Jakarta share prices closed 0.1 percent lower on Wednesday as investors opted to lock in gains ahead of the Muslim Ramazan fasting month which starts Thursday, dealers said. The Jakarta Stock Exchange composite index closed down 1.48 points at 2,209.93, off an intraday high of 2,227.41 and a low of 2,194.26.
Volume was 4.40 billion shares worth 3.05 trillion rupiah (324 million dollars). Decliners led advancers 91 to 80, while 71 stocks were unchanged. The rupiah was trading at 9,400/9,410 to the dollar, compared to 9,437/9,442 late Tuesday.
"The market ended slightly lower Wednesday as some investors simply decided to cash in gains," Panin Capital analyst Luki Aryapama said. There was also talk in the market that some mutual fund operators had shifted a portion of their funds into the government's retail bonds, which further pressured share prices.
Among the losers of the session were coal producer Bumi Resources, which fell 150 rupiah to 2,875 following its recent rally, and nickel and gold miner Antam edged down 25 rupiah to 2,325.
Index heavyweight Telkom gained 50 rupiah to 10,850, gas distributor Perusahaan Gas Negara added 200 to 10,400 and Astra International gained 150 to 17,950. Oil and Gas Company Medco added 25 rupiah to 3,875 as oil prices hit new record highs this morning.
Davomas, Indonesia's biggest cocoa powder and butter producer, was up 50 rupiah at 270 after Lehman Brothers said Wednesday it has initiated coverage on the company with an "overweight" rating and a target price of 350 rupiah. In a note to clients, the brokerage said the target price implies a 25 percent potential upside from the stock's current price.