Jakarta. Jakarta Composite Index (JCI) edged higher at the open on Thursday, but gains remained limited as investors stayed cautious amid escalating geopolitical tensions and ahead of the long Idul Fitri holiday next week.

The benchmark index opened at 7,398, up 9 points or 0.12% but later dropped.

Within the first 28 minutes of trading, market activity showed 4.8 billion shares changing hands with turnover reaching Rp 2.16 trillion ($127.86 million) across 330,000 transactions. Decliners dominated the session with 892 stocks falling, compared with 183 gainers, while 145 were unchanged.

Amid rising global uncertainty tied to the US–Israel conflict with Iran and the approaching Lebaran holiday, investors have largely shifted toward short-term trading strategies while limiting risk exposure.

“Technically, the JCI movement is still expected to be limited with a weakening tendency, with support at 7,335–7,200 and resistance at 7,440–7,500,” BRI Danareksa Sekuritas wrote in a research note on Thursday.

Wall Street showed mixed performance overnight as oil prices resumed climbing. The S&P 500 slipped 0.1% for a second straight day of modest movement after a volatile period triggered by the war involving Iran. The Dow Jones Industrial Average dropped 289 points, or 0.6%, while the Nasdaq Composite rose 0.1%.

Oil price volatility has been a key driver of global market swings since the conflict escalated. Prices briefly surged to their highest levels since 2022 this week amid fears that Middle East production could face prolonged disruptions, raising concerns over renewed inflationary pressure on the global economy.

The International Energy Agency said its member countries will release a record 400 million barrels of oil from emergency reserves. While the move may help ease prices in the near term, analysts say a full recovery in supply flows from the Persian Gulf will be needed to stabilize the market.

Investors remain particularly concerned about the Strait of Hormuz, a key waterway off Iran’s coast through which roughly a fifth of the world’s oil supply typically passes. The conflict has disrupted traffic through the strait, causing regional storage tanks to fill and prompting some producers to cut output.

The United States said it destroyed more than a dozen Iranian minelaying vessels earlier this week, while Iran vowed to block oil exports from the region, saying it would not allow “even a single liter” to reach its enemies.

Despite the tensions, Kiwoom Sekuritas Indonesia noted that Iran’s oil exports remain relatively stable. Tanker data shows the country exported around 13.7 million–16.5 million barrels since late February, equivalent to roughly 1.1–1.5 million barrels per day, close to last year’s average of about 1.69 million barrels per day. Prior to the attacks, exports had risen to around 2.17 million barrels per day.

On the domestic front, Indonesia recorded a state budget deficit of Rp 135.7 trillion in February 2026, equivalent to 0.53% of GDP. The figure remains in line with the fiscal design as government spending was accelerated evenly throughout the year, even though budget financing declined 33% compared with last year.

“We see it as difficult for the JCI to rise significantly ahead of the Idul Fitri long holiday next week. The best current projection is sideways movement while maintaining the critical support area of 7,335–7,120 to ensure it is not breached again,” Kiwoom Sekuritas Indonesia said in a research report on Thursday.

Regional markets were mostly lower as of 9:21 a.m. Jakarta time. Japan’s Nikkei dropped 1.16% to 54,383, while South Korea’s Kospi fell 0.40% to 5,587. Hong Kong’s Hang Seng declined 0.42% to 25,790, while China’s Shanghai SSE rose 0.13% to 4,138.