The total trading volume reached 18.42 billion shares, with transactions worth Rp 39.58 trillion (US$2.5 billion). A total of 389 stocks declined, 194 stocks gained and 202 stocks remained flat.

All sector indices fell with the index. Infrastructure was the biggest loser for the day, dropping by 1.5 percent. Technology fell by 1.4 percent, non-primary consumer goods decreased by 1.24 percent, and transportation and logistics declined by 1.23 percent. The financial sector also dropped 1.19 percent.

The remaining indices fell between 0.19 and 0.9 percent.

Today's top gainers in the LQ45 index were PT United Tractors (UNTR) with a 4.27 percent increase, PT Adaro Energy (ADRO), up 3.07 percent, and PT Amman Mineral (AMMN), rising 2.89 percent.

Meanwhile, the biggest losers were PT Harum Energy (HRUM), which was down 3.72 percent, PT XL Axiata (EXCL), falling 3.49 percent and PT Bukalapak.com (BUKA) down 3.28 percent.

Bhima Yudhistira, executive director of the Center of Economic and Law Studies (Celios), said that the House of Representatives’ move to reject the Constitutional Court's ruling on regional head elections harmed the market by creating uncertainty for businesses.

"Why is a rule that has already been finalized and binding by the Constitutional Court being annulled by the House? This sets a bad precedent," Bhima said on Thursday, as quoted by tempo.co.

Bima emphasized that Indonesia faces challenges such as restoring middle-class purchasing power, limited budget room and a government transition. Indonesia could attract investment from developed countries that prioritize transparency and good governance.

However, Bhima warned that political instability could deter investors, especially in regions holding local elections, potentially leading them to choose more stable countries instead.

The rupiah and the index had recently strengthened, partly due to the United States Federal Reserve lowering interest rates.