Jakarta share prices closed 0.56 percent lower on Friday as lingering concerns over rising US interest rates and a weakening rupiah outweighed a Moody's rating upgrades, dealers said.
Moody's raised Indonesia's foreign currency sovereign ratings to "B1" from "B2", citing improved government finances and sound fiscal management.
The Jakarta Stock Exchange composite index fell 7.857 points to 1,392.99, off an intra-day high of 1,411.736 reached in morning trade. Volume was 2.09 billion shares valued at 2.62 trillion rupiah (284.78 million dollars).
Decliners led advancers 71 to 39, while 69 stocks were unchanged.
The rupiah was at 9,190/9,200 to the dollar, compared to Thursday's level of 9,170/9,200.
"Global factors outweighed the news of Moody's," said Batavia Prosperindo Sekuritas fund manager Irvin Padmadiwiria, adding that sellers took their cue from declines in some other regional markets.
He said faced with rising global interest rates, Bank Indonesia may have to maintain its high key rate just as it has begun to lower it earlier this month.
Among major stocks, Telkom ended flat at 7,550 rupiah after moving in negative territory throughout the day. Its peer Indosat lost 50 to 5,100.
Bank Mandiri fell 55 to 1,870 and Bank Rakyat Indonesia dropped 50 to 4,100 while Bank Central Asia shed 100 to 4,175.
Shipping firm Berlian Laju Tanker lost 10 to 1,940 and pharmaceutical firm Kalbe Farma slipped 40 to 1,260.
State gas distributor Perusahaan Gas Negara slid 200 to 12,150 and cigarette firm Gudang Garam lost 200 to 9,700.
Among the few gainers, car dealer Astra International rose 200 to 10,650 but its heavy equipment unit United Tractors lost 100 to 5,600.
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