(Bloomberg) -- Indonesia’s equity benchmark declined as much as 4.3% on Monday amid worries that the government may have to go back to tougher lockdown measures in a bid to control the coronavirus pandemic.

The Jakarta Composite Index was down 2.7% as of 11:08 a.m. local time, set for its steepest drop since mid-April, after rising infections forced the capital city to delay the easing of social distancing measures by at least another two weeks. Indonesia is scheduled to announce its second-quarter GDP growth on Wednesday with economists surveyed by Bloomberg projecting a 4.7% contraction, steeper than the 4.3% drop estimated by President Joko Widodo.

“Some investors are pulling out of the equities market as they speculate that the second quarter GDP may come in worse than what the government expected,” Isnaputra Iskandar, head of Indonesia research at Maybank Kim Eng Securities, wrote in a text message. “The worst might be behind us, but how strong the recovery will be remains in question.”

The rupiah has also been under pressure, down 0.17% against the U.S. dollar.

Indonesia has the largest number of coronavirus cases in Southeast Asia, with infections more than quadrupling since the end of May to over 111,000. Its neighbor Philippines will put its capital Manila back on a stricter lockdown starting Tuesday as virus cases surged more than fivefold after curbs were eased in June. The Philippine Stock index plunged as much as 3.9%.

©2020 Bloomberg L.P.