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Indonesian stocks failed to maintain their upward momentum on Wednesday with a lack of fresh sentiment in the market.

The Jakarta Composite Index lost 29.20 points, or 0.7 percent, to close at 3,909.64 on Wednesday, halting its 1.8 percent gain from the last two days. Decliners beat gainers 124 to 101.

More than 4 billion shares, valued at Rp 4.96 trillion ($540.6 million), were traded. Foreign investors sold Rp 691 billion more in shares than they bought.

“In the domestic market, there was no new sentiment. Investors took the opportunity to do some profit-taking,” said Deni Hamzah, an analyst with Corfina Capital. Based on technical charting, he added, 3,950 is still a level that is hard to penetrate by the index.

Looking ahead, Deni said investors would keep an eye on how Indonesia’s plan to cut fuel subsidies would affect the market.

The consumer goods sector fell the most on Wednesday, losing 1.6 percent. Unilever Indonesia, the biggest manufacturer of consumer goods, declined 2.5 percent to Rp 19,300 after a 3.1 percent gain in the last two days.

The agribusiness sector, up 0.1 percent, was the only positive sector for the day. Astra Agro Lestari, the country’s biggest listed palm oil producer, said on Wednesday that its crude palm oil production in 2011 grew by 14 percent.

The rupiah weakened to 9,200 against the dollar on Wednesday, from 9,190 the day before.