Jakarta. A sharp global tech sell-off and rising regional tensions dragged Asian markets lower on Tuesday, pulling the Jakarta Composite Index (JCI) into the red as the rupiah weakened ahead of Bank Indonesia’s rate decision.

The benchmark closed at 8,381 after moving within a range of 8,341–8,442. RTI data showed 40.99 billion shares traded with turnover reaching Rp 19.72 trillion ($1.12 billion) across more than 2.53 million transactions. In total, 230 stocks rose, 418 fell, and 162 were unchanged.

Pilarmas Investindo Sekuritas said Asian bourses tracked Wall Street’s overnight slump as investors braced for upcoming US labor data, while expectations of a Fed rate cut next month faded after Vice Chair Philip Jefferson signaled risks in the job market. Sentiment also cooled amid heightened Tokyo–Beijing tensions, even as Japan attempts to ease the dispute. China’s Premier Li Qiang is not expected to meet Prime Minister Sanae Takaichi at the G20 Summit in South Africa, while markets are watching Takaichi’s meetings with Bank of Japan Governor Kazuo Ueda and Japan’s tax commission for policy signals.

Domestically, Pilarmas noted the rupiah continued to weaken ahead of Wednesday’s Bank Indonesia policy meeting. BI is widely expected to keep its benchmark rate steady at 4.75 percent after last year’s 150 bps cumulative cuts. Governor Perry Warjiyo has said subdued inflation this year and next could open space for future easing, though he warned that Indonesia’s roughly 5 percent growth still lags its potential.

Pilarmas added that the government is finalizing a gold export tax plan, proposing a 15 percent levy for prices above $3,200 per ounce starting in 2026 to bolster non-tax revenue.

Across the region, Asian shares slumped as Nvidia-led weakness in US tech stocks rippled through global markets. Concerns over overstretched AI-driven valuations triggered volatility in chip-heavy economies such as South Korea and Taiwan. Japan’s 30-year government bond yield spiked to 3.31 percent, reflecting rising fiscal risks under Takaichi’s spending plans and a delayed debt reduction timeline.

Tokyo’s Nikkei 225 shed 3 percent to 48,835 by midday, with Tokyo Electron tumbling 5.4 percent and Advantest losing 4.6 percent. Seoul’s Kospi dropped 3.1 percent to 3,960, while Samsung Electronics slipped 2.9 percent and SK Hynix plunged 5.7 percent. Hong Kong’s Hang Seng fell 1.5 percent to 25,997, and the Shanghai Composite edged down 0.6 percent to 3,949.

Wall Street closed lower on Monday as the S&P 500 slid 0.9 percent to 6,672.41, the Dow Jones dropped 1.2 percent to 46,590.24, and the Nasdaq eased 0.8 percent to 22,708.07. Nvidia fell 1.8 percent, though it remains up nearly 40 percent this year. Elevated valuations and uncertainty over the Fed’s rate path leave equities vulnerable to a sharper correction.

On the IDX, top gainers included Panca Globa Sekuritas (PEGE), surging 34.68 percent, and Informasi Teknologi Indonesia (JATI), which jumped 29.41 percent. Esta Multi Usaha (ESTA) climbed 25 percent, while Indo Oil Perkasa (OILS) gained 24.55 percent.

The biggest decliners were Golden Flower (POLU), down 15 percent, Puri Global Sukses (PURI), which dropped 14.81 percent, Sentral Mitra Informatika (LUCK) falling 13.04 percent, and Pakuan (UANG) sliding 11.86 percent.