Indonesian share prices closed 0.08 percent lower on Thursday as profit-taking in major stocks like gas distributor Perusahaan Gas Negara (PGN) offset gains in the broader market, dealers said.
They said that PGN came under pressure following an overnight pipeline explosion in Porong in East Java that forced the company to cut gas supplies to its consumers in the province.
The Jakarta Stock Exchange composite index closed down 1.311 points at 1,704.130 on volume of 2.73 billion shares worth 1.76 trillion rupiah (192.67 million dollars). Gainers led losers 78 to 68, while 70 stocks were unchanged.
The rupiah was at 9,130/9,135 to the dollar, almost unchanged from 9,133/9,135 late Wednesday. Juga Wijanarko, a technical analyst with state brokerage Danareksa, said the mild correction was normal after the key index broke the psychologically important 1,700 point level Wednesday.
However he said the market uptrend appeared far from over. "The expectation of stronger economic growth above six percent, lower inflation and lower interest rates will keep up the buying momentum," he said.
PGN fell 350 rupiah to 10,650, while Telkom was down 100 at 9,600, Astra International lost 100 to 15,400, Gudang Garam was 100 lower at 10,000 and Medco Energi shed 75 to 3,475.
Among the gainers, Bank Central Asia was up 50 at 5,200, Bank Rakyat Indonesia rose 50 to 5,450, Bank Internasional Indonesia added 10 to 240, Indosat was 100 higher at 5,850 and Indofood advanced 20 to 1,450. Meanwhile, Bank Mandiri was unchanged at 2,725 and Bank Danamon at 6,200.