JAKARTA (JP): Share prices continued declining on the Jakarta Stock Exchange (JSX) yesterday as many foreign investors took sales positions.

The broad-based Composite Index dropped to close seven points lower at 458.67.

The narrower-based GTDBS-50 Index also lost ground to close at 108.75 against 110.17.

Trading remained volatile on the impact of the rise in U.S. interest rates on Monday, according to securities brokers.

A dealer at a major brokerage said that shares on the Jakarta stock exchange are very sensitive to the fluctuations of interest rates overseas due to the strong control of foreign investors on the market.

"Foreign investors are mostly engaged in selling," he said. "They certainly need fresh financial blood to benefit from the higher interest rates in the United States."

Yesterday's top losers were Bunas Finance (-Rp 550), Bank Internasional Indonesia (-Rp 300), Branta Mulia (-Rp 300), Barito Pacific (-Rp 300), Ever Shine (-Rp 300), Gajah Surya (-Rp 275), HM Sampoerna (-Rp 500), Indorama (-Rp 500), Intraco Penta (-Rp 500), Lippobank (-Rp 300), Multibreeder (-Rp 300), Rimba Niaga (- Rp 800), Sumalindo (-Rp 250) and Voksel Electric (-Rp 1,300).

Top gainers were Aqua (+Rp 300), Astra Graphia (+Rp 500) and Citra Tubindo (+Rp 200).

Trading volume rose to 17.89 million shares worth Rp 89.26 billion (US$42.5 million) yesterday from 14.30 million shares worth Rp 70.28 billion on Tuesday. (hen)