Indonesian share prices closed 0.21 percent higher on Wednesday but the gains were checked by losses in heavyweight Telkom and the miners after tin and nickel prices fell overnight, dealers said. They said investors were largely content to await news from a two-day US Federal Reserve meeting on interest rates which ends later Wednesday.
The Jakarta Stock Exchange composite index added 3.814 points at 1,779.237 on volume of 2.93 billion shares worth 2.0 trillion rupiah (218.87 million dollars). Gainers led losers 95 to 53, with 55 stocks unchanged.
The rupiah was at 9,133/9,138 to the dollar compared to 9,165/9,170 late Tuesday. "In general, I think investors preferred to wait for the Fed decision," said Ratna Lim, an analyst with Valbury Asia Securities. She said the sell-off in Telkom was due to profit-taking after the stock's recent strong gains.
Telkom dropped 200 rupiah to 9,300 while rival Indosat was flat at 5,800. Nickel miner Inco lost 2,300 to 47,700 while rival Antam dropped 200 to 11,100 and tin miner Timah was down 300 at 11,900.
The nickel price fell to 46,000 dollars per tonne in London on Tuesday after hitting a record high of 48,500 last Friday while tin declined to 13,820 dollars a tonne against 13,950 dollars on Monday. Among gainers, car dealer Astra International was up 200 at 13,300.
Perusahaan Gas Negara was up 100 at 9,100, Bank Mandiri rose 25 to 2,425, Bank Rakyat Indonesia put on 50 at 4,975, Bank Central Asia gained 50 to 5,050 and Bank Danamon was 300 higher at 6,350.
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