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Indonesian shares tumbled 126 points, or 2.0%, to 6,092 in Thursday morning trade, extending the prior session’s slide as caution deepened ahead of MSCI’s Global Market Accessibility Review in early Friday and the June 23 Annual Market Classification Review, both critical for Indonesia’s benchmark status. Focus also turned to Bank Indonesia’s policy decision later today, with expectations of a hawkish stance after cumulative 75bps hikes since May to bolster the rupiah and rein in inflation. However, elevated borrowing costs risk further dampening domestic demand. Still, sentiment found some relief from a sharp rebound in U.S. futures after the Federal Reserve, under new chair Kevin Warsh, held rates steady, as expected, while signaling a more cautious policy outlook. All sectors retreated, led by financials, infrastructure, industrials, and energy. Notable laggards included Telkom Indonesia (-7.8%), Transcoal Pacific (-6.6%), Elnusa (-5.7%), and Semen Indonesia (-3.8%).
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