Jakarta shares tumble

Indonesian share prices closed 0.2 percent lower on Tuesday after major stocks and miners rebounded in the afternoon in line with most regional markets, dealers said. The Jakarta Composite Index closed down 4.33 points at 2,523.53, off a low of 2,446.23, on volume of 2.96 billion shares valued at 6.55 trillion rupiah (720.5 million dollars).
Decliners led gainers 99 to 82, with 60 stocks unchanged. The market recovered some of its losses later in the day after falling sharply in the morning session following more Wall Street losses overnight in the wake of record high oil prices and US financial sector problems.
The Indonesian rupiah was at 9,175/9,185 late Monday. Henan Putihrai analyst Thombos Sitanggang said the market was sharply lower in early morning trade, pressured by falls on Wall Street overnight and the weakening of the rupiah.
"However, the market managed to come off its lows, thanks to a rebound in key regional markets such as the Hang Seng and Nikkei," Sitanggang said, referring to the benchmark indexes in Hong Kong and Tokyo.
Some market players bought back select big caps and miners in the afternoon session, seeing good value in these stocks after their steep falls yesterday and in the morning session.
Indonesian coal mining giant Bumi Resources fell 200 rupiah to 6,250, off a low of 10,100. Merrill Lynch said early Tuesday it has upgraded its call on Bumi Resources to a "buy" from "neutral" following the stock's recent sharp decline and also to reflect the brokerage's upward revision of its coal price assumptions.
Merrill Lynch added its thermal coal price assumption for 2008 has been raised by 69 percent to 135 US dollars a ton and for 2009 by 38 percent to 110 dollars. The previous assumption for both 2008 and 2009 was 80 dollars a ton.
Nickel and gold miner Antam dropped 50 to 3,875, off a low of 3,700, nickel miner Inco fell 250 to 8,500, Indo Tambangraya fell 900 to 24,800 and oil palm plantation Astra Agro gave up 850 to 28,600.
Among key gainers, conglomerate Astra International rose 300 to 24,800, off a low of 23,400, gas distributor Perusahaan Gas Negara added 350 to 13,850, off a low of 13,250, and tin miner Timah surged 2,050 to 34,000 rupiah, after falling to 31,050.
Indonesia's largest bank in asset terms, Bank Mandiri, advanced 125 to 3,125, off a low of 2,925, Bank Rakyat Indonesia gained 50 to 6,350, and oil palm plantation company Bakrie Sumatra rose 100 to 2,325, off a low of 2,075.