Economics
Indonesian Stocks Slide Into Bear Market as Economy Stumbles
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Indonesian stocks entered a bear market as capital outflows accelerate amid a weakening economy and the prospect of higher U.S. interest rates.
The Jakarta Composite Index fell 2.4 percent to 4,335.95, the lowest close since Jan. 27, 2014. The gauge dropped 5.4 percent this week, extending its slump from an April 7 record high to more than 20 percent. The Indonesian rupiah weakened for a fifth day to its lowest level since 1998, while the yield on the government’s 10-year bonds rose to an 18-month high.