Core Viewpoint - The Indonesian stock market has experienced significant declines, with the Jakarta Composite Index dropping over 4% and falling below 6000 points for the first time since 2021, reflecting investor concerns over the new government's fiscal policies and external uncertainties [1][2][3]. Group 1: Market Performance - The Jakarta Composite Index has cumulatively decreased by approximately 17% over the past year, making it one of the worst-performing markets globally [2]. - The Indonesian Rupiah has also depreciated against the US dollar, with a decline of about 2% this year [2]. Group 2: Investor Sentiment - Investor sell-offs are primarily driven by strong concerns regarding the fiscal plans of the new President Prabowo Subianto and uncertainties stemming from Trump's tariff policies [3][4]. - The establishment of a new sovereign wealth fund, Danantara, which involves transferring state-owned enterprise shares, has raised investor fears about the loss of fiscal discipline established during the previous administration [4]. Group 3: Economic Conditions - There are growing concerns about weak consumer spending, which has historically been a strong driver of Indonesia's economic growth [7][8]. - Recent deflationary data has heightened worries, with the consumer price index showing a year-on-year decline for the first time in 25 years, and consumer confidence indices dropping for two consecutive months [9]. Group 4: Government Fiscal Policies - President Prabowo has introduced an ambitious nationwide free meal program for schoolchildren and pregnant women, expected to cost around $28 billion annually, which places significant pressure on the already strained fiscal budget [10][11]. - The implementation of this program has led to extensive austerity measures across various sectors, with national revenue reportedly declining by one-fifth in the first two months of the year [11]. Group 5: Political Stability - There are speculations regarding the potential resignation of Finance Minister Sri Mulyani Indrawati, which has added to market anxiety despite government denials [12].

创四年新低！特朗普关税大棒干废印尼股市？ 凤凰网财经讯 继上周创十多年最大单日跌幅后，印尼股市再现断崖式暴跌。 3月24日上午，印尼综指一度大跌4.65%，盘中跌破6000点，为2021年以来首次。午后探底回升，截至发稿，印尼综指跌幅缩窄至1.5%，报6164 点。 其次，特朗普"关税大棒"、新主权财富基金激发担忧情绪。 在特朗普威胁提高关税的阴影下，作为新兴市场之一，印尼资产的风险也与日俱增。2013年，摩根士丹利将五个对外国热钱流动特别敏感的大型 发展中国家定义为"脆弱五国"（印尼、土耳其、南非、印度和巴西）。这些国家对海外资本的依赖，以及所谓的"双赤字"（经常账户赤字和财政 赤字），使其容易受到市场情绪剧烈变化的影响。分析认为，尽管近年来投资者改变了叙事，一些人认为这些成员国不再脆弱，但"脆弱五国"的 基本弱点并未完全消失。 与此同时，印尼政府已开始将国企股权转让给新的主权财富基金Danantara，这是印尼效仿新加坡淡马锡打造自己的国有超级投资公司，市场对此 存在疑虑，担心印尼正在失去前总统佐科·维多多执政期间建立的财政纪律。 自去年9月20日创下7910点的历史新高后，印尼股市持续回落，近半年下跌2 ...