Stocks in Indonesia Hit Near 3-Year Low
Monaeka BorelloIndonesia’s IDX Composite slumped 546 points, or 8.4%, to 5,963 in morning trade on Tuesday, touching its lowest level since May 2021 as trading resumed after the long Eid-al-Fitr holiday amid recession fears due to the global trade war.
Stock trading was temporarily halted for 30 minutes during the morning when the index plunged more than 9%, before reopening.
Traders were cautious after a threat from President Trump on Monday to impose additional tariffs on China if Beijing did not withdraw its retaliatory tariffs.
Domestically, traders continued to monitor the financial sector and Indonesia’s economy, with a focus on the budget deficit, despite the finance ministry stating that its fiscal posture remained unchanged, maintaining the deficit at 2.53% of GDP. Indonesia will not retaliate against Trump’s 32% trade tariff on the country's goods.
All sectors traded in the red, with notable losses from BRI (-10.6%), BCA (-10.5%), Telekomunikasi (-10.0%), and Bank Mandiri (-9.8%).
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