Indonesian shares shed 6.3 percent Monday, hurt by fears that the rupiah will continue to slip amid lingering concerns over the global economic slowdown, dealers said. The Jakarta Composite Index dropped 78.45 points to a three-year low of 1,166.40 in thin trade. The last time index reached the figure was in August 2005.
"Everything looks to be falling apart with investor confidence at low levels," a trader told Dow Jones Newswires. Most blue chips dropped more than 9 percent, reflecting concern about the state of the nation's economy and investor eagerness to take cash to prepare for the worst.
Top decliners included heavyweight Telkom, which fell 9.3 percent to 5,350 rupiah, while Bank Mandiri dropped 9.5 percent to 1,340 and car distributor Astra slumped 10 percent to 8,100. However, shares in Indosat rose 9.9 percent to 5,000 rupiah after the government confirmed Monday that Qatar Telecom can own up to a 65 percent stake in it. The rupiah stumbled at 11,000 to the dollar against 10,200 previously. The rupiah closed at its lowest level since July 2001, dealers said.