After 540% surge, new Indonesia tech index is losing shine fast

Tough business: PT Bukalapak.com’s warehouse in Cikarang. The company’s shares have fallen about one-third from their August high. — Bloomberg

JAKARTA: Investors cautious over lofty valuations in Indonesia’s booming technology market have sent a gauge of the shares tumbling over the past two months.

The IDX Sector Technology index has fallen 27% from its August peak after surging 540% since inception in January.