Indonesian stocks decline 5 per cent, $80 billion rout

Indonesian stocks slid on Monday, weighed down by a selloff in commodities, after a tumultuous week during which a warning from MSCI over transparency concerns triggered an $80 billion market rout and the country's top financial regulators resigned.

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The benchmark Jakarta Composite Index closed down about 53 after sliding nearly 78 last week, its steepest drop in a year, as a sharp decline in precious metals hurt investor sentiment that was already on eggshells.Other Asian markets were also lower. "Today's move reflects a broader global equity sell off rather than anything Indonesia-specific," said Mohit Mirpuri, fund manager at SGMC Capital in Singapore.