|
|
  |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Indonesian stocks plummet, rupiah weakens
JAKARTA, Indonesia (CNN) -- Indonesian markets tanked on Monday, investors shunning the country's stock market and currency as a result of the blasts in Bali. Two explosions in Bali's popular Kuta district on Saturday night killed at least 187 people and injured hundreds more. (Hundreds missing) Investors responded sharply to the prospect of a hit to Indonesia's economy, particularly its tourism industry. The Jakarta stock market ended the morning session down 9.12 percent, its biggest drop in almost four years. That leaves the Jakarta composite index at 342.12, its lowest in more than a year. The central bank has also stepped in to prop up the Indonesian currency, the rupiah. The rupiah stands at 9,250 to the U.S. dollar early on Monday afternoon in Jakarta. That's 2.7 percent weaker than it ended last week. Other Southeast Asian markets are also lower as a result, with some airline stocks also hurt. Central bank props rupiahIn Jakarta, the rupiah closed Friday at 9,005 to the dollar. At one point on Monday it weakened to 9,350 to the buck, a level it hadn't seen since April. The central Bank Indonesia sold some $20 million to $30 million to stem the currency's decline when it broke through the 9,300 mark. But it is stocks that are seeing the heaviest selling. Monday's plummet comes with Indonesian stocks already at a 10-month low thanks to the global stock slide. On Monday, phone company Telkom Indonesia crashed 17.6 percent to 2,450 rupiah at the noon break. Carmaker Astra plunged 11.9 percent to 1,850 rupiah, with Bank Central Asia, the largest lender in the country, off 9.7 percent at 1,625 rupiah. Tension in Indonesia and the risk of political instability were factors that complicated the privatization of the bank. U.S. hedge fund Farallon Capital Management bought 51 percent of BCA in March for $531 million. Southeast Asia sells offStocks in neighboring countries are also feeling the fallout of the attacks, which authorities say were terrorist attacks. Malaysia's stock market is down 1.09 percent in early afternoon, leaving the Kuala Lumpur composite index at 630.84. Both Indonesia and Malaysia are majority Muslim nations that U.S. officials say harbor terrorist cells. Stocks in the Philippines are also suffering, the Philippines composite index trading down 0.45 percent at 1,067.35 just before 1 p.m. Manila time. Thailand's market is down 0.65 percent at noon, the SET index standing at 328.26. But the selling is confined to Southeast Asia. Elsewhere in the Asia Pacific, South Korea is up strongly and Australia and New Zealand are ahead. (Asian roundup) Southeast Asia's largest stock market, Singapore, is also participating in the regional rise on Monday. The Straits Times index is up 0.82 percent at 1,385.00 at the lunch break, driven higher by bank-stock gains. Asia Pacific airline stocks are showing weakness. Australia's flagship carrier Qantas is down 1.9 percent in early afternoon, to A$3.60. Singapore Airlines is also suffering, off 1.0 percent to S$10.20 at the break, having dropped as much as 3.4 percent at the open. But other airlines are shaking off the incident, with Korean Airlines and Asiana Airlines both participating in Korea's runup. Taiwanese carriers China Airlines and EVA Airways were flat in late morning trade. Bali is Indonesia's leading tourist destination, attracting close to 1.5 million overseas tourists a year, around a quarter of Indonesia's 5 million-plus total international tourists.
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
