Jakarta shares decline

Indonesian share prices closed down 1.66 percent on Wednesday as the rupiah fell to its lowest level since April 2002, while record oil prices sparked concerns about a growing state budget deficit, dealers said.
The Jakarta Stock Exchange composite index closed down 12.160 points at 719.042 on volume of 1.05 billion shares worth 1.05 trillion rupiah (113.3 million dollars). Falling stocks led advancers 83 to 23, with 64 unchanged. The rupiah was at 9,450-9,470 to the dollar, compared with 9,360-9,380 late on Tuesday.
The rupiah later came off its lows but remained weak after Bank Indonesia announced new measures to defend the currency.
"Over the short term the issues that will drive the market are the weak rupiah and high oil prices," Sucorinvest Central Gani analyst Adi Hartadi said. State telecoms firm Telkom dropped 100 at 7,250 rupiah long-distance operator Indosat also lost 25 rupiah at 3,950.
Cigarette maker Gudang Garam dropped 450 rupiah at 13,750 while competitor Sampoerna gained 150 at 5,200 rupiah. Carmaker Astra International dropped 150 at 5,600 rupiah. Bank Central Asia dropped 100 at 3,575 rupiah. State Bank Mandiri was down 75 at 1,200 rupiah while rival Bank Rakyat Indonesia also dropped at 100 at 1,600.