JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) dropped further 3.1% to close at 4479 on Wednesday (August 12), extended yesterday’s losses following the China’s currency ban policy.
Asian equities headed further south on Wednesday, as the People’s Bank of China (PBOC) allowed the yuan to extend sharp losses for the second straight day, cnbc.com reported.
Coal miners Adaro Energy lost 8.49%, Bukit Asam fell 7.56%, Indika Energy fell 5.42%, while Bumi Resources closed flat.
Mining stocks were also the focus of selling. Aneka Tambang dropped 7.27%, Timah slashed 6.67%, and Vale Indonesia shed 3.42%.
Property stocks also dropped such as Alam Sutera (-11.43%), Bumi Serpong Damai (-5.36%), and Pakuwon Jati (-6.99%).
Other losers were Bank Rakyat Indonesia (-4.43%), Eagle High Plantation (-8.76%), London Sumatra (-5.37%), Charoen Pokphand (-7.9%), XL Axiata (-7.27%), Perusahaan Gas Negara (-4.59%), and Telkom (-4.76%).
Nymex’s crude oil rose 0.3% to US$44 per barrel and gold increased 0.74% to US$1,116 per ounce. The rupiah weakened further to Rp13,758 against the US dollar.