Jakarta. The Jakarta Composite Index (JCI) plummeted by 168.9 points (2.2 percent) to 7,527.9 on Monday, weighed down by aggressive stimulus measures from China that triggered capital outflows from domestic markets.

Pilarmas Investindo Sekuritas explained that China's short-term stimulus actions, announced on Sept. 24, attracted foreign investors, pulling capital away from Indonesia. The stimulus package includes lower borrowing costs, eased mortgage payments, and a 50-basis-point reduction in the bank reserve requirement ratio.

In addition, investors are closely monitoring the policy direction of Japan's incoming Prime Minister, Shigeru Ishiba, who won the Liberal Democratic Party leadership election last Friday and will replace Fumio Kishida.

Out of the total stocks traded, 202 rose, 383 fell, and 216 remained flat. Total transaction value for the day reached Rp 15.6 trillion, with a trading volume of 23.9 billion shares across 1,358,021 transactions.

Most sectors recorded losses, with the infrastructure sector experiencing the steepest drop at 2.5 percent, followed by energy at 2.1 percent, technology at 1.7 percent, and primary consumer goods at 1.5 percent. In contrast, the transportation sector gained 1.5 percent, basic materials rose 0.2 percent, and healthcare edged up by 0.02 percent.

Among the top losers, Panca Mitra Multiperdana (PMMP) fell 10 percent to Rp 134, Multipolar (MLPL) dropped 9.4 percent to Rp 77, and TBS Energi Utama (TOBA) slid 8.5 percent to Rp 640. Barito Renewables Energy (BREN) and Green Power Group (LABA) also posted declines of 8 percent and 7.6 percent, respectively.

On the other hand, top gainers were led by Kioson Komersial Indonesia (KIOS), which surged 28 percent to Rp 64, Perdana Karya Perkasa (PKPK), up 22.1 percent to Rp 910, and Formosa Ingredient Factory (BOBA), rising 15.7 percent to Rp 206. Bumi Resources Minerals (BRMS) and Pyridam Farma (PYFA) also posted gains of 15 percent and 11.8 percent, respectively.

While the JCI declined, most Asian markets posted gains. Hong Kong's Hang Seng rose 2.4 percent, China's Shanghai index jumped 8 percent, and Singapore's Straits Times increased by 0.4 percent. However, Japan's Nikkei tumbled 4.8 percent.

The Indonesian rupiah also weakened against the US dollar, closing lower on Monday. Ibrahim Assuaibi, Director of Laba Forexindo Berjangka, noted that markets are waiting for statements from Federal Reserve officials, including Chairman Jerome Powell, regarding the pace of monetary easing.

"The market is awaiting comments from Fed Chair Jerome Powell and seven other US central bank policymakers scheduled to speak this week," said Ibrahim.

In China, manufacturing activity contracted sharply in September 2024, with new orders falling both domestically and internationally, contributing to record-low confidence among factory owners.

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