JAKARTA (JP): Share prices faltered once more on the Jakarta Stock Exchange (JSX) yesterday after showing signs of recovery on the previous two days.

The broad-based Composite Index lost nearly three points to close at 462.4.

The narrower-based GTDBS-50 Index also dropped to close at 107.41 from 108.45.

Securities analysts said that the selling pressure on large stocks such as Barito Pacific killed the buying impetus, which showed improvement on the previous days.

Trading indicated signs of recovery when the two main price indicators rose for the first time on Wednesday after steadily losing ground for more than two weeks.

Stock dealers attributed the price fall to the lack of foreign presence, the dominant factor on the market.

"The fundamental factor is strong. Most of the listed firms have reported a significant increase in their earnings," a securities dealer said.

Foreign investors have obviously cut their portfolio investment in the country following the rise in the U.S. interest rate early last week.

Yesterday's top losers included BDNI (-125), Barito Pacific (- 600), Ficorinvest Bank (-250), Inti Indorayon (-175), Mulia Industrindo (-300), Matahari (-300), Panca Wiratama (-700) and Suba Indah (-500) and Tjiwi Kimia (-200).

Top gainers were Adayani Megah (+425), Ciputra Development (+250), Ever Shine (+300), HM Sampoerna (+800), Kalbe Farma (+400) and Mayora (+300).

Trading volume significantly dropped to 19.47 million shares worth Rp 121.87 billion (US$58.03 million) yesterday from 29.95 million shares valued at Rp 121.25 million on Thursday. (hen)