JCI Weakens to 7,097 as Investors Doubt Easing of US-Iran Conflict
Jakarta (ANTARA) - The Jakarta Composite Index (JCI) of the Indonesia Stock Exchange (BEI) closed weaker on Friday afternoon, in line with investor doubts regarding the easing of the conflict between the United States (US) and Iran.
The JCI closed down 67.03 points or 0.94% at 7,097.06. Meanwhile, the LQ45 index of 45 leading stocks fell 12.77 points or 1.75% to 718.96.
“Asian stock indices closed mixed with a tendency to weaken on Friday (27/3), in line with growing doubts about the de-escalation of the conflict in the Middle East,” stated the Phillip Sekuritas Indonesia Research Team in its analysis in Jakarta on Friday.
From overseas, expectations of negotiations between the US and Iran this week have increased global stock market volatility. Market participants appear doubtful or sceptical about US President Donald Trump’s assertion that the war against Iran will soon end.
Doubts about the chances of the conflict ending have sharply increased after Iran rejected the US ceasefire proposal and issued a counter-proposal, while the US plans to send more troops to the Middle East region.
The conflict, now entering its fourth week, is likely to trigger global inflation and impact economic growth in many countries amid rising energy prices and disruptions to world trade.
Trump stated that he has extended the deadline for Iran to reach an agreement with the US and reopen the Strait of Hormuz by an additional 10 days until 6 April 2026, to provide more time for the negotiation process.
Trump noted that this extension was made at Iran’s request and granted by the US in exchange for allowing 10 oil tankers to pass through the Strait of Hormuz as a gesture from Iran.
Meanwhile, most of the Strait of Hormuz remains closed since the start of the US war with Iran, although Iran claims the strait is only closed to its enemies.
Recently, Iran appears to have established a toll for ships passing through the strait, with Lloyd’s List Intelligence reporting that several ships have paid passage fees in Chinese Yuan.
Opening weaker, the JCI remained in negative territory until the close of the first trading session. In the second session, the JCI stayed in the red zone until the close of stock trading.
Based on the IDX-IC Sectoral Index, two sectors strengthened, led by the energy sector which rose 0.34%, followed by the health sector which increased 0.15%.
Meanwhile, nine sectors weakened, with the industrial sector declining the most at 1.20%, followed by the infrastructure sector and the technology sector, which fell 0.97% and 0.82% respectively.
The stocks with the largest gains were NZIA, SOHO, CBPE, FMII, and NETV. The stocks with the largest declines were FITT, FUJI, KUAS, APLI, and BESS.
Stock trading frequency was recorded at 1,393,686 transactions, with 19.80 billion shares traded worth Rp11.77 trillion. 274 stocks rose, 379 fell, and 167 remained unchanged.
Regional Asian stock exchanges this afternoon included the Nikkei index weakening 45.15 points or 0.08% to 53,558.50, the Shanghai index strengthening 24.64 points or 0.63% to 3,913.72, the Hang Seng index rising 95.45 points or 0.38% to 24,951.88, and the Straits Times index gaining 10.42 points or 0.21% to 4,898.18.