Jakarta. Jakarta Composite Index (JCI)  slid 2.16% to 7,378, pressured by unresolved Iran conflict risks and softer domestic consumption outlook.

Trading remained active despite the sell-off, with volume reaching 53.9 billion shares and turnover at Rp 20.4 trillion ($1.18 billion) across more than 3 million transactions. Market breadth was firmly negative, with 505 stocks declining against 192 gainers and 123 unchanged.

Pilarmas Investindo Sekuritas said the decline was driven by rising global uncertainty, particularly stalled peace negotiations between the United States and Iran, which have weighed on regional markets and prompted investors to pull back from risk assets.

“External pressures have made market sentiment fragile and triggered selling across exchanges, including Indonesia,” the brokerage wrote.

Tensions in the Middle East continue to cloud the outlook, especially with ongoing disruptions in the Strait of Hormuz, a critical global energy route. Ship seizures and port blockades targeting Iran have pushed energy prices higher and heightened global inflation risks.

Investor unease has persisted even after US President Donald Trump said a ceasefire would remain in place indefinitely, as markets await clarity on a new peace proposal from Iran. The conflict, now entering its eighth week, has kept maritime traffic through the Strait of Hormuz,  which typically carries about a fifth of the world’s oil, largely halted, with prospects for reopening increasingly uncertain.

Iran fired on three ships in the Strait of Hormuz on Wednesday after the US began imposing a sea blockade of Iranian ports last week. Trump said Washington would continue the blockade, while Iran’s Revolutionary Guard later seized two of the targeted vessels.

Despite the broader market decline, several stocks posted sharp gains. Kobexindo Tractors (KOBX) surged 34.43%, Maxindo Karya Anugerah (MAXI) jumped 33.96%, Sekar Bumi (SKBM) rose 25%, and BSA Logistics Indonesia (WBSA) advanced 24.88%.

Meanwhile, Danasupra Erapacific (DEFI) fell 14.96%, Formosa Ingredient Factory (BOBA) dropped 14.79%, Harapan Duta Pertiwi (HOPE) declined 14.65%, and Wahana Interfood Nusantara (COCO) slid 14.62%.

On the domestic front, sentiment was further weighed down by rising non-subsidized fuel prices, which are eroding purchasing power, particularly among middle-income consumers. Risks of further increases remain if global oil prices continue to rise.

Losses were partly cushioned after Bank Indonesia kept its benchmark interest rate unchanged at 4.75% for a seventh consecutive month.

“The policy is aimed at maintaining rupiah stability amid ongoing foreign capital outflows,” Pilarmas added.

The brokerage also noted the government’s plan to issue panda bonds in China as an alternative financing source, following its decision not to take loans from the IMF and the World Bank.

Across Asia, markets showed mixed performance. Japan’s Nikkei 225 fell 0.8% to 59,140 after briefly touching a record 60,013, while South Korea’s Kospi rose 0.9% to 6,475 after surpassing 6,500 earlier in the session, supported by stronger-than-expected 1.7% annual economic growth in the first quarter, driven by robust semiconductor exports.

Hong Kong’s Hang Seng declined 1% to 25,915, while the Shanghai Composite slipped 0.3% to 4,093.

On Wall Street, US stocks extended gains overnight. The S&P 500 rose 1% to a record 7,137, surpassing its previous high set last week. The Dow Jones Industrial Average climbed 0.7% to 49,490, while the Nasdaq Composite jumped 1.6% to 24,657, also marking a fresh record.