipped 37.16 points, or 0.43 percent, to close at 8,508 on Friday, weighed down by a mix of external and domestic headwinds, according to Pilarmas Investindo Sekuritas.

The benchmark moved within the 8,495–8,572 range. RTI Data showed 41.11 billion shares traded with a turnover of Rp 20.32 trillion ($1.22 billion) across more than 2.3 million transactions, with 282 stocks up, 370 down, and 159 flat.

Pilarmas said regional pressure dominated sentiment as Asian shares weakened amid a lack of catalysts from Wall Street, which remained shut for Thanksgiving.

“Market participants also stayed cautious ahead of next week’s economic data releases,” Pilarmas wrote on Friday.

China’s upcoming November Purchasing Managers’ Index (PMI), set for release this weekend, also kept investors wary after seven consecutive months of contracting factory activity and persistent weakness in services. “This heightens worries that volatility could persist toward year-end,” Pilarmas added.

The brokerage also flagged geopolitical unease tied to rising concerns over Japan–China diplomatic tensions, following a call between China’s Wang Yi and France’s diplomatic adviser that underscored Beijing’s push for firmer mutual support on core issues.

On the domestic side, investors are waiting for key indicators, including next week’s November Manufacturing PMI, as well as the upcoming releases of November inflation and October trade data.

Asian markets were mixed in a thin session as tech stocks lost momentum. While AI-related developments continue to sway global sentiment, investors remain focused on the US Federal Reserve’s policy direction. Recent remarks from Fed officials have revived hopes for a rate cut at next month’s meeting.

“Everyone is sprinting toward the same conclusion: the Fed will deliver holiday cheer,” said Stephen Innes of SPI Asset Management.

Japan’s Nikkei 225 rose 0.2 percent to 50,253.91 after October housing starts climbed 3.2 percent, surprising markets. Tokyo’s core inflation held steady at 2.8 percent, reinforcing expectations of a gradual policy shift by the Bank of Japan.

South Korea’s Kospi slid 1.5 percent on the back of weaker industrial output and a 26.5 percent plunge in semiconductor production. Hong Kong’s Hang Seng slipped 0.2 percent, while the Shanghai Composite edged up 0.3 percent. US markets were closed for Thanksgiving.

On the corporate side, some of the sharpest moves came from smaller-cap stocks. Wahana Inti Makmur and Buana Artha Anugerah led the gainers with jumps of more than 34 percent, closely followed by Red Planet Indonesia and Minna Padi Investama. Meanwhile, Bhakti Multi Artha, Ever Shine Textile Industry, Bintang Oto Global, and Sinergi Inti Plastindo were among the day’s steepest decliners, each losing around 14 percent.