Jakarta. The Jakarta Composite Index (JCI) closed sharply lower on Tuesday, plunging 1.78 percent to 7,628.6, as markets reacted to President Prabowo Subianto’s surprise decision to replace Finance Minister Sri Mulyani Indrawati.

The benchmark index moved between 7,619.72 and 7,791.33 during the session. Trading volume reached 35.47 billion shares across 2.21 million transactions, with a total value of Rp 23.88 trillion. Market breadth was negative, with 489 decliners outnumbering 232 gainers, while 235 stocks were unchanged.

Blue-chip index LQ45 fell 1.74 percent, or 13 points, to 769, while the IDX30 slid 1.54 percent to 400.

Sectoral performance was mixed. Health care, transportation, industrial, and cyclical consumer stocks booked modest gains, with increases of 0.11 percent, 0.72 percent, 0.11 percent, and 0.68 percent, respectively. Losses were led by technology, down 1.86 percent, followed by finance (-1.73 percent), infrastructure (-1.36 percent), energy (-1.25 percent), property (-0.94 percent), non-cyclical consumer goods (-0.29 percent), and basic materials (-0.24 percent).

Brokerage firm Pilarmas Investindo Sekuritas described the cabinet reshuffle as “a troubling move for markets, considering her reputation and global credibility.” Investors are now closely watching how newly appointed Finance Minister Purbaya Yudhi Sadewa will steer fiscal policy and maintain coordination with the central bank to safeguard investor confidence.

Despite the broad sell-off, several stocks surged. Top gainers included Global Sukses Digital (DOSS), which jumped 34.78 percent, Puri Sentul Permai (KDTN), up 34.19 percent, Lion Metal Works (LION) and Nusa Raya Cipta (NRCA), both advancing 25 percent, and Pakuan (UANG), which rose 24.71 percent.

Global markets were mixed. Japan’s Nikkei 225 slipped 0.4 percent to 43,459.29, while South Korea’s Kospi climbed 1.26 percent to 3,260.05. Hong Kong’s Hang Seng gained 1.19 percent to 25,938.13, supported by US rate-cut optimism and rallies in HSBC and Alibaba.

In contrast, the Shanghai Composite dropped 0.51 percent to 3,807.29, weighed down by technology stocks. Australia’s S&P/ASX 200 eased 0.52 percent to 8,803.50. In the United States, Wall Street showed resilience, with the Dow Jones Industrial Average at 45,514.95 and the Nasdaq hitting a fresh record at 21,798.70 on strong tech earnings.