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Indonesia stock market slumps 2.5% as trade resumes

Indonesia stock market slumps 2.5% as trade resumes

JAKARTA: Indonesian shares slumped 2.5% their sharpest intraday fall in nearly two months, after trade resumed following a long holiday for Eid Al-Fitr celebrations.

Global equity markets saw a selloff during the Eid holiday and Indonesia is expected to play catch-up, driven by stocks with high foreign ownership such as Bank Central Asia and Bank Mandiri, according to a Trimegah Securities note.

Indonesian financial markets were closed from June 11 to 19.

Financials were the biggest losers with Bank Central AsiA declining 3.8 percent and Bank Mandiri (Persero) shedding 6.5 percent.

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An index of the country’s 45 most liquid stocks slid 3.6 percent to its lowest in nearly one month.

Among other Southeast Asian stock markets, the Philippines was down for a fifth straight session while Thailand rose after five consecutive sessions of declines ahead of central bank policy meetings.

The Bank of Thailand is expected is expected to leave its policy interest rate near a record low, while a slim majority of economist expect the Bangko Sentral ng Pilipinas to raise rates.