Jakarta. Indonesia’s benchmark stock index tumbled for a second straight session on Monday, reflecting growing investor unease over global economic uncertainty. The Jakarta Composite Index (JCI) fell 96.96 points, or 1.55 percent, to close at 6,161.2, as widespread losses hit nearly all sectors.

Market breadth remained weak, with 500 stocks declining, 134 advancing, and 168 unchanged. Total turnover on the Indonesia Stock Exchange reached Rp 13.63 trillion, with a trading volume of 14.19 billion shares across 1,062,125 transactions.

The steepest losses came from the basic materials sector, which slumped 2.7 percent, followed by property (-2.6 percent), healthcare (-2.5 percent), energy (-2.5 percent), and consumer discretionary (-2.3 percent). Technology was the sole bright spot, climbing 3.6 percent.

While Indonesian equities extended losses, most Asian markets posted gains. China’s Shanghai Composite edged up 0.1 percent, Hong Kong’s Hang Seng climbed 0.9 percent, and Singapore’s Straits Times rose 0.3 percent. Japan’s Nikkei dipped 0.1 percent.

Investors are closely watching developments surrounding US President Donald Trump’s proposed tariffs, with reports suggesting he may target nations with significant trade surpluses against the US, including Indonesia. The White House has set an April 2 deadline for additional tariffs, though previous deadlines have been delayed at the last minute.

Meanwhile, Chinese Premier Li Qiang struck a conciliatory tone in discussions with business leaders and US Senator Steve Daines, a key Trump ally and the first member of Congress to visit Beijing since Trump took office.

Amid market turbulence, investors are shifting towards more stable assets, with government bonds emerging as a preferred safe haven. Demand for sovereign debt has increased, leading to rising bond prices and declining yields in recent sessions.

“Historically, equities are more sensitive to economic shifts and global events, while government bonds tend to be defensive and stable,” said Dimas Yusuf, Head of Fixed Income at Sucorinvest Asset Management. “When stock market volatility rises, investors naturally seek lower-risk instruments, and government bonds become the go-to option.”

Against this backdrop, the Indonesian government held discussions with economists and capital market analysts at the Presidential Palace on Monday. The meeting, attended by officials from the Presidential Communication Office and the Finance Ministry’s Fiscal Policy Agency, focused on economic policies, Indonesia’s economic outlook, and the JCI’s recent movements.

“This dialogue underscores President Prabowo Subianto’s commitment to enhancing communication with all stakeholders, including market participants,” said Noudhy Valdryno, Deputy for Dissemination and Media Information at the Presidential Communication Office.

Economists at the meeting emphasized the need for consistent communication with investors to increase confidence. The government pledged to act on these recommendations, stressing its optimism about Indonesia’s economic trajectory despite near-term market headwinds.

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