Indonesian stocks sink 10 pct, biggest drop ever

The Associated Press ,  Jakarta   |  Mon, 10/06/2008 5:12 PM  |  Headlines

Indonesia's key stock index tumbled 10 percent Monday, its biggest one-day drop ever, on worries that fallout from the U.S. credit crisis is spreading around the globe.

Resuming trading after a four-day break last week to mark the end of the Islamic fasting month of Ramadan, the benchmark JSX index shed 183.77 points, or 10.03 percent, to close at 1,648.7 points.

Indonesian investors had lot of news to digest after the long holiday. Sentiment also was hurt by the announcement of a 12-percent jump in consumer prices for September, a two-year high.

Decliners led gainers 209 to 10 with heavyweight commodities shares, which make up around 40 percent of the index, leading the drop.

Mining company Bumi Resources shed 32 percent, followed by coal miner Bukit Asam and palm oil manufacturer Astra Agro, which both lost 23 percent.

Indonesia's decline came after other Asian markets dropped last week in response to the deepening financial crisis, which appears to be spreading to Europe.

Indonesian President Susilo Bambang Yudhoyono convened high level Cabinet meetings to discuss the impact a global downturn would have on the economy, Southeast Asia's largest.
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