Stocks down on profit taking

Stocks down on profit taking

Indonesian shares ended lower on Friday as local investors continued to lock in profits following Wall Street's overnight losses, dealers said.

Foreigners were net buyers Friday likely because they are expecting local stocks to rebound next week ahead of the Cabinet lineup announcement Wednesday, they added.

"Foreigners accumulated blue chips, trimming the index's decline," said a dealer with a local securities company.

The Jakarta Stock Exchange Composite index ended down 2.071 points, or 0.2 percent, at 857.593. It fell to an intraday low of 851.732.

Decliners led gainers 84 to 32, while 84 stocks closed unchanged. Volume fell to 1.1 billion shares from 1.9 billion Thursday as local investors usually reduce their activities during the Muslim fasting month, which started Friday.

Total trade value was Rp 882.4 billion, down from Rp 1.33 trillion Thursday.

The Dow Jones Industrial Average fell 1.1 percent Thursday.

Telecommunications company Indonesian Satellite Corp. fell 1.2 percent at Rp 4,225, while rival Telekomunikasi Indonesia ended flat at Rp 4,300, after hitting an intra-day low of Rp 4,250.

Cigarette maker Gudang Garam closed unchanged at Rp 12,850, and Hanjaya Mandala Sampoerna closed flat at Rp 6,000.

Dealers said they expect the local bourse to rebound Monday, with the main index possibly rising to 865 points. -- Dow Jones