Jakarta. Jakarta Composite Index (JCI) extended its rally on Thursday, inching up 2 points or 0.02% to 8,946, with the benchmark moving in a range of 8,930–8,980.

Within the first minutes of trade, market volume reached 4.28 billion shares, with turnover at Rp 2.57 trillion ($153 million) across 405,000 transactions. Gainers outnumbered decliners 315 to 209, while 169 stocks were unchanged.

Phintraco Sekuritas cautioned that the JCI remains vulnerable to profit-taking on Thursday. The brokerage also noted that the government plans to cut mineral and coal production targets outlined in the 2026 RKAB to better balance supply and demand, a move aimed at supporting prices that slid last year due to oversupply. “This policy is expected to have a positive impact on related stocks,” Phintraco said.

Meanwhile, President Prabowo Subianto announced that Indonesia has achieved rice self-sufficiency within a year and plans to roll out self-sufficiency programs for other food commodities on a yearly basis. Phintraco said the initiative aligns with the government’s food security agenda, one of its top priorities.

On the data front, investors are awaiting Indonesia’s December 2025 foreign exchange reserves figures. From Japan, December consumer confidence data are expected to show improvement, while the euro area is scheduled to release economic sentiment, unemployment and consumer confidence readings later in the day, according to Phintraco.

Global sentiment was mixed after Wall Street’s strong start to the year lost momentum on Wednesday. The S&P 500 slipped 0.3% from its latest all-time high for its first loss in four sessions, while the Dow Jones Industrial Average fell 466 points, or 0.9%, from a record set a day earlier. The Nasdaq Composite edged up 0.2%.

Some of the sharpest declines hit homebuilder stocks after President Donald Trump said he wants to block large institutional investors from buying houses, arguing the move would help younger families purchase their first homes. “People live in homes, not corporations,” Trump said in a social media post, calling on Congress to codify the ban.

By the close, the S&P 500 fell 23 points to 6,920, the Dow dropped 466 to 48,996, and the Nasdaq rose 37 to 23,584.

Asian markets broadly declined on Thursday. Japan’s Nikkei slipped 0.37%, South Korea’s Kospi fell 0.44%, Hong Kong’s Hang Seng dropped 0.59%, while China’s Shanghai SSE eased 0.19%.

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