Jakarta stocks fall

Jakarta stocks fall

Bloomberg, Jakarta

Indonesian stocks fell, taking the index to a one-month low, after companies such as PT Indosat and PT Bank Permata reported declines in earnings.

"Earnings have been disappointing," said Bambang Setiadi, who helps manage about US$140 million at PT Sinar Mas Sekuritas in Jakarta.

"This raises questions whether those who haven't reported yet also will disappoint."

The Jakarta Composite Index fell 5.44, or 0.5 percent, to close at 1,058.26, the lowest since Sept. 29. Declining stocks led gainers 43 to 34 on the benchmark. The index fell 1.7 percent this week, its second weekly slide.

Indosat, Indonesia's second-biggest phone operator, lost Rp 150, or 3 percent, to Rp 4,900, the lowest close since Sept. 28. About 37.3 million Indosat shares changed hands on Friday, more than four times the three-month daily average trading volume.

The company posted a 58 percent decline in profit to Rp 232 billion ($23 million) in profit for the three months ended Sept. 30 because of foreign-exchange losses.

Permata, a lender partly owned by Standard Chartered Plc, dropped Rp 20, or 3.6 percent, to Rp 540, its biggest slide since Sept. 13.