突然！全线暴跌、暂停交易，发生了什么？

Core Viewpoint - The Southeast Asian market is experiencing significant turmoil, particularly in Indonesia and the Philippines, with concerns over government policies and economic stability driving investor anxiety [2][4][12]. Group 1: Indonesia Market Dynamics - The Jakarta Composite Index fell over 4% on March 24, marking its first drop below 6000 points since 2021, with a year-to-date decline of 13.34% [4][6]. - Investor sentiment in Indonesia is increasingly uncertain, driven by fears regarding the new government's policy direction under President Prabowo, which has led to significant sell-offs in the technology and materials sectors [5][6]. - The establishment of the new sovereign wealth fund "Danantara" has raised doubts among investors, particularly regarding its potential impact on fiscal health and the risk of political interference [5][6]. - A nationwide free lunch program for schoolchildren and pregnant women, costing an estimated $28 billion annually, is expected to strain Indonesia's fiscal situation [5][6]. - Foreign capital outflow from Indonesia has reached nearly $1.8 billion this year, reflecting growing concerns over policy uncertainty since Prabowo took office [9]. Group 2: Philippines Market Dynamics - The Philippine stock market faced disruptions, including a nearly two-hour delay in trading due to connectivity issues, which may deter foreign investors [12]. - The MSCI ASEAN Index has dropped over 10% from its peak last year, indicating a broader trend of capital withdrawal from Southeast Asia [12]. - Analysts note that while Southeast Asia was initially seen as a potential beneficiary of U.S. tariff wars, specific issues within each country are now becoming apparent, affecting investor confidence [12]. Group 3: Broader Southeast Asia Trends - Southeast Asian markets are witnessing a continuous outflow of foreign capital for six consecutive months, highlighting a decline in the region's attractiveness to investors [12]. - Despite the downturn, some analysts suggest that the current low valuations in Southeast Asia may present buying opportunities, with UBS upgrading Thailand's stock market rating to "overweight" [13].