Indonesia’s IDX Composite slumped 295 points, or 3.7%, to 7,643 in Wednesday morning trade, marking a third straight decline and hitting its lowest level in near six weeks. The drop tracked weakness in U.S. stock futures as the Middle East conflict mounted. Sentiment was further pressured after February’s official PMI in main trading partner China showed declines in manufacturing and services activity following the extended Lunar New Year break, diverging from private survey data. Losses were partly capped by reports that Jakarta is preparing a sizeable Eid al-Fitr fiscal stimulus for civil servants and gig workers to offset external headwinds. Meanwhile, Bank Indonesia signaled close monitoring of inflation pass-through from higher global energy prices. Declines were broad-based, led by basic materials, transport, and cyclicals. Major laggards included Indah Kiat Pulp & Paper (-8.5%), Merdeka Battery Materials (-7.1%), Merdeka Copper Gold (-5.5%), and Telkom Indonesia (-4.9%).