Indonesian share prices closed 0.69 percent lower on Friday as the market absorbed remaining profit-taking pressure, tracking declines in the region set off by China's interest rate hike, dealers said. They said blue chips Telkom, Indosat, Bank Central Asia, Astra International and Perusahaan Gas Negara led the local market fall.
The Jakarta Stock Exchange composite index closed down 10.203 points at 1,464.406 on volume of 2.04 billion shares valued at 2.12 trillion rupiah (240.9 million dollars).
Declining stocks led advancers 88 to 52, with 72 stocks unchanged. The rupiah closed at 8,800/8,810 to the dollar, strengthening slightly from Thursday's level of 8,808/8,813.
"It was just a matter of time before profit-taking occurred and today (Friday) the momentum was right as regional markets fell because of China," Batavia Prosperindo Sekuritas analyst Ruddy Raharjo said. China raised its benchmark one-year lending rate late Thursday to rein in overheating investment and economic growth.
Raharjo said the release Thursday of earnings results by Bank Central Asia and Bank Rakyat Indonesia has had little impact on both stocks. Although the two banks reported positive net profit growth, the figures came within expectations, he said. Among major stocks, Telkom dropped 50 rupiah to close at 7,550, while Indosat lost 50 to 5,400.
Bank Central Asia dropped 125 to 4,375 and Bank Rakyat Indonesia shed 175 to 4,625. Bank Mandiri was flat at 1,920. State gas distributor Perusahaan Gas Negara declined 150 to 12,400 while car dealer Astra International dropped 400 to 11,950.
Coal miner Bumi Resources lost 20 to 910, state coal mining firm Bukit Asam slipped 75 to 3,000 and nickel miner Antam slumped 300 to 5,750.