Jakarta. Indonesia’s benchmark stock index tumbled nearly 2% on Monday as escalating Middle East tensions, weaker Chinese economic data, and a plunging rupiah triggered broad-based selling across the market.

Jakarta Composite Index (JCI) closed down 1.85%, or 124 points, at 6,559 after moving between 6,398 and 6,631 during the session. Trading volume reached 31.54 billion shares with turnover totaling Rp 20 trillion ($1.13 billion), while transaction frequency exceeded 2.5 million. Declining stocks heavily outpaced gainers, with 616 stocks falling, 125 rising, and 79 unchanged.

Pilarmas Investindo Sekuritas said the selloff mirrored weakness across most Asian markets after Wall Street posted sharp losses at the end of last week.

“Markets are becoming more cautious amid rising geopolitical tensions after US President Donald Trump once again issued a strong warning to Iran,” Pilarmas wrote in a research note on Monday.

The brokerage said stalled negotiations between Washington and Tehran had intensified concerns that the Strait of Hormuz could remain disrupted, threatening global energy distribution. Investor worries deepened following reports of attacks on energy facilities in the Persian Gulf over the weekend.

Global sentiment was further pressured by signs of slowing growth in China. China’s industrial production expanded 4.1% year-on-year in April, slowing from 5.7% in March and missing market expectations of 5.9%. Retail sales rose just 0.2% annually, sharply lower than the previous month’s 1.7% increase.

Pilarmas said the combination of global tariff wars and the Middle East conflict could further weaken China’s economic momentum, which remains a key driver of global growth.

Domestic sentiment also deteriorated as the rupiah weakened beyond Rp 17,600 per US dollar, fueling concerns over Indonesia’s financial stability.

Market participants also reacted negatively to government remarks regarding the rupiah’s decline, which investors viewed as insufficient to restore confidence in the country’s economic outlook.

“The market sees a strong commitment from the government and authorities as crucial to maintaining exchange rate stability and rebuilding confidence in Indonesia’s economic fundamentals,” Pilarmas added.

Separately, Bank Indonesia reported on Monday that Indonesia’s external debt rose to $434 billion, or around Rp 7.66 quadrillion, in the first quarter of 2026. The figure increased 0.5% from $431.7 billion in the fourth quarter of 2025 and was up 0.8% from $430.4 billion a year earlier.

Among top movers on the IDX, Dyandra Media International (DYAN) surged 31.33%, followed by Berkah Prima Perkasa (BLUE), which climbed 17.59%, Batavia Prosperindo (BPTR), up 16.87%, and Satyamitra Kemas Lestari (SMKL), which gained 12.96%.

On the losing side, Dian Swastatika (DSSA) fell 14.98%, Chandra Asri Petrochemical (TPIA) dropped 14.88%, Pacific Strategic Financial (APIC) slid 14.81%, and Perdana Bangun Pusaka (KONI) declined 14.75%.

Asian markets mostly retreated on Monday while oil prices climbed after Trump warned Tehran that the “clock is ticking” as negotiations between the US and Iran over ending the conflict remained stalled.

Japan’s Nikkei 225 fell 1% to 60,815, dragged down by technology stocks after hitting record intraday highs above 63,000 last week. Hong Kong’s Hang Seng Index dropped 1.4% to 25,596, while China’s Shanghai Composite slipped 0.1% to 4,131 following the weak retail sales data.

South Korea’s Kospi, however, edged up 0.3% to 7,516.04 after earlier losses, supported by continued demand for technology shares linked to the artificial intelligence boom.

Wall Street also ended sharply lower on Friday. The S&P 500 fell 1.2% from its record high reached a day earlier, while the Dow Jones Industrial Average lost 1.1% and the Nasdaq Composite declined 1.5%.

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