Indonesian share prices closed 0.49 percent lower on Monday on foreign-led profit-taking focused on telecoms stocks and car-dealer Astra International, dealers said. They said some foreign investors may have also reduced their positions to release cash ahead of the sale of government debt securities on Tuesday. The Jakarta Stock Exchange composite index closed down 5.030 points at 1,030.717 on volume of 1.31 billion shares worth 1.49 trillion rupiah (165.5 million dollars).
The rupiah was at 9,135/9,145 to the dollar, compared to Thursday's close of 9,155/9,160. The market was closed on Friday for a public holiday.
"The market fell, in line with the region," a dealer with Panin Securities said, adding: "The profit-taking is normal given that there was no news to keep the buying momentum." He also said that to some extent, foreign investor selling also indicated that investors were reducing their positions ahead of an auction of government treasury bonds on Tuesday.
The Ministry of Finance said last week that it would auction treasury bonds, Series FR0027, with an indicative target of raising two trillion rupiah. The auction would be the first of a series of T-bond issues planned for this year to raise some 43 trillion rupiah for the financing of the budget.
Telkom closed down 100 rupiah at 4,850 rupiah, while Indosat lost 100 rupiah to 6,050 rupiah.
Astra International closed down 300 rupiah at 10,150 rupiah and cigarette-maker Gudang Garam was down 50 at 14,100.
Gains in select infrastructure-related, resources and consumer stocks helped to limit falls, dealers said. Cement maker Semen Gresik was up 100 at 18,000, while rival Semen Cibinong closed 10 rupiah higher at 630.
Cigarette maker Sampoena gained 250 to 7,050 rupiah following the release of strong 2004 sales figures last week.
Coal giant Bumi Resources gained 10 to 950 rupiah amid reports that the company was studying the possibility of listing its shares on the New York Stock Exchange. Gas distributor Perusahaan Gas Negara closed up 105 at 2,275.