RRI.CO.ID, Jakarta - Indonesia’s stock market came under pressure again as most Asian stock markets also weakened. The Jakarta Composite Index (IHSG) briefly moved into positive territory after reaching a high of 6,549, but the gain did not last.
After the opening session, the IHSG started to decline and remained weighed down throughout the day. It finally closed at its lowest level of 6,461, down 1.13 percent.
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The decline was mainly driven by several large-cap stocks. Among them were Bank Mandiri (BMRI), Bank Central Asia (BBCA), Bank Rakyat Indonesia (BBRI), Amman Mineral (AMMN), Astra International (ASII), Bank Negara Indonesia (BBNI), and HM Sampoerna (HMSP).
Meanwhile, the Indonesian rupiah also weakened against the US dollar. The currency closed at around 17,680 rupiah per USD after trading between 17,675 and slightly above 17,700 during the session.
The global market headwinds is also increasing due to a sell-off in government bonds, particularly in the US bond market. The yield on US Treasury bonds rose sharply and moved above 5 percent, raising concerns about possible pressure on bond markets in other countries, including Indonesia.
The stronger US dollar index and higher US Treasury yields have continued to battered the rupiah. At the same time, global crude oil prices remained around 107 USD per barrel, adding to concerns about higher inflation.
Gold prices also dropped, falling to around 4,273 USD per troy ounce. This is equivalent to about 2.44 million rupiah per gram, as investors continue to monitor developments in global financial markets.
Writer: Gunawan Benjamin (Economist, UISU)
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