Jakarta. The Jakarta Composite Index (JCI) nosedived on Friday, extending losses throughout the session as the technology sector fell nearly 13 percent. The benchmark index slumped 1.98 percent, shedding 131.7 points to close at 6,515, after trading in a tight range of 6,514-6,653.

Data from the exchange showed broad-based weakness, with 384 stocks declining, 205 advancing, and 218 remaining unchanged. Trading volume stood at 15.6 billion shares, with total turnover reaching Rp 9 trillion across 1.03 million transactions.

Technology suffered the most from the selloff, plunging 12.71 percent—the worst-performing sector of the day—amid heightened concerns over global trade tensions. Other laggards included healthcare, down 1.16 percent, non-primary consumer goods, which slipped 1.13 percent, energy declining 1.04 percent, and basic materials, falling 1.05 percent. Primary consumer stocks emerged as the sole gainer, rising 0.67 percent. Blue-chip stocks also suffered, with the LQ45 index down 1.53 percent.

Analysts at Pilarmas Investindo Sekuritas attributed the market rout to a mix of external and domestic pressures. Escalating trade tensions fueled fears after US President Donald Trump threatened a 200 percent tariff on European alcoholic beverages in response to the EU’s 50 percent levy on American whiskey.

"The tariff escalation underscores continued uncertainty in global trade, creating headwinds for emerging markets, including Indonesia," Pilarmas said in a note Friday.

Domestically, weak fiscal data also weighed on sentiment. Indonesia’s state budget deficit widened to Rp 31 trillion in February as tax revenues underperformed, further exacerbating investor concerns over economic stability.

Despite the market turmoil, global equities presented a mixed picture. European and Chinese markets gained after Beijing ordered state-run banks to boost consumer spending. In contrast, Wall Street extended its decline overnight, with the S&P 500 falling more than 10% from its recent high, marking its first correction since 2023.

"Investors are navigating a highly uncertain environment, where policy shifts and geopolitical risks continue to drive volatility," said Stephen Innes of SPI Asset Management.

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