Jakarta stocks plunge on weak rupiah

Jakarta shares finished lower on Monday weighed down by the weak rupiah currency and soaring global oil prices.
The Jakarta Composite Index fell 0.99 percent to 749.46 points in very light trade estimated at 307.14 billion rupiah ($33.73 million).
"The market is slowly drifting lower. We have no positive leads and all the first half company results were in line with the market expectations, so there's no incentive to buy," said Arianto Reksoprodjo, an analyst at Trimegah Sekuritas.
"Looking ahead, I think there's a possibility for further correction," he added.
Among the losers were Indonesia's largest telephone firm and biggest listed company, PT Telekomunikasi Indonesia Tbk, which shed 2.58 percent to 7,550 rupiah.
Indonesia reported on Monday a 7.20 percent rise in its consumer price index, contributing to the possibility of gains in domestic interest rates.
Concerns over a possible hike in rates were also intensified by expectations the US Federal Reserve would increase its rate at a meeting later this month.
US oil prices struck a new record high on Monday, climbing close to $44 a barrel after the United States raised its security level to high for a possible al Qaeda attack.
The rupiah was being quoted at 9,105/9,145 to the dollar late on Friday, fairly stable compared to the morning.