Dow Jones, Jakarta<\/p>\n
Indonesian shares ended lower Wednesday as investors who were
\nworried that the rupiah would continue to weaken against the
\ndollar, took profit in stocks that gained in the previous two
\nsessions, dealers said.<\/p>\n
They said falls in many Asian markets also added to negative
\nsentiment, putting more pressure on investors to sell their
\nshares.<\/p>\n
"The market ran out of steam," said a trader with BNI
\nSecurities.<\/p>\n
The Jakarta Stock Exchange Composite Index ended down 7.190
\npoints, or 0.7%, at 979.220. The main index rose 0.5% Monday and
\nTuesday.<\/p>\n
The rupiah ended at an 11-week low at IDR9,190 to the dollar,
\ncompared with IDR9,090 at Tuesday's close as local companies
\ncontinued to buy the greenback to pay their offshore obligations
\nby the end of the year.<\/p>\n
Decliners led gainers 81 to 39, with 98 stocks unchanged.<\/p>\n
Volume was 3.9 billion shares valued at IDR2.8 trillion,
\ncompared with 1.35 billion shares valued at IDR1.1 trillion
\nTuesday.<\/p>\n
Cigarette maker Hanjaya Mandala Putra was among the decliners,
\nclosing down 2.2% at IDR6,650 on profit-taking. Sampoerna's rival
\nGudang Garam fell 1.1% to IDR13,250.<\/p>\n
Profit-taking also hit shares in Bank Negara Indonesia, the
\nnation's third-largest lender, which dropped 3% to IDR1,550, and
\nbellwether Telekomunikasi Indonesia, which shed 1% to IDR5,050.<\/p>\n
Shares in Bank Permata plunged 30% to IDR825, after the
\ngovernment Tuesday said it sold a 20% stake in the bank at IDR750
\na share, defying investors' expectations that the government
\nwould sell shares in the nation's sixth-largest lender at the
\nmarket price.<\/p>\n
Indonesian Satellite, the nation's second-largest
\ntelecommunications, and carmaker Astra International, however,
\nmaintained their gains on expectations of higher 2004 earnings.<\/p>\n
Indosat rose 1.7% to IDR5,850 and Astra International gained
\n2.6% to IDR9,850.<\/p>\n
Dealers said they expect the market Thursday to trade lower on
\na further price correction.<\/p>\n
Elsewhere in Asia, Asian stock markets closed mixed, but Tokyo
\nstocks rebounded following decline in the past two sessions.<\/p>\n
Tokyo's Nikkei Stock Average of 225 issues rose 67.37 points,
\nor 0.62 percent, to close at 10,941.37. On Tuesday, the Nikkei
\nshed 108.33 points, or 0.99 percent.<\/p>\n
In Hong Kong, stocks fell as investors sold a broad range of
\nblue chips on worries that the listing of a government real
\nestate investment trust may be delayed.<\/p>\n
The Hang Seng Index lost 213.46 points, or 1.5 percent, to
\nfinish at 14,022.32. On Tuesday, the Hang Seng shed 21.08 points,
\nor 0.14 percent.<\/p>\n
Thai shares ended 1.6 percent lower as investors sold banking
\nand telecom stocks. The Stock Exchange of Thailand Index sank
\n10.42 points to 645.41.<\/p>\n
Malaysian shares dipped as speculation that the government
\nmight abandon the peg between the U.S. dollar and the Malaysian
\nringgit dwindled. The weighted Composite Index of 100 blue chips
\nfell 10.11 points, or 1.1 percent, to 902.30.<\/p>\n
Philippine shares advanced marginally, after buying in select
\nblue chips outweighed losses by telecom issues. The 30-company
\nPhilippine Stock Exchange Index ended up 2.10 points, or 0.1
\npercent, at 1,801.18.<\/p>\n
South Korean shares rose as the U.S. dollar strengthened
\nagainst the Korean currency, the won, easing concerns over the
\ncountry's export-dependent economy. The Korea Composite Stock
\nPrice Index, or Kospi, added 10.67 points, or 1.2 percent, to
\n871.74.<\/p>\n
Singapore's share prices ended slightly higher as buyers
\nsnapped up blue chips early in the session but later took
\nprofits, erasing most gains. The Straits Times Index rose 4.40
\npoints, or 0.2 percent, to 2,020.66.<\/p>\n
Australian shares slipped on losses by resources issues after
\nthe prices of oil, copper and gold fell in the U.S. Tuesday. The
\nS&P\/ASX 200 index fell for a second straight day, closing down
\n29.80 points, or 0.8 percent, to 3,897.70.<\/p>\n
Taiwan's shares declined as investors remain cautious ahead of
\nSaturday's legislative elections, with technology stocks among
\nthe worst performers. The weighted price index dropped 32.77
\npoints, or 0.6 percent, to 5,892.51.<\/p>\n
New Zealand shares declined as investors sold a broad range of
\nblue chips, tracking weakness on Wall Street and in Australia.
\nThe NZSX-50 lost 19.74 points, or 0.7 percent, to 2,991.15.<\/p>",
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"sponsor": "Okusi Associates",
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