Indonesian share prices closed flat on Wednesday with banking stocks extending losses on concerns that further rate hikes will hit earnings while gains in nickel miner Inco provided support, dealers said.
The Jakarta Stocks Exchange composite index edged up 0.003 points at 1,062.175 on volume of 895.47 million shares worth 955.87 billion rupiah (95.11 million dollars).
Decliners led advancers 48 to 38, while 78 stocks were unchanged.
The rupiah was at 9,990/10,100 to the dollar compared to Tuesday's level of 9,970/9,980.
"Bank Indonesia's statement on inflation really dealt a blow to the market," said Mega Capital Indonesia analyst Hendry Andrean.
He said banking stocks continue to fall on fears of further rate hikes after the central bank raised its full-year inflation forecast to 14 percent from 12 percent.
The long holiday next week and uncertainties about a possible Cabinet reshuffle also kept investors away from the market, he added.
Bank Mandiri dropped 20 rupiah to 1,320 rupiah, Bank Rakyat Indonesia fell 75 rupiah to 2,375 rupiah while Bank Central Asia lost 25 rupiah to close at 3,325 rupiah.
Bank Niaga was unchanged at 370 rupiah after its nine month to September net profit came in flat at 436 billion rupiah.
Nickel miner PT International Nickel Indonesia (INCO) added 250 rupiah to close at 15,000 rupiah following its interim dividend announcement of 0.025 dollar a share for this year.
Telkom was flat at 5,050 rupiah while Indosat gained 50 to 5,100 rupiah.
Car distributor Astra International was also flat at 9,100.
Cigarette firm Gudang Garam gained 50 to 9,800 after reporting a seven percent rise in its nine months to September net profit, supported by higher sales and improved cost management.
Consumer goods producer Unilever gained 175 to 4,275 after reporting that its nine months to September net profit rose 10 percent year-on-year to 1.20 trillion rupiah on higher sales.