<div id="readability-page-1"><div><p>[SINGAPORE/JAKARTA] Indonesian stocks slumped to their lowest level in almost 14 months while the rupiah reached another record low, underscoring investor concern that persistently high oil prices are straining the country’s finances.</p><p>The benchmark Jakarta Composite Index (JCI) plunged as much as 4.9 per cent to the lowest since April last year. Materials led the declines, with a subgauge of the sector tumbling more than 9 per cent. The rupiah weakened about 0.5 per cent against the US dollar, leading losses in Asia, as Brent crude prices advanced for a third day.</p><p>The moves come after data on Tuesday (Jun 2) showed Indonesia’s trade surplus nearly vanished in April as soaring prices for imported oil and gas outpaced export gains. Consumer prices rose 3.08 per cent in May from a year earlier, exceeding the median estimate in a Bloomberg survey of economists and moving further above the midpoint of Bank Indonesia’s 1.5 to 3.5 per cent target.</p><p>Investor confidence in local assets has been waning, owing to concerns over fiscal slippage due to elevated oil prices, a potential MSCI market reclassification this month and risks of credit rating downgrades. Down more than 30 per cent in 2026, the JCI is already the worst performer this year among more than 90 global equity indexes tracked by Bloomberg.</p><p>Concerns that Indonesia’s credit rating and outlook “might be downgraded due to higher risk of a widening fiscal deficit” are weighing on stocks, said Henry Wibowo, a former JPMorgan &amp; Chase strategist who co-founded Alphagate Capital in Jakarta.</p><p>Weakness in the rupiah, which is approaching the 18,000-per US dollar mark, is also adding to the pressure, he added. BLOOMBERG</p></div></div>

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<p>Indonesian stocks hit a 14-month low and the rupiah reached record lows, driven by high oil prices straining finances. The Jakarta Composite Index plunged nearly 5%, while the trade surplus vanished in April due to soaring import costs. Inflation exceeded targets, and investor confidence waned amid fears of fiscal slippage, potential credit rating downgrades, and MSCI reclassification.</p>

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Indonesian stocks tumble to 14-month low, rupiah drops to record