Indonesian Shares Fall Further

Indonesian stocks lost 27 points or 0.4% to 6,121 on Thursday morning deals, extending prior weakness amid losses in infrastructure, basic materials, and financials. Caution persisted ahead of September consumer confidence data later today following an improvement in August. In the U.S., equity futures were mixed after the S&P 500 fell from its record overnight as yields spiked to multidecade highs. Meanwhile, markets in main trading partner China resume activity today after recent breaks. Still, losses were capped as the government plans to raise the tax-free income threshold to boost economic activity, the first adjustment in a decade. Currently, no income tax is payable on annual income of IDR 54 million a year. On recent data, September forex reserves were little changed, standing around USD 146.3 billion and remaining near a five-month high. Among notable decliners were Sanurhasta Mitra (-5.5%), Sinergi Inti Andalan (-5.3%), Energi Mega Persada (-3.3%), and RMK Energy (-2.9%).