Jakarta. Jakarta Composite Index (JCI) extended its pullback on Friday as foreign selling intensified and global risk appetite remained fragile, dragging the benchmark down 41 points or 0.46% to close at 8,951.

Trading activity stayed solid, with volume reaching 63.61 billion shares and turnover totaling Rp 31.77 trillion ($1.89 billion). Market breadth was weak, with 495 stocks declining, 191 advancing, and 118 ending flat across more than 3.3 million transactions.

Among the top gainers, LMPI surged 34.67%, followed by RMKO, which jumped 24.91%. BAIK climbed 24.62%, while JTPE advanced 24.58%.

Losses were led by UANG, which slipped 15%. KIOS declined 14.95%, PTRO dropped 14.85%, and PUDP slid 14.60%.

The index correction came alongside intensified foreign outflows. Over the past two sessions, foreign investors booked net sales of Rp 3.21 trillion, trimming net foreign inflows since the start of 2026 to Rp 3.29 trillion.

Kiwoom Sekuritas Indonesia VP Head of Marketing, Strategy & Planning Oktavianus Audi Kasmarandan said the JCI’s weakness reflected a combination of rising external pressures and renewed foreign selling. He pointed to escalating geopolitical tensions involving the United States, Greenland, and the European Union, particularly after renewed tariff-war signals resurfaced, which prompted a broader risk-off mood across global markets, including Indonesia.

Audi noted that Bank Indonesia’s decision to keep its benchmark rate at 4.75% was in line with market expectations and helped support rupiah stability, but was insufficient to offset external headwinds. He said the pace of any index recovery would largely depend on global geopolitical clarity and rupiah stability.

A similar view was echoed by Korea Investment & Sekuritas Indonesia Head of Research Muhammad Wafi, who said a meaningful rebound may only emerge once the rupiah stabilizes and the government provides clearer regulatory signals to calm market nerves. He warned that persistent selling pressure could push the JCI to retest the 8,950–9,000 psychological support range in the near term, adding that investors were likely to favor defensive strategies in volatile conditions.

Pilarmas Investindo Sekuritas Associate Director of Research and Investment Maximilianus said the correction reflected rising global risk complexity. He noted that the index needs geopolitical calm and clearer global policy direction to regain momentum, but viewed the pullback as a potential accumulation opportunity for long-term investors.

Maximilianus added that as long as the lower correction boundary holds around 8,850, the JCI’s upside potential remains intact. In the near term, he suggested focusing on gold-related stocks and defensive sectors such as healthcare and consumer staples, while traders may find opportunities in stocks benefiting from commodity-driven sentiment.

Regionally, Asian markets ended modestly higher on Friday. Japan’s Nikkei 225 rose 0.3% to 53,846 after the Bank of Japan kept its policy rate unchanged, following a hike to 0.75% in December. The central bank also slightly upgraded its inflation and growth outlook, while the yen weakened to 158.89 per US dollar.

Hong Kong’s Hang Seng added 0.3% to 26,720, while China’s Shanghai Composite also gained 0.3% to 4,136. South Korea’s Kospi climbed 0.8% to 4,990, after briefly topping the 5,000 mark a day earlier.

Overnight, Wall Street extended its rebound. The S&P 500 advanced 0.5% to 6,913.35, the Dow Jones Industrial Average rose 0.6% to 49,384.01, and the Nasdaq Composite gained 0.9% to 23,436.02, after US President Donald Trump backed away from proposed tariffs on European countries amid market backlash.