Outflow fears send Indonesia stocks to worst losses in 19 months

📆 29/11/2019 05:36 a. m.
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Slight gain unable to undo slide with benchmark gauge set for 5th straight weekly decline. FMTNews Indonesia

JAKARTA: Fears among retail investors about some of their mutual-fund investments have triggered a sell-off in Indonesian stocks, with the nation’s benchmark index heading for its longest run of weekly losses since April 2018.

Local portal Kontan reported last week that two of PT Narada Aset Manajemen’s mutual funds failed to meet redemption demand from investors, citing an official at the Financial Services Authority. “The recent drop in some small-cap stocks has led to a significant decline in the net asset value of some mutual funds,” said John Teja, a director at PT Ciptadana Sekuritas Asia.

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