Heavy Selloffs for Indonesian Stocks, Bonds After Weeklong Break
- Economic growth figures fail to stem downward market trend
- Rupiah is also under pressure, putting central bank on guard
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Indonesian stocks and bonds saw some of the sharpest selling in years as investors returned from a weeklong break amid heightened concern over rising inflation and slowing global growth.
The Jakarta Composite Index slumped as much as 4.6%, the steepest drop for the equity benchmark since September 2020, while bonds tumbled, sending yields to the highest in nearly two years. The rupiah fell 0.4% to its weakest in more than nine months, putting the central bank on guard.