Indonesian Stock Market Drops After Sri Mulyani Resignation
May 05, 2010
Indonesian stocks have dropped after Finance Minister Sri Mulyani announced her intention to accept a senior position with the World Bank, though other factors may have contributed to the steep decline. Related articles
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Indonesia’s Jakarta Composite index dropped 95.58 points, or 3.2 percent, to 2,863.44 as of 11:08 a.m. local time, set for its sharpest decline since June 18 after it was announced that respected Finance Minister Sri Mulyani had tended her resignation.
It is yet to be determined whether Sri Mulyani’s pending departure for the World Bank has played any role in the steep drop.
Energy companies PT Medco Energi Internasional, Indonesia’s biggest listed oil producer, fell 4.2 percent to Rp 2,875 rupiah, the sharpest drop since April 19. PT Elnusa, an oil services company, declined 3.8 percent to Rp 510.
Crude oil for June delivery tumbled the most in three months, falling 4 percent to $82.74 a barrel in New York yesterday. The contract was at $82.51 a barrel in after-hours trading as of 10:37 a.m. Jakarta time.
Nickel producers PT International Nickel Indonesia, the nation’s largest producer of the metal, tumbled 6.2 percent to Rp 4,575 rupiah, on course for its biggest drop since Aug. 27. PT Aneka Tambang, the second biggest, slumped 7.5 percent to Rp 2,175 rupiah. Nickel for three-month delivery dropped 6.3 percent to $24,650 a metric ton in London yesterday, the biggest drop since Jan. 12, 2009.
Bloomberg, JG
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