JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) ended lower 0.4% at 4541 Monday (November 23), reversing earlier gain as profit taking hit certain stocks. While rupiah strengthened to Rp13,696 against the US dollar.
Asia stocks closed mixed by a holiday in Japan. Nymex’s crude oil dropped 2.84% to US$39.39 per barrel and gold declined 0.46% to US$1,071.40 per ounce. Oil prices drop hit commodities shares.
Bloomberg reported mining companies have been hit by slowing economic growth in China that has cut demand in the biggest commodities user and pushed metals prices lower, forcing some producers to cut unprofitable output.
Industrial metals retreated, with copper reaching the lowest since 2009, as comments from Federal Reserve officials about the prospect of an interest-rate increase in December strengthened the dollar.
Among mining stocks, Vale Indonesia dropped 4.2%, Adaro Energy fell 2.56%, Indika Energy declined 2.1%, Indo Tambangraya lost 2.36%, and Bukit Asam shed 1.24%.
Other losers were Telkom (-3.95%), United Tractors (-2.34%), Kalbe Farma (-2.94%), Lippo Karawaci (-2.7%), Indocement (-3.3%), Indofood (-3.54%), and Gudang Garam (-3.4%).