JAKARTA – Indonesian stocks on June 3 slumped to their lowest level in five years while the rupiah reached another record low, underscoring investor concern that persistently high oil prices are straining the country’s finances.The benchmark Jakarta Composite Index plunged as much as 5.2 per cent to the lowest since May 2021. Down about 32 per cent in 2026, the index is already the worst performer in 2026 among more than 90 global equity indexes tracked by Bloomberg.The rupiah meanwhile weakened about 0.5 per cent against the US dollar and the Singapore currency, leading losses in Asia, as Brent crude prices advanced for a third day.At 1.45pm in Singapore, the rupiah was trading at 14,008 per Singapore dollar, down 0.47 per cent from its previous daily close. If it closes the day at that level, the rupiah would have fallen 8.6 per to the Singdollar to date in 2026.The currency and stock moves come after data on June 2 showed Indonesia’s trade surplus nearly vanished in April as soaring prices for imported oil and gas outpaced export gains. Consumer prices rose 3.08 per cent in May from a year earlier, exceeding the median estimate in a Bloomberg survey of economists and moving further above the midpoint of Bank Indonesia’s 1.5 per cent-3.5 per cent target.Investor confidence in local assets has been waning, owing to concerns over the health of Indonesia’s finances due to elevated oil prices, a potential MSCI market reclassification in June and risks of credit rating downgrades.Concerns that Indonesia’s credit rating and outlook “might be downgraded due to higher risk of a widening fiscal deficit” are weighing on stocks, said Henry Wibowo, a former JPMorgan & Chase Co. strategist who co-founded Alphagate Capital in Jakarta. Weakness in the rupiah, which is approaching the 18,000-per dollar mark, is also adding to the pressure, he added.Worries about tighter government control of the nation’s key commodity sector have also weighed on investor sentiment in recent weeks. President Prabowo Subianto announced in May that the administration would take direct control of exports of some of Indonesia’s most important commodities. BLOOMBERG