Jakarta. Indonesia’s stock market tumbled on Friday as investors reacted to the rupiah’s record low on Thursday and escalating Middle East tensions, triggering a broad risk-off move across sectors.

Jakarta Composite Index (JCI) dropped 3.38% or 249 points to 7,129.

RTI data showed 46.9 billion shares traded, with turnover reaching Rp 24.3 trillion ($1.41 billion) across more than 2.6 million transactions. Market breadth was heavily negative, with 670 stocks declining against 83 gainers, while 62 were unchanged.

Pilarmas Investindo Sekuritas said the sell-off tracked broader weakness in Asian markets, as global sentiment deteriorated amid rising oil prices and stalled US-Iran peace talks, alongside ongoing disruptions in the Strait of Hormuz.

The firm warned that persistent energy supply uncertainty could keep oil prices elevated, raising risks of higher global inflation and slower economic growth.

“Energy supply uncertainty remains the main factor keeping oil prices elevated, weighing on market sentiment,” Pilarmas wrote in its Friday research note.

From the domestic side, pressure intensified after Fitch Ratings revised the outlook on four major Indonesian banks, Bank Mandiri (BMRI), Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), and Bank Negara Indonesia (BBNI), from stable to negative.

“This move adds pressure to the financial market as it raises concerns over the outlook of the national banking sector amid global uncertainty,” Pilarmas said.

Phintraco Sekuritas noted the rupiah hit Rp 17,300 per US dollar on Thursday, its weakest level on record, with the impact spilling over into Friday’s trading. BRI Danareksa Sekuritas added the currency’s slide from around Rp 17,000 reflected global pressures and capital outflows from domestic markets.

Despite the sharp decline, several stocks posted strong gains, led by Prasidha Aneka Niaga (PSDN), Bank Bumi Arta (BNBA), Berlina (BRNA), and Citatah (CTTH). Meanwhile, Ateliers Mecaniques D’Indonesie (AMIN), Sekar Bumi (SKBM), Matahari Department Store (LPPF), and Bangun Karya (KRYA) were among the biggest losers.

Across Asia, markets were mixed. Tokyo’s Nikkei 225 rose 1%, while Hong Kong’s Hang Seng gained 0.2%. Shanghai edged down 0.1%, and South Korea’s Kospi was little changed.

Geopolitical tensions remained elevated as progress in US-Iran talks stayed limited despite an extended ceasefire. The Strait of Hormuz, a key global energy route, remains largely shut, with a US naval blockade still in place.

On Wall Street, the S&P 500 fell 0.4%, snapping a weeks-long rally, while the Dow Jones Industrial Average also dropped 0.4% and the Nasdaq Composite declined 0.9%.

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