Jakarta shares drop

Indonesian shares ended 0.7 percent lower on Monday, weighed down by the weak rupiah and falls in most Asian markets, dealers said. The Jakarta Composite Index closed 10.12 points lower at 1,406.55 in moderate trade. "Bargain buying in several consumer stocks and bank blue chips lifted the main index from its low," a trader told Dow Jones Newswires.
The rupiah closed at 11,060 to the dollar versus 11,000 the day before. Nickel miner Inco fell 7.0 percent to 2,600 rupiah on profit taking, while coal miner Bumi Resources dropped 9.5 percent to 570 on fears of poor fourth quarter earnings. Car distributor Astra rose 4.0 percent to 12,950 rupiah on hopes lower fuel prices could improve 2009 sales.