Indonesian share prices closed 0.41 percent lower on Tuesday amid concerns flooding in and around Jakarta over the past few days will push up the inflation rate for February, dealers said.
They said the central bank's announcement of a further 25 basis points cut in the benchmark interest rate to 9.25 percent Tuesday was widely expected, and failed to offset the flood worries.
The Jakarta Stock Exchange composite index closed down 7.246 points at 1,761.293, on volume of 1.89 billion shares valued at 1.70 trillion rupiah (187.64 million dollars). Decliners led gainers 95 to 55, with 52 stocks unchanged.
The rupiah was trading at 9,055/9,060 to the dollar, compared to 9,068/9,072 on Monday. "The BI rate cut is positive but many investors seem more concerned about the outlook for inflation this month and next as a result of the floods in Jakarta and other parts of the country," Poltak Hotradero, Europeregrine Securities said. Telkom fell 100 rupiah to 9,450 and rival Indosat lost 100 to 6,050.
Bank Central Asia fell 150 to 5,150, Bank Rakyat Indonesia eased 50 to 5,050, while Bank Permata gained 40 to 940 and Bank Mandiri rose 25 to 2,600. Astra International lost 150 to 14,450, Aneka Tambang was down 100 at 7,650 and United Tractors fell 100 to 6,650. Bakrie Sumatra dropped 10 to 1,000 rupiah and Astra Agro was down 50 at 12,850.
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