Jakarta, ThedailyID — Indonesia’s benchmark stock index plunged 3.38 percent on Thursday, April 24, with the Indonesia Stock Exchange Composite Index (IHSG) closing at 7,129.
The sharp drop came as more than 670 stocks declined, signaling a broad-based sell-off across sectors.
Only a small fraction of listed shares advanced, while banking and heavyweight blue-chip stocks came under heavy pressure.
Market watchers linked the sell-off to global risk aversion, foreign outflows, and lingering concerns over Indonesia’s fiscal outlook. Those pressures have weighed on sentiment in recent months.
The decline also pushed IHSG deeper into correction territory after weeks of volatility tied to geopolitical risks and foreign investor caution.
Trading data showed declining shares heavily outnumbered gainers. The rout reflected what traders often call a “fire sale,” with broad selling rather than weakness concentrated in one sector.
Analysts said risk-off sentiment intensified as investors reacted to external uncertainty and concerns over capital flows.
Some market participants also watched whether regulators may take further steps to stabilize sentiment after earlier reforms aimed at boosting transparency and investor confidence.
Despite the sharp fall, analysts noted Indonesia’s market has faced similar bouts of volatility before, often followed by periods of stabilization.
Still, Thursday’s drop marked one of the steepest single-day declines in recent weeks and underscored fragile investor confidence.
Attention now turns to whether the sell-off proves temporary or signals deeper pressure for Southeast Asia’s largest equity market.
