Jakarta. Indonesian stocks suffered a broad-based selloff on Wednesday as global geopolitical jitters and domestic policy concerns sparked heavy profit-taking, dragging the Jakarta Composite Index (JCI) sharply lower. The benchmark index closed down 124 points, or 1.36%, at 9,010, snapping its recent upward momentum.

Trading was active, with volume reaching 61.48 billion shares and turnover totaling Rp 34.04 trillion ($2 billion). More than 4 million transactions were recorded, with 546 stocks declining, 179 advancing, and 77 ending flat.

Market breadth was firmly negative despite sharp gains in several small-cap names. Sinergi Inti (ESIP) led the gainers, surging 34.52%, followed by Trisula Textile Industries (BELL) up 34.46%, Indal Aluminium Industry (INAI) gaining 34.41%, and Selaras Citra Nusantara Perkasa (SCNP) jumping 29.94%.

On the losing side, heavyweight United Tractors (UNTR) plunged 14.93%, while Repower Asia Indonesia (REAL) slid 14.43%, Argo Pantes (ARGO) fell 13.52%, and Yelooo Integra Datanet (YELO) dropped 12.61%.

Pilarmas Investindo Sekuritas said the market was hit by a combination of external and domestic pressures. Globally, Indonesian equities tracked losses across Asian markets and Wall Street amid renewed geopolitical tensions, including fresh threats by US President Donald Trump related to Greenland and the prospect of new tariffs on Europe, fueling concerns over volatility.

Investors were also positioning ahead of Trump’s planned speech at the World Economic Forum in Davos and an emergency European Union summit in Brussels. In addition, markets monitored developments in China, where regulators have intensified crackdowns on market manipulation, even as expectations linger for further fiscal and monetary stimulus this year.

Domestically, Pilarmas noted heightened volatility driven by profit-taking and growing unease over Bank Indonesia’s independence following the nomination process for a new deputy governor. President Prabowo Subianto has submitted three candidates to the House of Representatives, one of whom is his nephew, raising market concerns over potential political influence on monetary policy.

Bank Indonesia on Wednesday kept its benchmark interest rate unchanged at 4.75%, saying the decision was aimed at stabilizing the rupiah amid rising global uncertainty while supporting the inflation target for 2026–2027 and economic growth.

Regional markets were mixed. Hong Kong’s Hang Seng Index rose 0.4% to 26,584, while Shanghai’s Composite Index edged 0.1% higher to 4,116. Japan’s Nikkei 225 slipped 0.4% to 52,774, pressured by both geopolitical risks and domestic political uncertainty ahead of a snap election.

Overnight, Wall Street closed sharply lower. The S&P 500 fell 2.1% to 6,796, its steepest drop since October, while the Dow Jones Industrial Average slid 1.8% to 48,488 and the Nasdaq Composite dropped 2.4% to 22,954, as investors reacted to escalating trade tensions and policy uncertainty.

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