Indonesian share prices closed 1.88 percent lower on Friday after a slide on Wall Street overnight sent many Asian markets into negative territory, dealers said. They said a weaker rupiah was also seen weighing on domestic sentiment.
The Jakarta Stock Exchange composite index closed down 39.361 points at 2,054.450 on volume of 5.51 billion shares valued at 4.2 trillion rupiah (462.05 million dollars).
For the week the index fell 29.873 points, or 1.4 percent. The rupiah weakened to 9,080/9,090 to the dollar, from 8,875/8,780 late Thursday. "Wall Street fell sharply overnight on indications the Fed funds rate is unlikely to fall in the short-to-medium term and this drove our market down today," Trimegah Sekuritas analyst Arhya Satyagraha said.
However he noted that the selling volumes Friday were light, suggesting: "the market could easily rebound next week if regional markets bounce back." Index heavyweight Telkom dropped 50 rupiah to 9,650, Indosat fell 200 to 6,500, car dealer Astra International lost 400 to 15,850 and Perusahaan Gas Negara dropped 250 to 9,650.
Nickel miner Inco lost 3,250 to 48,350 and rival Antam fell 250 to 12,750 after the price of nickel retreated on the London Metal Exchange. Bank Mandiri dropped 50 rupiah to 3,100, Bank Rakyat Indonesia fell 300 to 5,850, Bank Danamon lost 250 to 7,250, and Bank Central Asia declined 100 to 5,400. Meanwhile, coal miner Bukit Asam gained 150 rupiah to 6,450, Unilever Indonesia gained 50 to 6,300 and Astra Agro added 50 to 15,350.