Share price slide on the JSX

JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX) continued falling yesterday as local investors took profit on second and third line stocks, brokers said.

A foreign broker said trading activities were relatively low with most foreign investors staying on the sidelines.

"Local investors mostly focused on mid-sized stocks especially those in the new Morgan Stanley Capital Index (MSCI)," said one securities analyst from HSBC Securities Indonesia.

Brokers said that buying interest remained strong in several counters following their listing in the MSCI.

Stocks in the index include BNI, Bimantara, Budi Acid Jaya, Darya Varya, Citra Marga Nusaphala Persada.

The JSX composite index fell 2.56 points to close at 647.89 with 199.52 million shares changing hands at a value of Rp 378.72 billion (US$157.8 million).

The analyst said foreign investors remained cautious as they feared the heated political atmosphere over the last few days could spark riots.

The Yogyakarta-based branch of the United Development Party (PPP) boycotted its campaign Wednesday to protest an attack by Golkar supporters on two of its offices.

PPP supporters in Ujung Pandang, South Sulawesi attacked a state-electricity company (PLN) office after a blackout Wednesday.

Spot rupiah fell to a low of 2,434.50 from an opening of 2,434.5/35.5 before rebounding on offshore buying.

A dealer said Singapore players were back in the market after a holiday the previous day. (09)