The decline in Indonesia is quite severe, with the raw materials sector crashing over 10%, and oil prices still pushing higher, putting enormous fiscal pressure.

Indonesia's stock market briefly fell to a five-year low on Wednesday, with the Indonesian rupiah hitting a record low. The Jakarta Composite Index dropped 5.2%, with the materials sector falling over 10%. The rupiah declined 0.5% against the US dollar, while Brent oil prices rose for consecutive days. The rising oil prices sparked concerns over fiscal and external balance, as well as fears of government intervention in commodities and MSCI reclassification, putting pressure on global fund sentiment. The index has fallen approximately 32% this year, making it one of the worst performers among Bloomberg's global indices. Analysts say the downward trend remains, with no signs of reversal.