Indonesia share prices closed 1.87 percent lower on Wednesday as investors took profit from the market's recent record gains, with regional market declines adding to the pressure, dealers said.
The Jakarta Stock Exchange composite index lost 24.814 points at 1,302.328 on 3.47 billion shares valued at 2.73 trillion rupiah (300.49 million dollars.) The rupiah continued its firmer trend at 9,080-9,085 to the dollar compared to Tuesday's 9,110-9,115.
Losing stocks led gainers 99 to 29, with 62 stocks unchanged. "Foreign investors were selling blue chips that had risen earlier," said Hendra Riyadi, branch manager at Dongsuh Kolibindo.
He said the government's decision to drop its power tariff increase failed to cheer sentiment because "people already anticipated the move when the market rose earlier."
Among major stocks, Bank Mandiri fell 80 rupiah to 1,680 while rival Bank Rakyat Indonesia also dropped 75 to 3,975. Blue chip Telkom lost 100 to 6,750 while long distance operator Indosat also dropped 100 to 5,150. Carmaker Astra International fell 500 to close at 10,800 while coal producer Bumi Resources dropped 80 to 900.