Indonesian stocks fall by over four percent

October 28th, 2008 - 8:29 pm ICT by IANS  

Jakarta, Oct 28 (DPA) Indonesian stocks dropped by more than four percent Tuesday, counter to the rebound experienced by most Asian markets, while the country’s currency fell sharply to reach its lowest since July 2001.The Jakarta Composite Index fell to a new low, closing at 1,111.39, down 55.02 points, or 4.72 percent.

Indonesia’s President Susilo Bamband Yudhoyono said that he might outline steps to help the embattled rupiah later Tuesday.

“We will do everything to save our economy,” Yudhoyono told reporters, without saying what steps he had in mind. He added that Bank Indonesia and economic advisors were in a meeting to discuss measures to help the local currency.

The rupiah fell as much as 8.7 percent Tuesday before recovering to trade down 0.9 percent at 11,050 against the dollar, the lowest since July 2001.

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