Indonesian share prices closed 6.4 percent lower on Wednesday as investors sold off stocks amid concerns over the subprime market crisis in the US and with a weaker rupiah weighting on sentiment, dealers said. The day's fall was one of the market's biggest one-day falls in percentage terms since the Bali bombing in October 2002, when the main index plummeted by 10.4 percent.
Some investors were reducing their positions ahead of the upcoming long weekend, dealers said. Indonesian financial markets will be closed Friday for a public holiday to mark Independence Day.
The Jakarta Stock Exchange composite index closed down 139.56 points at 2,029.08 on volume of 4.29 billion shares valued at 4.42 trillion rupiah (472.72 million dollars).
Decliners led gainers 232 to 10, with 14 stocks unchanged. The main index has fallen by 372.06 points, or 15.5 percent, since hitting its all-time closing high of 2,401.14 points on July 24 this year. The Indonesian rupiah was trading at 9,417/9,425 to the dollar, compared to 9,355/9,360 late Tuesday.
Among the heavy losers were coal producer Bumi Resources, which dropped 250 rupiah or 9.7 percent to 2,325, nickel and gold miner Antam which lost 325 to 2,100 and tin miner Timah, which shed 1,700 to 10,900.
Bank Central Asia fell 400 rupiah to 5,550, Bank Negara Indonesia fell 250 to 2,325, Bank Mandiri fell 225 to 2,925 and Bank Rakyat Indonesia lost 300 to 5,500. Berlian Laju Tanker plunged 230 to 1,360 and Bakrie Telecom dropped 35 to 330.
Index heavyweight Telkom gave up 700 to 10,150 while rival Indosat shed 400 to 6,800. State-run gas distributor Perusahaan Gas Negara fell 600 to 9,650 and automotive company Astra International fell 750 to 16,250.