The selloff in local stocks emerged on Friday last week (July 7) during afternoon session, leading the composite index of the Indonesia Stock Exchange (IDX) to fall 0.59% and close at 5,815. The rupiah also weakened further to Rp13,397 against the U.S. dollar. Foreign investors continued to book net sell of Rp332.8 billion, cutting year to date net buy to Rp15.54 trillion. The foreign buy peaked at Rp27 trillion so far this year, but now we are seeing the intensified selling by foreign investors.

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