JAKARTA – Jakarta Composite Index (IHSG) plunged 3.84% on Tuesday (18/3), closing at 6,223.39, wiping IDR 100 trillion from its market capitalisation in a single day. This was the lowest level since October 1, 2021, when the Covid-19 pandemic peaked in Indonesia.

During trading yesterday, IHSG dropped as much as 5.02% by 11.19 AM WIB, triggering a trading halt for 30 minutes. After the halt was lifted, the index plummeted 7.1%, marking the steepest intraday decline since September 2011.

Liza Camelia Suryanata, Head of Research at Kiwoom Sekuritas, attributed the drop to several factors, including rising layoffs ahead of the Lebaran holiday and Indonesia’s credit rating assessment from global institutions.

Meanwhile, investors cited domestic policy uncertainties, as previously reported by IDNFinancials.com, labelling Indonesia as a “concerning” market for investment.

Foreign sell-offs surged, resulting in a net foreign sell of IDR 2.49 trillion on Tuesday. Total transaction value on the exchange reached IDR 19.2 trillion, doubling the daily average from last week.

Several big-cap stocks contributed significantly to the IHSG’s decline. Notable laggards included PT DCI Indonesia Tbk (DCII), which dragged the index down by 38.21 points, PT Chandra Asri Pacific Tbk (TPIA) by 27.89 points, PT Barito Renewables Energy Tbk (BREN) by 26.01 points, and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) by 26.01 points. (KR/ZH)