Jakarta share prices closed 1.11 percent lower on Tuesday amid heavy late selling, dealers said. The fall was prompted by weakness in key regional markets and caution ahead of the release of February consumer price data due later this week, they added.
The Jakarta Stock Exchange composite index closed down 19.943 points or 1.11 percent at 1,764.008 on volume of 3.25 billion shares worth 2.86 trillion rupiah (314.53 million dollars). Decliners led advancers 116 to 38, while 58 stocks were unchanged. The rupiah was 9,088/9,093 to the dollar against 9,065/9,067 late Monday.
"The market was actually going nowhere for most of the day until heavy losses in some other markets in the afternoon triggered selling here," said Felix Sindhunata, the head of research at Mega Capital.
"I am afraid that a warning from former US Federal Reserve Chairman Alan Greenspan of the possibility of a recession in the US by year-end hurt sentiment in this region," he added. Sindhunata said caution ahead of the scheduled release of consumer price data in Indonesia also hit sentiment. Some analysts fear the data could show a sharp pickup in inflation as a result of flooding in Jakarta.
Many large caps gave up early gains on late profit-taking. Index heavyweight Telkom was down 100 rupiah at 9,100, off a high of 9,300, while rival Indosat fell 50 to 5,850, off a high of 6,100.
Cigarette maker Gudang Garam dropped 900 or 7.6 percent to 10,900, also on profit-taking after sharp gains last week. Gold and nickel miner Antam rose 200 to 9,250 and oil and gas firm Medco was up 75 at 3,650. Banks were lower to flat. Bank Mandiri dropped 75 to 2,375, Bank Panin was down 20 at 570, Bank Permata fell 10 to 890, Bank Rakyat Indonesia was flat at 4,775, Bank Dananmon was steady at 5,800 and Bank Central Asia was also unchanged at 4,950.
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