Jakarta. Indonesia’s benchmark stock index closed marginally lower over the past week, as persistent foreign outflows and escalating geopolitical tensions offset gains in trading activity.

The Jakarta Composite Index (JCI) fell 0.14% to 7,097.057 in the week of March 23–27, from 7,106.839 in the previous week, according to data from the Indonesia Stock Exchange (IDX). The decline reflects continued pressure on the domestic equity market despite pockets of resilience.

“The weekly trading data shows mixed movements across indicators,” said Kautsar Primadi Nurahmad, corporate secretary of the exchange.

Market capitalization also edged lower, slipping 0.24% or Rp 31 trillion ($1.8 billion) to Rp 12,516 trillion from Rp 12,547 trillion a week earlier.

In contrast, liquidity improved significantly. Average daily transaction value surged 15.27% to Rp 23.33 trillion, compared with Rp 20.24 trillion in the previous week.

Foreign investors remained net sellers, underlining cautious sentiment. They recorded net sales of Rp 1.76 trillion on the final trading day of the week, bringing cumulative net foreign outflows in 2026 to Rp 30.88 trillion.

Brokerage Pilarmas Investindo Sekuritas attributed the JCI’s weakness largely to external pressures, adding that the index tracked mixed movements across Asian markets amid lingering uncertainty over tensions involving Iran.

The situation in the Strait of Hormuz — a vital corridor that typically carries about one-fifth of global oil supply — has further unsettled markets. The waterway has remained largely closed since the conflict began, pushing global oil prices up roughly 40% over the past month.

Adding to uncertainty, reports that the United States may deploy up to 10,000 additional troops to the Middle East, along with a delay by Donald Trump in setting a deadline for Iran-related negotiations, have kept investors on edge.

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

Still, domestic factors provided some cushion. Seasonal consumption during Ramadan and Eid al-Fitr has supported Indonesia’s economic resilience, helping sustain investor confidence in the near term.

Policy measures also played a role. Bank Indonesia moved to stabilize the rupiah by lowering the monthly cap on cash foreign exchange purchases to $50,000 from $100,000, effective April 1.

On the commodities front, Energy and Mineral Resources Minister Bahlil Lahadalia signaled the government may relax production curbs on nickel and thermal coal if elevated prices persist, following discussions with Prabowo Subianto.

However, uncertainty over domestic policy continued to weigh on sentiment, particularly in energy stocks. Investors remain cautious after the government delayed the planned rollout of a coal export levy, initially scheduled for April 1, raising concerns about potential margin pressures once the policy is eventually implemented.

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