Indonesia stock market slumps 2.5% as trade resumes

Photo: The Star


JAKARTA: Indonesian shares slumped 2.5% on Wednesday, their sharpest intraday fall in nearly two months, after trade resumed following a long holiday for Eid Al-Fitr celebrations.

Global equity markets saw a selloff during the Eid holiday and Indonesia is expected to play catch-up, driven by stocks with high foreign ownership such as Bank Central Asia and Bank Mandiri, according to a Trimegah Securities note.

Indonesian financial markets were closed from June 11 to 19.

Financials were the biggest losers with Bank Central AsiA declining 3.8 percent and Bank Mandiri (Persero) shedding 6.5 percent.

An index of the country’s 45 most liquid stocks slid 3.6 percent to its lowest in nearly one month.

Among other Southeast Asian stock markets, the Philippines was down for a fifth straight session while Thailand rose after five consecutive sessions of declines ahead of central bank policy meetings.

The Bank of Thailand is expected is expected to leave its policy interest rate near a record low, while a slim majority of economist expect the Bangko Sentral ng Pilipinas to raise rates, according to Reuters polls.

Energy and financial stocks were among the biggest boost in Thailand with PTT PCL climbing 0.5 percent and Bangkok Dusit Medical Services PCL rising 3.3 percent.

Malaysian shares were higher after seven straight sessions of falls with Axiata Group Bhd  gaining 1 percent and Genting Bhd  adding 1.8 percent.

The consumer price index rose 1.8 percent last month from a year earlier, meeting market expectations, on stronger fuel and transport prices and rising demand for food, government data showed. – Reuters

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