Shares end lower; profit-taking in Indosat, Telkom

Shares end lower; profit-taking in Indosat, Telkom

Dow Jones Jakarta

Indonesian shares ended lower on Tuesday as losses in many Asian markets spurred investors to continue taking profit in stocks that gained last week, in particular Indonesian Satellite and Telekomunikasi Indonesia, dealers said.

"The market consolidated after sharp gains last week," said a trader with Paramitra Securities.

The Jakarta Stock Exchange Composite Index ended down 3.824 points, or 0.4 percent, at 1026.89, after hitting an earlier high of 1032.49. The main index hit a record closing high last week on program buying.

Decliners led gainers 65 to 64, with 69 stocks unchanged.

Volume was 1.6 billion shares valued at Rp 1.3 trillion, compared with 1.3 billion shares valued at Rp 1.4 trillion on Monday.

Indosat fell 2.5 percent to Rp 5,900 on a price correction after rising 6 percent last week. Its rival Telkom ended 0.5 percent lower at Rp 4,825.

Profit-taking hit shares of carmaker Astra International, which lost 1.5 percent to Rp 10,000, and cement maker Indocement Tunggal Prakarsa, which dropped 3.1 percent to Rp 3,150.

Bucking the trend, shares of cigarette maker Gudang Garam gained 0.4 percent to Rp 14,150 and consumer goods producer Unilever Indonesia rose 0.7 percent to Rp 3,500 on bargain- hunting.

Dealers said they expect the market to trade lower on Wednesday led by further profit-taking in Indosat.