Jakarta. Jakarta Composite Index (JCI)  slipped at Thursday’s close as cautious sentiment persisted despite solid domestic economic data and lingering global tech-sector pressure.

The index fell 42.83 points, or 0.53%, to finish at 8,103 after moving within a range of 8,102 to 8,214. Trading volume reached 35.98 billion shares with a turnover of Rp 20.05 trillion ($1.18 billion) across more than 2.5 million transactions. Decliners outnumbered gainers, with 349 stocks falling, 299 rising, and 172 unchanged.

Among top gainers, Citatah (CTTH) surged 34.48%, Nusantara Almazia (NZIA) climbed 34.31%, Kokoh Exa Nusantara (KOCI) advanced 33.77%, and PP Presisi (PPRE) rose 31.33%.

On the losing side, Mora Telematika Indonesia (MORA) dropped 14.93%, Multi Makmur Lemindo (PIPA) fell 14.92%, Sanurhasta Mitra (MINA) slipped 14.86%, and MD Pictures (FILM) declined 14.85%.

Pilarmas Investindo Sekuritas said the pattern of rebounds followed by renewed pressure reflects investor caution amid both global and domestic uncertainties. Regional Asian markets weakened broadly as selling in global technology shares continued.

Investors are avoiding technology stocks due to concerns over elevated valuations, swelling artificial intelligence spending, and potential disruption to traditional software business models, Pilarmas wrote in a Thursday research note.

Domestically, economic indicators were relatively supportive. Indonesia’s gross domestic product expanded 5.39% year-on-year in the fourth quarter of 2025, exceeding market expectations of 5.01% and accelerating from 5.04% in the third quarter, marking the fastest growth since the third quarter of 2022.

However, full-year 2025 growth reached only 5.11%, slightly below the government’s 5.2% target, keeping investors selective in allocating funds, according to Pilarmas.

Market participants are also monitoring the reciprocal tariff agreement between Indonesia and the United States, which is reportedly finalized and awaiting formal signing. While potentially positive in the medium term, investors are still assessing its implications for trade and investment flows.

In addition, capital market reform and transparency issues remain in focus following earlier sell-offs linked to scrutiny from an international index provider, prompting continued caution, particularly toward small-cap stocks.

Globally, shares retreated across Asia on heavy technology-sector selling, while bitcoin prices fell as much as 8%. South Korea’s Kospi dropped nearly 4%, with Samsung Electronics sliding 5.9% and chipmaker SK Hynix plunging 6.7%.

Japan’s Nikkei 225 lost 0.9% to 53,818.04, Hong Kong’s Hang Seng edged up 0.1% to 26,885.24, and China’s Shanghai Composite slipped 0.6% to 4,075.92.

Overnight on Wall Street, the S&P 500 declined 0.5% for its fifth modest loss in six sessions. The Dow Jones Industrial Average gained 0.5%, while the Nasdaq Composite sank 1.5% as technology stocks continued to weigh on broader market performance.

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