Jakarta index falls to 5,100 as rupiah hits Rp18,175 per dollar

Indonesia’s stock market and currency both weakened on Wednesday, 11 November. The Jakarta Composite Index (IHSG) fell to the 5,100 level. The rupiah slid to Rp18,175 per US dollar, according to a CNBC Indonesia segment featuring FX analyst Elvan Chandra Widyatama.

Selling pressure and rate fears

Widyatama attributed the IHSG decline to selling by investors watching domestic and external sentiment.

The pressure on the rupiah came from outside Indonesia, the analyst said, while the stock sell-off reflected worry about both domestic and external conditions.

MSCI decision weighs on sentiment

The segment also discussed MSCI sentiment over the exclusion of 300 stocks from the IHSG because of High Shareholding Concentration (HSC).

Domestic geopolitical concerns linked to the position of Vice President Gibran Rakabuming Raka were also raised in the discussion.

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Related: Jakarta index holds 5,090 as rupiah slips to 18,100 per dollar · Jakarta stocks slip ahead of MSCI index review

Source: MSCI