Indonesian stocks tumbled to their lowest level in five years and the rupiah fell to a fresh record low on June 3, as persistently high oil prices strained the country's fiscal position and investor concern over tighter government control of commodity exports deepened, Bloomberg reported.

The benchmark Jakarta Composite Index (JCI) plunged as much as 5.2% to its lowest since May 2021, with materials stocks leading the decline as a sub-index for the sector fell more than 10%. The rupiah weakened about 0.5% against the U.S. dollar, leading losses in Aisa, while Brent crude prices advanced for a third day.

The selloff followed data on June 2 showing Indonesia's trade surplus nearly vanished in April as soaring prices for imported oil and gas outpaced export gains. Consumer prices rose 3.08% in May from a year earlier, exceeding economist forecasts and moving further above the midpoint of Bank Indonesia's 1.5% to 3.5% target ra