JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) dropped 2.7% to close at 4622 on Tuesday (August 11), the lowest in past 18 months.
China’s surprise 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and raised the prospect of a new round of currency wars, just as Greece reached a new deal to contain its debt crisis, Reuters reported.
Stocks fell in Asia and Europe as investors worried about the implications of the move to support China’s slowing economy and exports.
The rupiah weakened 0.42% to Rp13,607 against the US dollar.
Adaro Energy dropped 6.2%, Aneka Tambang lost 5.98%, Astra International shed 5%, Alam Sutera slashed 4.75%, Bank Rakyat Indonesia fell 4%, Bank Negara Indonesia declined 4.6%, and Bank Danamon dropped 4.29%.
Other losers were Charoen Pokphand (-8.2%), Indocement (-6.06%), Kalbe Farma (-6.06%), Perusahaan Gas Negara (-6.5%), Bukit Asam (-6.25%), and Semen Indonesia (-6.7%).
Sri Rejeki Isman dropped 13.15%, Japfa Comfeed lost 4.88%, Holcim Indonesia fell 6%, and Multipolar slashed 6.09%.