Indonesian share prices closed 4.8 percent lower on Monday with trading affected by fears of a possible recession in the United States, dealers said. The Jakarta composite index dropped 125.25 points to 2,485.88, the second biggest one-day fall of the year. It was the lowest closing level since October 22, 2007.
The index has lost 9.5 percent so far this year after gaining 52 percent last year. "Indonesia is one of the worst performing markets in the region today. It is not surprising as it started the year from a high base after being one of the best last year," said Tjandra Lienandjaja, an analyst at BNP Paribas.
"I am sure that at a certain point, people will start buying but we just don't know where the bottom is," he said. Decliners led advancers 206 to 22, while 30 stocks were unchanged. The rupiah was trading at 9,455/9,460 to the dollar against 9,440/9,445 late Friday.
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