Indonesian share prices closed 1.13 percent lower on profit-taking on Monday, with heavy losses posted by regional bourses dampening local investor sentiment, dealers said.
The Jakarta Stock Exchange composite index fell 16.423 points at 1,442.865, on 2.17 billion shares worth 2.12 trillion rupiah (239.82 million dollars.)
Decliners led advancers 83 to 47, while 74 stocks were unchanged.
The rupiah was at 8,835-8,840 to the dollar compared to Friday's closing level of 8,875/8,885.
"People seemed to share the view that the market is overbought so it is time to take profit," said Bagus Hananto, an analyst with AAA Securities.
He said Monday's fall may just be the beginning of a series of profit-taking sessions, noting that the index has gained 26 percent so far this year after touching its all-time high of 1,464.528 at last Thursday's close.
Banks were among those targetted for selling due to valuation concerns and amid anticipation of poor first-quarter results, he said.
Among Indonesia's large banks, Bank Danamon was the first to announce its three months to March earnings, reporting a 60.8 percent fall in net profit mainly due to a sharp increase in interest expenses.
Bank Danamon ended flat at 5,300 rupiah, off a low of 5,150.
The country's largest lender Bank Mandiri was down 50 at 1,870 as the company struggles to restructure its non-performing loans, while Bank Central Asia was down 125 at 4,600 and Bank Rakyat Indonesia likewise down 100 at 4,775.
Index heavyweight Telkom was down 200 at 7,450 as investors cautiously awaited its delayed announcement of 2005 earnings.
Cigarette maker Gudang Garam was down 200 at 10,850.
Car dealer Astra International was down 350 at 11,600 amid concerns that the fresh spike in oil prices could threaten car demand.
Bucking the index fall, gold and nickel miner Antam was up 100 at 5,800 amid the recent rise in gold and nickel prices, while rival INCO was up 300 at 20,700.