Jakarta Composite Index falls for three consecutive days, once plunging 4%, possibly reaching its lowest close since November 2020

⑴ Indonesia's benchmark Jakarta Composite Index fell for the third consecutive trading day, at one point dropping 4%, heading toward its lowest closing level since November 2020. ⑵ Ahmad Mikail Zaini, Chief Economist at Sucor Sekuritas, stated that government policy uncertainty, the risk of a credit rating downgrade, and a weak rupiah are all putting pressure on the stock market. Since the government's announcement of an export control plan, negative sentiment has continued to intensify. ⑶ The Jakarta Composite Index has fallen 8% so far this week, and is expected to decline for the fourth straight week. Since the start of the year, the index has dropped by about 35% in total.