JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) dropped further 3.2% at 2.16 pm Jakarta time on Monday (April 27) while China’s SSE Composite gained 3.04%.
A rally in Chinese stocks led Asian equities to 7-year highs thanks to expectations of more stimulus from Beijing with stellar earnings from a few U.S. hi-tech giants further underpinning a broadly positive mood, Reuters reported.
Some markets were slightly more subdued as the focus shifted to central bank meetings this week in the United States and Japan.
At Jakarta bourse, investors were mostly selling banking, property, and plantation stocks.
Among banking stocks, Bank Tabungan Negara declined 5.19%, Bank Rakyat Indonesia dropped 7.14%, Bank Negara Indonesia fell 5.76%, Bank Central Asia declined 4.36%, and Bank Mandiri lost 6.3%.
Property stock Bumi Serpong Damai fell 4.03%, Jababeka lost 4.89%, and Lippo Karawaci declined 3.04%.
Other losers were Astra Argo dropped (8.86%), Astra Internationl (-5.36%), Soechi Lines (-6.14%), Sekawan Intipratama (-7.2%), Multipolar dropped (-6.17%), Bumi Resources (-5.13%), London Sumatera (-7.57%), and Perusahaan Gas Negara (-4.53%).
Construction stocks, PT PP lost 3.86%, Adhi Karya dropped 4.54%, and Waskita Karya shed 3.64%.