Indonesian shares tumbled 283 points, or 4.8%, to 5,653 in Thursday morning trade, extending steep losses from the prior session to their weakest since May 2021. The rout underscored mounting concerns: elevated oil prices stoking fiscal and external balance risks, fears of heavier state intervention in commodities, and jitters over a possible adverse MSCI reclassification rattling global funds. The market has already shed around 34% so far this year, the worst performer among more than 90 global equity indices, according to Bloomberg News. April trade data showed the surplus erased as surging oil and gas import costs outpaced exports, while May inflation quickened to 3.08%, above Bank Indonesia’s target midpoint. U.S. futures were mostly lower as renewed U.S.–Iran tensions kept inflation worries alive. All sectors fell, led by industrials, property, financials, and healthcare. Major losers included Barito Pacific (-13.9%), Darma Henwa (-10.2%), Indosat (-8.4%), and Kalbe Farma (-6.8%).