JCI Sinks Nearly 3% as Middle East Tensions Rattle Markets
Jakarta. Jakarta Composite Index (JCI) tumbled 2.86% or 205 points to close at 6,969 on Friday, dragged down by escalating Middle East tensions, weakening domestic sentiment, and cautious investor positioning ahead of key Indonesian economic data next week. The benchmark index moved within a range of 6,969 to 7,186 during the session.
RTI data showed trading volume reached 55.6 billion shares with turnover amounting to Rp 35.8 trillion ($2.06 billion) across more than 2.8 million transactions. Losers heavily outpaced gainers, with 575 stocks declining, 133 advancing, and 108 unchanged.
Pilarmas Investindo Sekuritas said market sentiment deteriorated after reports emerged that three US Navy destroyers crossed the Strait of Hormuz and intercepted Iranian attacks before launching retaliatory strikes.
“The situation has once again raised concerns over geopolitical risks in the Middle East, despite US President Donald Trump stating that the ceasefire remains in effect,” Pilarmas wrote in a research note on Friday.
The brokerage added that investors were also monitoring plans for a meeting between Trump and Chinese President Xi Jinping in Beijing on May 14-15. However, several Chinese officials were reportedly still reluctant to proceed with talks before tensions between the US and Iran ease further.
Domestic sentiment also remained under pressure after Indonesia’s foreign exchange reserves declined in April 2026 amid rupiah weakness, prompting investors to adopt a wait-and-see stance ahead of upcoming Bank Indonesia data releases.
“These include April 2026 consumer confidence and retail sales data,” Pilarmas added.
Among Friday’s top gainers on the IDX, Hetzer Medical Indonesia (MEDS) surged 34.48%, Megapower Makmur (MPOW) jumped 34.55%, Itama Ranoraya (IRRA) gained 25%, while Phapros (PEHA) climbed 24.83%.
On the losing side, Sinergi Inti Plastindo (ESIP) slid 15%, Dian Swastatika Sentosa (DSSA) dropped 14.94%, Pelat Timah Nusantara (NIKL) downed 14.89%, Timah (TINS) dipped 14.88%.
On the regional front, Asian markets broadly weakened while oil prices advanced as the fragile ceasefire involving Iran came under renewed strain following missile and drone attacks that triggered US retaliatory strikes on Iranian military facilities.
Investors continued to closely watch developments in the conflict as negotiations between Washington and Tehran showed little progress. Iran said on Thursday it was still reviewing the latest US proposals to end the war.
Japan’s Nikkei 225 slipped 0.2% to 62,713 after reaching a record high a day earlier, with SoftBank Group plunging 4.6% after soaring 18% on Thursday.
South Korea’s Kospi bucked the regional trend, edging up 0.1% to a record closing high of 7,498 as gains in technology stocks offset broader market weakness.
Hong Kong’s Hang Seng Index fell 0.9% to 26,387, while China’s Shanghai Composite Index declined 0.1% to 4,176.
Wall Street also retreated overnight, with the S&P 500 falling 0.4% to 7,337, the Dow Jones Industrial Average dropping 0.6% to 49,596, and the Nasdaq Composite slipping 0.1% to 25,806.
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