Jakarta. Jakarta Composite Index (JCI) extended its losses at the end of the week, closing sharply lower on Friday as global geopolitical tensions and persistent foreign outflows weighed on sentiment.

The benchmark index fell 0.94% or 67 points to 7,097, after trading within a range of 7,070 to 7,154.

Trading activity remained relatively active, with volume reaching 19.22 billion shares and turnover totaling Rp 11.69 trillion ($688.61 million) across more than 1.39 million transactions. Decliners outnumbered gainers, with 379 stocks falling, 274 rising, and 167 unchanged.

Despite the broader decline, several stocks posted significant gains. Nusantara Almazia (NZIA) surged 34.72%, Soho Global Health (SOHO) jumped 24.92%, Citra Buana Prasida (CBPE) climbed 24.65%, and Fortune Mate (FMII) advanced 24.32%.

On the losing side, Hotel Fitra International (FITT) dropped 15%, Fuji Finance (FUJI) fell 14.80%, Ace Oldfields (KUAS) declined 14.56%, and Asiaplast Industry (APLI) slid 14.48%.

Pilarmas Investindo Sekuritas attributed the JCI’s weakness primarily to external pressures, noting that “the decline in the index is in line with mixed movements across Asian markets amid lingering doubts over Iran war negotiations.”

The brokerage added that reports of the United States considering the deployment of up to 10,000 additional ground troops to the Middle East have heightened uncertainty. At the same time, President Donald Trump has postponed a deadline for Iran to reach an agreement or face further military action by 10 days.

“Investors remain cautious amid conflicting reports surrounding the situation in the Middle East, while volatile oil prices are fueling inflation concerns and reinforcing expectations of interest rate hikes this year,” Pilarmas said.

In the region, Chinese equities outperformed after industrial profits surged significantly, with year-to-date growth accelerating to 15.2% year-on-year from 0.6% previously. However, Pilarmas warned that “the rebound may be temporary given persistent uncertainties over the Iran negotiations.”

On the domestic front, sentiment was pressured by uncertainty surrounding the planned coal export levy, after Energy and Mineral Resources Minister Bahlil Lahadalia said the policy would not be implemented on April 1, 2026 as previously expected. The delay has kept investors cautious, particularly in energy stocks, amid concerns over potential margin impacts once the policy is enforced.

Market sentiment was further dampened by continued foreign selling. On Thursday, March 26, foreign investors recorded a massive net sell of Rp 20.71 trillion across the market, largely driven by negotiated market transactions in specific stocks such as FAPA, while also spilling over into blue-chip banking names including BBCA and BBRI.

Across Asia, most markets ended lower on Friday as oil prices climbed again following Wall Street’s worst session since the start of the Iran conflict, driven by fading hopes of de-escalation.

Japan’s Nikkei 225 slipped 0.4% to close at 53,373, while South Korea’s Kospi also fell 0.4% to 5,438, paring steeper intraday losses. In contrast, Hong Kong’s Hang Seng rose 0.4% to 24,952 after earlier declines, and the Shanghai Composite gained 0.6% to 3,913.

Overnight in the US, Wall Street posted its steepest drop since the Iran war began. The S&P 500 fell 1.7% to 6,477, marking its worst day since January. The Dow Jones Industrial Average declined 1% to 45,960, while the Nasdaq Composite plunged 2.4% to 21,408, leaving it about 10% below its recent peak—territory commonly defined as a market correction.

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