The Indonesian stock market continued its decline, reaching the lowest closing level since 2020.

The Indonesian benchmark Jakarta Composite Index fell for the third consecutive trading day, dropping 4% at one point towards its lowest closing level since November 2020. Ahmad Mikail Zaini, Chief Economist at Sucor Sekuritas, stated that government policy uncertainty, risks of credit rating downgrades, and the weakening of the Indonesian rupiah have all put pressure on the stock market. Negative sentiment has been escalating since the government announced export control plans. The Jakarta Composite Index has already fallen 8% this week and is expected to continue its decline for the fourth consecutive week. The index has dropped approximately 35% since the beginning of this year.