JAKARTA (Yosefardi) – China factor pushed further down Asian stock markets this morning including the Indonesia stock market. At 10.30 am Jakarta time, the composite index of the Indonesia Stock Exchange (IDX) dropped 1.42% to 4149, but cut earlier losses as it reached the lowest at 4136 this morning.
China’s benchmark stock index fell in the opening trade Monday, but now regained 0.07%, after a report showing industrial companies’ profits dropped the most in at least four years added to concern the economic slowdown is deepening, Bloomberg reported.
Industrial companies’ profits dropped 8.8% to 448.1 billion yuan last month from a a year earlier, the National Bureau of Statistics said on its website. That’s the steepest loss since at least October 2011, when the government began releasing monthly data. Profits in coal mining plunged 64.9%, while oil and gas profits tumbled 67.3%, according to the report.