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Profit-Taking and Geopolitics Drag JCI from Record Levels

Ria Fortuna Wijaya, Associated Press
November 21, 2025 | 4:33 pm
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A worker takes a photo of a screen displaying the Jakarta Composite Index (JCI) at the Indonesia Stock Exchange (IDX), in Jakarta, on Tuesday, Apr.16, 2024. (Antara Photo/Erlangga Bregas Prakoso)
A worker takes a photo of a screen displaying the Jakarta Composite Index (JCI) at the Indonesia Stock Exchange (IDX), in Jakarta, on Tuesday, Apr.16, 2024. (Antara Photo/Erlangga Bregas Prakoso)

Jakarta. Jakarta Composite Index (JCI) ended lower on Friday at 8,414, down 5.56 points or 0.07 percent, as regional sentiment weakened.

The benchmark moved within a range of 8,361–8,432, with 34.37 billion shares traded and a turnover of Rp 16.41 trillion ($984.68 million) across more than 1.9 million transactions. A total of 274 stocks rose, 352 declined, and 187 were unchanged.

Pilarmas Investindo Sekuritas said investors remained cautious in taking new positions after a sharp sell-off in Wall Street. US job data failed to provide clarity on the short-term rate outlook, dimming hopes for a Federal Reserve rate cut in December.

“US non-farm payrolls added 119,000 jobs in September, more than double the projected increase of 50,000,” Pilarmas said. Fed Governor Michael Barr also signaled the central bank would need to proceed carefully with additional cuts as inflation remains above target.

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Asian equities tracked the US decline, erasing Thursday’s gains amid fragile sentiment.

Additional pressure came from rising China–Japan tensions over Taiwan, including Beijing’s plan to halt imports of Japanese seafood. Domestically, the JCI also faced potential profit-taking after touching an all-time high in the previous session.

Japan’s Nikkei 225 fell 2.4 percent to 48,625 as concerns persisted over an AI-driven market bubble. Strong US job numbers also reduced expectations of a December Fed cut, weighing on investor appetite.

The Japanese government approved a 21.3 trillion yen ($135 billion) stimulus package, but the prospect of higher spending added pressure on the yen and government bonds. Inflation reached 3.0 percent in October, up from 2.9 percent in September.

Japan’s October exports rose overall, despite a drop in shipments to the US following President Donald Trump’s tariff increases. Gains in broader Asian demand helped offset the decline.

South Korea’s KOSPI tumbled 3.8 percent to 3,853, with Samsung Electronics down 5.6 percent and SK Hynix plunging 8.6 percent.

In Chinese markets, Hong Kong’s Hang Seng slipped 1.8 percent to 25,380, while the Shanghai Composite declined 2.2 percent to 3,844, weighed by regional geopolitical friction.

On Thursday in the US, major indexes swung sharply before closing lower. The S&P 500 lost 1.6 percent to 6,538, the Dow Jones Industrial Average fell 0.8 percent to 45,752, and the Nasdaq dropped 2.2 percent to 22,078.

Despite the JCI’s decline, several top gainers stood out: Bukaka Teknik Utama (BUKK) surged 25 percent, while Royalindo Investa (INDO), Gunung Raja Paksi (GGRP), and Suryamas Duta (SMDM) rose 24.79 percent, 24.76 percent, and 24.75 percent, respectively.

Among top losers, Puri Global Sukses (PURI) sank 14.87 percent. Tifa Finance (TIFA) and Sekar Laut (SKLT) fell 13.45 percent and 13.33 percent, while Sentra Food (FOOD) slipped 9.94 percent.

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