Jakarta. Jakarta Composite Index (JCI) closed sharply lower on Thursday, dropping 80.44 points or 0.92 percent as regional sentiment soured following a mixed reaction to the US Federal Reserve’s latest policy signals.

The benchmark moved within a range of 8,560–8,776 throughout the day. Total volume reached 69.78 billion shares, with turnover at Rp 34.24 trillion ($2.05 billion) across more than 3.6 million transactions. A total of 201 stocks advanced, while 500 declined and 98 were flat.

Pilarmas Investindo Sekuritas said the JCI weakened in tandem with most Asian indices, which slipped despite Wall Street’s overnight rally after the Fed cut its policy rate by 25 basis points to 3.5–3.75 percent.

Pilarmas noted that while Fed Chair Jerome Powell ruled out future rate hikes, he also signaled a temporary pause before any additional cuts.

“Markets are weighing Powell’s remarks, which suggest the Fed is considering whether to slow, moderately reduce, or deliver larger cuts, with no plan to raise rates,” Pilarmas wrote.

The brokerage added that the Fed kept its projection of one rate cut in 2026, while policymakers raised their growth outlook and lowered inflation forecasts for 2025 and 2026.

Pilarmas said investors are closely watching China’s upcoming Central Economic Work Conference, where growth targets and policy plans for 2026 will be outlined. Earlier this week, China’s Politburo highlighted the need to strengthen domestic demand next year while signaling a cautious approach to stimulus.

Domestic sentiment was also weighed down by investor wait-and-see behavior ahead of Bank Indonesia’s policy meeting next week following the Fed’s rate move.

Tension surrounding the Indonesia–US trade agreement added pressure. Pilarmas said the deal faces risk after US officials claimed Indonesia walked back commitments made in July. Indonesian officials, however, said negotiations continue without major obstacles.

Still, some positive sentiment emerged after the Asian Development Bank raised Indonesia’s 2025 growth forecast from 4.9 percent to 5.0 percent and projected 5.1 percent for 2026.

Asian stocks were mixed after Wall Street’s climb, with some tech shares plunging following weaker-than-expected results from AI giant Oracle, whose stock sank 11.5 percent post-market.

In Tokyo, the Nikkei 225 dropped 0.9 percent to 50,148.82, dragged down by a 7.7 percent fall in SoftBank Group.

Hong Kong’s Hang Seng slipped 0.1 percent to 25,513.38, while the Shanghai Composite fell 0.7 percent to 3,873.32.

South Korea’s Kospi declined 0.6 percent to 4,110.62 after SK Hynix fell 3.8 percent.

On Wednesday, the S&P 500 rose 0.7 percent to 6,886.68, the Dow Jones gained 1 percent to 48,057.75, and the Nasdaq added 0.3 percent to 23,654.16.

Back on IDX, Citatah (CTTH) stood out as the day’s strongest performer, soaring 35 percent as bargain hunters flocked to the stock despite broader market weakness. Era Media Sejahtera (DOOH), Satria Mega Kencana (SOTS), and Steady Safe (SAFE) also climbed 25 percent each, supported by active retail interest that contrasted sharply with the JCI’s overall decline.

On the losing end, Lotte Chemical Titan (FPNI) and Mora Telematika Indonesia (MORA) tumbled nearly 15 percent, making them the biggest laggards of the session. Harapan Duta Pertiwi (HOPE) and Perintis Triniti Properti (TRIN) followed closely, each shedding more than 14 percent as selling pressure intensified across mid-cap counters.

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