Jakarta. Capital outflows from Indonesia’s equity market accelerated as foreign investors extended their selling spree, dragging the Jakarta Composite Index (JCI) further into the red. Shares of state lender Bank Rakyat Indonesia (BBRI) and tech company GoTo Gojek Tokopedia (GOTO) bore the brunt of the sell-off.

On Tuesday, net foreign selling across all trading segments reached Rp 332.6 billion ($20.27 million), pushing the year-to-date net sell figure to Rp 23.5 trillion. The persistent capital flight weighed on market sentiment, with the JCI closing down 52.36 points, or 0.79 percent, at 6,545.80, marking its second consecutive day of decline.

Foreign investors offloaded Rp 117.8 billion worth of BBRI shares in the regular market, making it the most heavily sold stock of the day. GOTO followed closely, with a net foreign sell of Rp 110.6 billion after the government urged ride-hailing companies to pay up to 20 percent in Eid bonuses to their top drivers, who typically do not receive such benefits.

Despite the overall bearish trend, select stocks remained in demand. Another state lender Bank Mandiri (BMRI) recorded the largest foreign net buy at Rp 204.7 billion, while Bank Central Asia (BBCA) saw inflows of Rp 82.1 billion.

The broader selloff weighed on multiple sectors, with basic materials suffering the steepest losses at 3.2 percent. The consumer discretionary sector also tumbled 3.2 percent, while consumer staples, energy, and infrastructure fell 2.2 percent, 2 percent, and 1.5 percent, respectively. Technology was the only bright spot, rising 3.7 percent.

Wall Street and Asian Markets Mixed
Wall Street’s sell-off showed signs of easing on Tuesday, with the S&P 500 edging up 0.2 percent in early trading after a volatile stretch that pushed it nearly 9 percent below its record high. The Dow Jones Industrial Average fell 132 points, or 0.3 percent, while the Nasdaq Composite gained 0.8 percent, driven by rebounds in Big Tech.

The US job market remained strong, with employers posting 7.7 million job openings in January, up from 7.5 million the previous month, according to the Labor Department.

Meanwhile, President Donald Trump announced he will double tariffs on Canadian steel and aluminum from 25 percent to 50 percent, escalating trade tensions with the United States’ northern neighbor. The increase, set to take effect Wednesday, is in response to Ontario’s decision to raise electricity prices for US buyers. The US stock market fell following his announcement.

Asian markets were mixed, with Shanghai’s index rising 0.4 percent after China introduced new economic measures, while Hong Kong’s market remained flat.