Jakarta. Indonesia’s benchmark, Jakarta Composite Index (JCI), paused its rally on Thursday, edging lower as investors locked in gains and stayed cautious over uncertain US–Iran negotiations despite broadly stronger Asian markets.

JCI slipped 0.03%, or 2 points, to 7,621, moving within a range of 7,575–7,705.

Trading activity remained solid. Data from RTI showed volume reached 39.34 billion shares with turnover of Rp 17.8 trillion ($1.03 billion) across more than 2.6 million transactions. Gainers outpaced losers at 356 to 318, with 147 stocks unchanged.

Top gainers included Danasupra Erapacific (DEFI), which surged 34.44%, Bangun Karya Perkasa Jaya (KRYA) rising 34.33%, Green Power Group (LABA) adding 34.19%, and Indomobil Multi Jasa (IMJS) advancing 32.95%.

On the losing side, Prasidha Aneka Niaga (PSDN) fell 14.73%, Sidomulyo Selaras (SDMU) dropped 14.66%, Ifishdeco (IFSH) declined 11.76%, and Saran Mitra Luas (SMIL) lost 11.52%.

Pilarmas Investindo Sekuritas said the slight decline came even as regional equities strengthened, with markets focused on geopolitical developments.

“The main market sentiment is currently centered on the possibility of renewed negotiations between the United States and Iran regarding a long-term peace agreement,” Pilarmas wrote in a research note on Thursday.

The firm noted that Washington and Tehran are reportedly considering a two-week extension of the ceasefire to allow more time for diplomacy. However, tensions in the Strait of Hormuz remain a key concern, as the critical global energy route continues to face blockade pressure.

At the same time, Pilarmas pointed to signs that Iran may allow safe passage for vessels via the Oman side of the strait if an agreement is reached.

“This expectation has helped push global oil prices below $100 per barrel, easing concerns over global inflation,” the firm said.

Still, markets remain highly sensitive to developments in the region, as any disruption to energy supply could trigger volatility and weigh on investor sentiment.

From China, Pilarmas highlighted relatively solid economic data. The country’s economy grew 5% year-on-year in the first quarter of 2026, up from 4.5% in the previous quarter and slightly above market expectations. On a quarterly basis, growth came in at 1.3%, in line with forecasts and higher than the previous 1.2%.

“This data reflects the resilience of China’s economy amid global uncertainty, supported by stronger export performance despite still-weak domestic demand,” Pilarmas said.

Domestically, the JCI’s movement was mixed as investors adopted a wait-and-see stance, awaiting clearer timelines and outcomes from further US–Iran negotiations.

“Profit-taking also weighed on the index after five consecutive days of gains,” Pilarmas added.

Additional sentiment came from updated economic projections. The International Monetary Fund (IMF) revised Indonesia’s 2026 growth forecast slightly lower to 5%, from 5.1% previously, while projecting a modest increase to 5.1% in 2027.

Globally, the IMF expects economic growth to slow to 3.1% in 2026, partly due to geopolitical tensions in the Middle East.

“Despite the slight downward revision, the IMF views Indonesia’s economic fundamentals as solid, with the ability to maintain a balance between stability and growth,” Pilarmas said.

Across the region, Asian markets mostly advanced. Japan’s Nikkei 225 jumped 2.4% to 59,518, hitting a record high, while South Korea’s Kospi climbed 2.2% to 6,226.

Hong Kong’s Hang Seng rose 1.7% to 26,398, and the Shanghai Composite gained 0.7% to 4,055, supported by China’s latest growth data.

On Wall Street overnight, the S&P 500 rose 0.8% to a record 7,022, while the Nasdaq Composite climbed 1.6% to 24,016. The Dow Jones Industrial Average edged down 0.2% to 48,463.

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