Indonesian Shares Extend Losing Streak

Indonesian equities fell 35 points or 0.5% to 6,500 in Tuesday morning trade, extending losses for a fifth session after Wall Street closed lower overnight as traders weighed rising oil prices, elevated bond yields, and the looming U.S. Fed decision. In China, August data showed uneven momentum, with retail sales slowing and unemployment edging higher, though industrial output picked up. Locally, newly appointed Finance Minister Suahasil Nazara pledged to bolster the ministry’s credibility and leverage the state budget to drive growth, hours after being sworn in to replace Purbaya Yudhi, whose tenure was marked by assertive fiscal moves and public controversies. Financials, healthcare, and transport led sectoral weakness, while cyclicals provided some support. State-owned banks dragged, with Bank Negara Indonesia (-2.3%), Bank Rakyat Indonesia (-2.1%), and Bank Mandiri (-2.0%) lower. Other notable decliners included ESSA Industries (-2.3%), Bukit Asam (-1.0%), and Astra Intl. (-0.8%).