Indonesia Stocks Sink 5.2% to 5-Year Low as Rupiah Hits Record on Oil Strain
Updated
Updated · Bloomberg · Jun 3
Indonesia Stocks Sink 5.2% to 5-Year Low as Rupiah Hits Record on Oil Strain
3 articles · Updated · Bloomberg · Jun 3
Jakarta’s benchmark index fell as much as 5.2% to its lowest level since May 2021, while the rupiah slid about 0.5% against the dollar to another record low.
Brent crude rose for a third straight day, deepening investor concern that persistently high oil prices are worsening pressure on Indonesia’s finances.
Materials stocks led the selloff, with the sector’s subindex dropping more than 10%, showing the breadth of the market retreat.
The moves left Indonesia with Asia’s weakest currency performance on the day and highlighted how oil-price shocks are spilling into both local assets and fiscal worries.