Jakarta – The Indonesia Stock Exchange (IDX) Composite index reversed Wednesday's gains by closing 1.75 percent lower on Thursday at 6,714.51.
Most sectors within the index declined, with the transportation sector suffering the steepest fall of 1.89 percent. Meanwhile, technology and finance stocks fell by 1.63 percent and 1.58 percent, respectively.
The health sector was one of the few that managed to stay in the green, increasing by 0.18 percent. The construction materials sector also rose by 0.2 percent.
The day's top gainers in the LQ45 were PT Gudang Garam (GGRM) with a 2.60 percent increase, followed by PT Chandra Asri Petrochemical (TPIA), which rose by 2.25 percent, and PT Indah Kiat Pulp and Paper (INKP), which was up 1.06 percent.
The top loser was PT Sarana Menara Nusantara (TOWR), which plummeted 5.71 percent. In second place was PT Mitra Adiperkasa (MAPI), which declined by 5.37 percent, followed by PT GoTo Gojek Tokopedia (GOTO), which fell 5.0 percent.
Thursday's total transaction volume on the stock exchange was 18.55 billion shares, with a total value of Rp 10.02 trillion (US$641 million).
Nearly all major Asian stock indices weakened on Thursday. Hang Seng (Hong Kong), Sensex (India), Topix (Japan), KLCI (Malaysia), PSEI (Philippines), Straits Times (Singapore), KOSPI (South Korea) and SETI (Thailand) all experienced declines of varying degrees, ranging from 0.13 percent to 2.71 percent.
The only exception was the Shanghai Composite (China), which managed to strengthen by 0.48 percent to hit 2,988.30.
The increase in yields on United States government bonds prompted investors to flee from risky assets, such as stocks.
US government bond yields rose as investors sold their holdings after briefly retreating. On Wednesday, the yield on 10-year US government bonds was 4.953 percent, a significant increase from the previous day's 4.84 percent.