Jakarta. Indonesian stocks tumbled on Tuesday evening as the Jakarta Composite Index sank 48.37 points, or 0.56 percent, to close at 8,521, dragged down by domestic sentiment and broad profit-taking after Monday’s record-setting rally.

The index moved between 8,487 and 8,574 throughout the session.

Trading activity on the Indonesia Stock Exchange reached 53.37 billion shares with a turnover of Rp 27.72 trillion ($1.66 billion) across more than 2.55 million transactions. A total of 277 stocks advanced, 364 declined, and 170 ended flat.

Pilarmas Investindo Sekuritas said the drop reflected investor caution after Bank Indonesia reported slower credit growth in October despite the Finance Ministry’s Rp 200 trillion liquidity injection in early September. “Bank Indonesia recorded a slowdown in loan disbursement, with credit growing 6.9 percent year-on-year, lower than 7.2 percent in September,” the brokerage said in a note.

Pilarmas added that the market was hit by profit-taking following yesterday’s all-time high, both on closing and intraday levels. “There was also sell-on-news pressure after the MSCI index rebalancing,” it said. The brokerage noted that while Asian shares mostly strengthened on Tuesday, domestic factors overshadowed regional optimism tied to rising expectations of a Federal Reserve rate cut in December.

Fed Governor Christopher Waller signaled support for a rate cut next month, echoing comments from San Francisco Fed President Mary Daly and New York Fed President John Williams, which helped lift sentiment across the region. Still, Pilarmas warned that investors remain cautious ahead of China’s January–October industrial profit data due later this week.

Across Asia, Tokyo’s Nikkei 225 was nearly unchanged at 48,628.85 as a 10.3 percent slump in SoftBank weighed on the index. The Kospi rose 0.3 percent to 3,859.12, Taiwan’s Taiex jumped 1.5 percent, Hong Kong’s Hang Seng gained 0.4 percent to 25,821.47, and China’s Shanghai Composite climbed 0.9 percent to 3,872.45. Alibaba was up 1.6 percent ahead of its earnings release.

US markets will pause for Thanksgiving on Thursday, with Black Friday and Cyber Monday expected to dominate the week. On Monday, the S&P 500 surged 1.5 percent to 6,705.12, the Dow Jones added 0.4 percent to 46,448.27, and the Nasdaq rallied 2.7 percent to 22,872.01, lifted by hopes of a December Fed rate cut.

On the domestic board, Semacom Integrated (SEMA) jumped 34.62 percent, Bank Dinar Indonesia (DNAR) surged 34.31 percent, while Hetzer Medical Indonesia (MEDS) and Ace Oldfields (KUAS) each gained 33.85 percent and 33.82 percent.

Meanwhile, Satria Mega Kencana (SOTS) slid 14.94 percent, Puri Global Suksess (PURI) fell 14.62 percent, Soho Global Health (SOHO) declined 14.52 percent, and Megapower Makmur (MPOW) dropped 11.76 percent.