Indonesia Stocks Near Correction in Shift to Cheaper Markets
- JCI snaps two-day rally, taking losses from Sept. to over 9%
- Weak commodity prices, high valuations push traders elsewhere
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Indonesian stocks inched closer to a technical correction on Tuesday as investors looked to cash out from one of Asia’s hottest markets for 2022 in search of cheaper valuations elsewhere.
The Jakarta Composite Index closed 1% lower, trimming intraday declines that saw it slide more than 10% from a record notched on Sept. 13. Financial and health-care stocks were among the worst performers on the gauge.