Indonesian shares down 2.3 percent on profit-taking

The Jakarta Post   |  Wed, 10/15/2008 5:26 PM  |  Business

The Indonesian Stock Exchange (IDX) saw its composite index fall 35.56 points to 1,520.41, or down by 2.3 percent, on profit-taking and fading hopes for stock-market recovery amid bearish markets across Asia.

Top decliners included nickel miner Inco, which dropped 10 percent to Rp 2,250 (23 US cents), and heavyweight equipment company United Tractors, which fell 10 percent to Rp 5,850 on fears of weak 2008 sales due to falling demand.

The correction to the index occurred despite several share buybacks by listed state firms and other major players in the market following the government's decision to allow share repurchasing without shareholder approval in times of crisis.

The country's largest cement producer PT Semen Gresik saw its share value rise by 200 points, 9 percent, to Rp 2,425, while nickel producer PT Aneka Tambang gained 40 points, 3.2 percent, to end at Rp 1,300.

Dealers expect shares to continue to fall Thursday on further profit-taking.

The rupiah closed at 9,770 to the dollar compared to 9,750 the day before. (and)
 

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