Jakarta. Indonesia’s benchmark index eked out gains on Wednesday, clawing higher despite lingering pressure from MSCI-related concerns and fresh uncertainty over financial sector oversight, as selective small-cap rallies helped offset broader market caution.

Jakarta Composite Index (JCI) closed at 8,146, up 24.12 points or 0.30%. The benchmark traded within a range of 8,050 to 8,194 during the session.

RTI data showed trading volume reached 45.43 billion shares, with a turnover of Rp 25.74 trillion ($1.53 billion) across more than 2.8 million transactions. Advancers numbered 301 stocks, while 391 declined and 125 ended flat.

Gains were led by Martina Berto (MBTO), which soared 34.51%, followed by Nusantara Almazia (NZIA), up 34.31%, Wahana Inti Makmur (NASI), which jumped 26.71%, and Inter Delta (INTD), rising 24.81%.

On the downside, MD Pictures (FILM) and Astrindo Nusantara Infrastruktur (BIPI) each slid 15%. Sunson Textile Manufacturer (SSRM) fell 14.91%, while Triniti Dinamik (TRUE) dropped 14.86%.

Pilarmas Investindo Sekuritas said the market remained under pressure from what it described as an “ultimatum” linked to MSCI, with investors still focused on corrective measures being prepared by regulators in response to MSCI recommendations.

According to Pilarmas, uncertainty persists as the market awaits concrete steps by the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX), a factor it sees as a continuing negative sentiment. The brokerage also pointed to market chatter suggesting the next OJK chair could come from a political background within the House of Representatives leadership.

“If this is true, it will raise questions in the market about OJK’s independence, given that the authority was designed as an independent institution overseeing financial services activities,” Pilarmas wrote in its Wednesday research note.

Regionally, Pilarmas noted that Asian equity markets moved in mixed directions amid rising geopolitical tensions after US forces reportedly shot down an Iranian drone near an aircraft carrier in the Arabian Sea. Still, US President Donald Trump said diplomatic efforts remain active, with the White House confirming US-Iran talks are still scheduled for Friday.

Pilarmas added that growth signals in parts of Asia were supported by stronger new orders, the fastest pace in four months, driven by effective marketing, new client acquisition, and firmer external demand.

In China, a private-sector survey by RatingDog showed the services PMI rose to 52.3 in January 2026 from 52.0 in December, exceeding market expectations of 51.8 and marking the strongest expansion in the sector. The improvement was underpinned by stronger new orders and higher sales, Pilarmas said.

Investors are also watching China’s political calendar, with the 14th National People’s Congress Standing Committee set to hold its 20th session in Beijing on Wednesday. The February meeting typically finalizes draft legislation and fine-tunes the agenda ahead of the annual plenary session opening on March 5.

Across Asia, shares mostly traded higher on Wednesday, even as Wall Street retreated overnight on technology stock selling. Japan’s Nikkei 225 fell 0.8% to 54,293, retreating from Tuesday’s record high. Tokyo Electron slid 2.1%, testing equipment maker Advantest lost 2.1%, and SoftBank Group shed 2.2%. Nintendo shares plunged 11% despite strong profit results, as concerns mounted over whether sales momentum for its Switch 2 console can be sustained.

South Korea’s Kospi climbed 1.6% to 5,371, with Samsung Electronics rising nearly 1%, while SK Hynix slipped 0.8%. Hong Kong’s Hang Seng edged up 0.1% to 26,868, while the Shanghai Composite advanced 0.9% to 4,099.

Overnight on Wall Street, the S&P 500 fell 0.8% to 6,917, the Dow Jones Industrial Average dropped 0.3% to 49,240, and the Nasdaq Composite slid 1.4% to 23,255.

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