Indonesian stocks fall 0.5% for sixth straight session near mid-July low

  • Indonesia's benchmark stock index fell for a sixth straight session in Friday early trading.
  • 27 points, or 0.5%, took the index to 5,984.
  • Indonesian stocks were headed for a fourth weekly decline, down nearly 4%.

Indonesian stocks fell 27 points, or 0.5%, to 5,984 in early Friday trading, marking a sixth consecutive decline and leaving the index near its lowest level since mid-July. Selling focused on technology, transport and infrastructure shares, while gains in Bukit Asam, Indo Tambangraya Megah, Astra International and Indofood provided support. The index was heading for a fourth weekly decline, down nearly 4%, as a weaker rupiah and inflation concerns pressured sentiment. September headline inflation accelerated to a three-month high as food costs rose under El Niño, while higher crude prices increased risks for Indonesia as a net oil importer. Investors were also cautious ahead of next week's September foreign-exchange reserves, consumer-confidence and August retail-sales data. With Chinese markets closed for Golden Week, local trading lacked external direction, although stronger U.S. stock futures helped limit losses after Wall Street ended little changed.

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