Indonesian Shares Continue Losing Streak Amid Selloff

Indonesia’s IDX Composite slumped 270 points, or 5.2%, to 4,915 in early Monday trade, marking a third straight decline and its weakest level since October 2020. Selling pressure intensified as investors fled high-risk assets amid MSCI’s proposed downgrade of Indonesia’s market reclassification and global oil prices surging past $110 per barrel. Meanwhile, the bourse announced it has lowered its auto-rejection limit to 7% from 15%, effective Monday through year-end, aiming to aid investor decision-making. On Friday, regulators levied massive administrative fines totaling IDR 2.1 trillion against parties tied to trading and IPOs of three major firms. A rebound in U.S. futures and stronger-than-expected China Q3 GDP offered some relief, though losses remained broad across basic materials, transport, property, and financials. Notable decliners included Sinergi Inti Andalan (-7.0%), Bank Central Asia (-6.9%), AKR Corp. (-6.8%), and Mayora Indah (-6.6%).