Jakarta share prices closed 1.76 percent lower on Friday as steep falls in most regional markets prompted investors to also take profits following the market's four percent jump this week, dealers said.
They said blue chips Telkom, Indosat and Bank Mandiri drove the composite index lower after mainly fuelling the market's rise to record highs for four straight days. The Jakarta Stock Exchange composite index closed down 27.282 points at 1,525.780, giving back nearly half of its gains this week. Volume was 2.83 billion shares valued at 2.53 trillion rupiah (288 million dollars).
The rupiah was at 8,730/8,735 to the dollar, unchanged from Thursday. Declining stocks outnumbered advancers 105 to 25, while 72 stocks were unchanged.
"It was all psychological. There was a concern prices had risen too much," said Treasure Fund Investama analyst Gideon Lapian.
He said investors took advantage of the weak regional market to realise their gains. The weekend ahead also encouraged selling, he added.
He said that aside from blue chips, sellers also targeted banking stocks, which rose this week after Bank Indonesia cut its key interest rate on Tuesday for the first time since July last year.
For next week, Lapian said the market may resume its rise to test the 1,570 point mark. Upcoming dividend announcements may sustain buying interest, he said.
Among major stocks, Telkom lost 50 to 8,250 while Indosat dropped 100 to 5,600, both tracking the falls of their American Depository Receipts in overnight trade in New York. Bank Rakyat Indonesia lost 100 to 4,400 while Bank Central Asia fell by 175 to 4,500.
Car dealer Astra International was down 450 at 11,650, state gas distributor Perusahaan Gas Negara dropped 400 to 13,450 while cigarette firm Gudang Garam shed 400 to 10,900.
Comments
Comments are closed.