IDX slammed, lost 2.86%

Indonesia Stock Exchange (IDX) joins other markets in the region, fell 74 points (2.86%) to 2518. Most blue chip stocks lost ground, led by commodities, banking, and telecommunications. Coal stocks lost the most.

Indo Tambangraya and Indika dropped 6% respectively, while Bumi Resources lost 4.85%, Bukit Asam -4.15%, and Adaro -3.63%. Trading on coal stocks was substantial. Total trading value of coal-related stocks was above Rp1.5 trillion. Metals also lost ground led by Timah (-5.75%), INCO (-4.14%), and ANTM (-2.44%).

They're not alone. China Coal and Shenhua crashed 6.53% and 4.71% respectively in Hong Kong, while Straits Asia conceded 6% on SGX and BHP -3.51% on ASX.

In the oil and gas sector, Medco slashed 6.2%, while Mitra International (MIRA) crashed 8.6%. PGAS and ENRG also lost 2.7% and 2.27%. Trading volume was significant with combined value over Rp300 billion. Petrochina and CNOOC fell substantially by 5.83% and 4% in Hong Kong, while BP opened lower by 1.34% in London.

Plantation stocks were also under pressure, but trading volume was relatively smaller than other commodities. Banking stocks were traded substantially with combined trading value over Rp500 billion. Danamon, BCA, and Mandiri lost over 4% respectively, while BRI, BTN, BRI, and BNI declined by 2-3%.

Foreign investors actively sold their portfolio with net sell over US$100 million today. Rupiah weakened accordingly. It closed lower at Rp9410 per USD from Rp9335 yesterday.

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