Jakarta. Indonesia’s benchmark stock index tumbled on Monday as nationwide protests raised concerns over political stability, overshadowing positive economic data and a firmer rupiah.

The Jakarta Composite Index (JCI) fell 94.42 points, or 1.21 percent, to close at 7,736. The index moved within a range of 7,547 to 7,783 during the session. Market data showed that 38.7 billion shares worth Rp 23.5 trillion ($1.4 billion) changed hands in 2.3 million transactions. A total of 539 stocks declined, 171 advanced, and 99 were flat.

The sell-off followed mass demonstrations in Jakarta and other cities that investors fear could escalate further. “I urge all investors to be wise in investing, not to rely on rumors but on factual information,” said Inarno Djajadi, chief executive of the Financial Services Authority (OJK), in remarks at the opening of Monday’s session. He sought to reassure markets, adding, “Remain confident that our economy will continue to progress despite the social and political turbulence.”

The rupiah strengthened against the US dollar, with Bloomberg data showing the currency closing at Rp 16,418 per dollar in the spot market, up 81 points or 0.49 percent from Friday.

The currency was buoyed by Indonesia’s continued trade surplus. The Central Statistics Agency (BPS) reported that the country posted a $4.17 billion surplus in July, extending its streak to 63 consecutive months. Non-oil and gas exports delivered a $5.75 billion surplus, offsetting a $1.58 billion deficit in oil and gas trade.

Price pressures also eased. Indonesia recorded 0.08 percent deflation in August on a month-to-month basis, deeper than the 0.03 percent deflation in the same month last year. Annual inflation was 2.31 percent, within the government’s 2.5 percent target, while year-to-date inflation stood at 1.60 percent.

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