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View all search resultsRupiah, stocks tumble as riots rattle market
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Traders look at their screens while monitoring stock trading in Jakarta on March 16, 2023. (AFP/Bay Ismoyo)
T
he Indonesia Stock Exchange (IDX) Composite index fell as much as 3.6 percent to 7,551 points at the open on Monday, as a week of political unrest in Jakarta rattled investor sentiment, before trimming losses to 7,612 within 10 minutes of trade.
The rupiah also slipped nearly 1 percent to Rp 16,499 per United States dollar at the opening, prompting Bank Indonesia to intervene in both the foreign exchange and bond markets.
The bourse has scheduled an online press briefing for Monday’s lunch break.
On Friday, the rupiah dropped to a multiweek low of Rp 16,512 before clawing back some losses later in the day.
Both the IDX Composite index and the rupiah had already weakened at the end of last week, tracking broader Asian losses. Japan’s Nikkei 225 fell 1.94 percent, while Hong Kong’s Hang Seng declined 1.52 percent and South Korea’s Kospi shed 1.01 percent.
Read also: Prabowo calls for severe response to protests
Domestic politics added to the gloom, with students and workers staging week-long protests in Jakarta and other cities.
