Index end mixed, down on profit-taking

Index end mixed, down on profit-taking

Dow Jones, Jakarta

Indonesian shares ended mixed on Thursday, with further profit-taking in many blue chips keeping the main index lower, dealers said.

Gains in Bank Mandiri and state-owned PT Telekomunikasi Indonesia (Telkom) lifted the main index off its day's low.

Losses across the region after Wall Street's fall overnight discouraged investors from taking strong buying positions, dealers said.

The Jakarta Composite Index ended down 0.1 percent, or 0.708 point, at 523.553, up from an intraday low of 520.595.

Gainers led decliners 58 to 55, with 77 stocks unchanged.

Volume was 1.15 billion shares valued at Rp 382 billion (US$46.5 million), compared with 890 million shares valued at Rp 391 billion on Wednesday.

On Wednesday, the Dow Jones Industrial Average fell 0.4 percent, while the Nasdaq slipped 0.3 percent.

"Foreign investors were dominant profit takers," said a trader with a local brokerage firm. The main index has risen 5.8 percent since the start of the month, hitting its closing high for this year Monday.

Bank Central Asia fell 4.2 percent, or Rp 125, to Rp 2,875, and car maker Astra International lost 2.5 percent, or Rp 100, to Rp 3,875.

Dealers said many investors are still keeping an eye on developments surrounding Telkom after it failed to meet Tuesday's deadline to refile its 2002 accounts with the U.S. Securities and Exchange Commission (SEC). Telkom said the SEC wouldn't extend the deadline.

The SEC rejected Telkom's earlier filing as it wasn't audited by a U.S.-approved auditor. The SEC asked Telkom to resubmit the results by Tuesday or face sanctions that may include a delisting of its American depositary receipts (ADR).

Telkom shares on the local bourse rose 1.1 percent, or Rp 50, to Rp 4,700 on a rebound and also because its ADRs continued to trade Wednesday. The ADRs fell 1.8 percent to $11.12 overnight.

Bank Mandiri, the nation's largest bank, rose 3 percent, or Rp 25, to Rp 850 following news it will be added to the Morgan Stanley Capital International Standard indexes effective July 28.