Indonesian share prices closed 2.6 percent lower on Monday in line with other Asian markets amid concerns about the health of the US economy, dealers said. The Jakarta composite index closed down 69.63 points at 2,652.31. Volume was 3.1 billion shares worth 5.1 trillion rupiah (561 million dollars).
Decliners led advancers 187 to 22, while 40 stocks were unchanged. A 7.4 percent year-on-year rise in inflation in February, according to official figures, did little to help the mood, dealers said. "The weakness in the global stock markets has heightened fears about a recession in the US," said Nico Suherman, an analyst at Panin Securities.
Selling was across the board, fuelled also by speculation that some mutual funds are liquidating their stock holdings, said Cece Ridwanulloh, a fund manager at Eko Kapital. Bumi plunged 450 rupiah to 7,250, Telkom slid 350 to 9,450, Astra International fell 700 to 27,150 and Inco retreated 300 rupiah to 9,150.
Oil company Medco tumbled 250 to 3,875, Bank Danamon skidded 300 to 7,350 and Bank Rakyat Indonesia fell 150 to 7,050. Mining contractor and heavy equipment distributor United Tractor lost 250 at 13,000 after Citigroup kept its "hold" rating on the stock, saying the company's full-year earnings were only in line with its expectations.
Bucking the trend, crude palm oil (CPO) producer Astra Agro gained 500 to 32,100 as CPO prices hit a fresh high on the Malaysian derivatives exchange. The rupiah was trading 9,107/9,112 to the dollar, down from 9,062/9,068 late Friday.
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