Indonesian Shares Poised for Fourth Weekly Loss
Indonesian stocks slipped 27 points, or 0.5%, to 5,984 in Friday’s early trade, marking a sixth straight decline and hovering near their lowest since mid-July, as selling hit tech, transport, and infrastructure. Caution lingered ahead of key domestic data next week, including September forex reserves, consumer confidence, and August retail sales. With Chinese markets shut for Golden Week, local sentiment lacked external cues, though stronger U.S. stock futures helped cap losses after Wall Street ended little changed overnight. Gains in Bukit Asam (2%), Indo Tambangraya Megah (1.7%), Astra Intl. (1.3%), and Indofood (1.1%) offered some support. However, the index is on track for a fourth weekly drop, down near 4% so far, dragged by a weak rupiah and inflation worries after September headline inflation accelerated to a three-month high, driven by food costs under El Niño. Elevated crude oil prices added risks for Indonesia, a net oil importer, by raising import costs and fiscal strain.
5%, to 5,984 in Friday’s early trade, marking a sixth straight decline and hovering near their lowest since mid-July, as selling hit tech, transport, and infrastructure. Caution lingered ahead of key domestic data next week, including September forex reserves, consumer confidence, and August retail sales. S. stock futures helped cap losses after Wall Street ended little changed overnight.
7%), Astra Intl. 1%) offered some support. However, the index is on track for a fourth weekly drop, down near 4% so far, dragged by a weak rupiah and inflation worries after September headline inflation accelerated to a three-month high, driven by food costs under El Niño. Elevated crude oil prices added risks for Indonesia, a net oil importer, by raising import costs and fiscal strain.