Indonesian stocks fall, rupia sinks further

By IVCPOST Staff Reporter

Jun 11, 2013 06:33 AM EDT


Indonesian stocks dip to its a four-month low as the rupiah forwards sank to its lowest level in more than three years. Foreign investors have been selling the country's stocks since the start of June.

The JCI or Jakarta Composite Index decreased 2.5 percent to 4,656.59, 11:42 in Jakarta. The gauge failed to follow up on its increase on May 20, falling 11 percent . The rupiah's one-month forwards dropped 0.1 percent. This comes after falling to its lowest point since August yesterday.

In general, Asian emerging markets failed to gain today due to the United States' Federal Reserve considering pairing asset purchases.

"The market is dropping because of concerns over the weaker rupiah," said John Teja, a director at Ciptadana Securities in a phone interview. "The market has gone up so much, some investors decided to book profit," he added.

UBS AG Strategist Nicholas Smithie downgraded Indonesia's stocks to underweight.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics