JAKARTA – Jakarta Composite Index (JCI) dropped 7.83% over the past week (24-28/2), marking the sharpest decline among composite indices in ASEAN countries.

According to data compiled by IDNFinancials.com, the VN-INDEX (Vietnam) was the only composite index in ASEAN to show positive growth, rising 0.66% over the last week.

Meanwhile, Singapore Exchange (SGX) Composite Index or Straits Times Index (STI) only fell by 0.87%. The FTSE Bursa Malaysia KLCI dropped 1.03%, the PSE INDEX (Philippines) fell by 1.64%, and the SET INDEX (Thailand) declined 3.42%.

JCI's sharp fall last week was attributed to the poor performance of major banking stocks, which topped the list of Top Laggards. The top three stocks were PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Bank Mandiri (Persero) Tbk (BMRI), and PT Bank Central Asia Tbk (BBCA).

BBRI shares recorded a 13.62% drop in value over the past week, dragging JCI down by 81.44 points. Meanwhile, BMRI shares fell 9.36% and BBCA dropped 6.39%, pulling the index down by 42.44 and 37.41 points, respectively.

At the same time, foreign capital outflows from Indonesia's capital market intensified, with a net sell of IDR 10.22 trillion over the week. In the previous week, foreign net sell was only IDR 1.16 trillion. (KR/ZH)