Indonesia Stocks Extend Slide as Oil Climbs, Floor Rule Axed

Indonesia’s IDX Composite slipped 41 points, or 0.7%, to 6,203 in early Monday trade, marking a third decline as sentiment weakened amid a sharp drop in U.S. stock futures after oil prices jumped. The move followed President Trump’s rejection of Iran’s conditional offer to reopen the Strait of Hormuz, with reports he expects U.S. strikes to resume after November’s midterms. Locally, the Indonesian bourse scrapped its long-standing Rp 50 statutory floor, allowing shares on both regular and cash boards to trade down to Rp 1 from today. Concerns lingered over elevated oil costs and their fiscal impact, while nerves built ahead of August trade data and September inflation. Losses were broad-based, led by tech, cyclicals, infrastructure, and financials. Capping the decline was Jan-Aug industrial profits in main trading partner China that continued to rise sharply. Notable laggards included Gojek Tokopedia (-14.0%), Indosat (-2.6%), Hartadinata Abadi (-1.3%), and Telkom Indonesia (-1.2%).