Indonesia: Stocks turn negative, rupiah wilts after weaker-than-expected Q1 GDP

[JAKARTA] Indonesia's benchmark stock index erased early gains and fell 0.1 per cent after weaker-than-expected GDP data on Tuesday.

The index had been up as much as 1.2 per cent earlier on Tuesday before the annoucement.

Gross domestic product (GDP) expanded 4.71 per cent in January-March from a year ago, weakening from 5.01 per cent in the final quarter of last year. A Reuters poll of analysts had expected GDP growth at 4.95 per cent for the first quarter of this year.

The rupiah extended losses to 13,030 per US dollar, its weakest since April 1.

REUTERS