•    HOME   
•    NEWS   
•    BUSINESS   
•    INTERNATIONAL   
•    TECH   
•    SPORTS   
•    LIFE & TIMES   
•    OPINION   
•    MY JAKARTA   
•    BLOGS   
•    EYEWITNESS   

Indonesia’s benchmark stock index fell from a four-month high on Friday on concern that recent gains were excessive and as investors dumped shares ahead of the long holiday weekend.

The Jakarta Composite Index lost 14.56 points, or 0.4 percent, to 3,986.52, ending a three-day 2.4 percent advance. For the week, it rose 1.3 percent.

The measure closed above 4,000 on Thursday for the first time since Sept. 8. More than 4.47 billion shares worth Rp 4.06 trillion ($455 million) changed hands on the Indonesia Stock Exchange (IDX).

Decliners outnumbered gainers, 139 to 87. Foreign investors were net buyers on Friday for the fourth consecutive day, purchasing Rp 428 billion more in shares than they sold. Financial markets and banks will be closed on Monday for the Lunar New Year.

“Slight profit-taking is occurring, which is normal, considering the index had been in a rally a few days before,” said Mastono Ali, an analyst at CIMB Securities in Jakarta.

“Investors are also anticipating a long weekend because of the Lunar New Year, which also triggered profit-taking,” he added.

The basic industry sector posted its largest decline since November, shedding 2.5 percent, led by cement makers. Semen Gresik, the country’s largest cement maker, lost 4.8 percent, to Rp 11,850, after a three-day advance. Its rival, Indocement Tunggal Prakarsa, fell 4.3 percent to Rp 18,000, after gaining 6.4 percent in three days.

Nickel miner International Nickel Indonesia, which will soon change its name to Vale Indonesia, gained 4.2 percent, to Rp 3,725, after the price for nickel on the three-month contract gained 3.6 percent on the London Metal Exchange.

The rupiah gained for the third day on Friday to trade at 8,955 to the dollar, up 1.3 percent from Thursday. The currency has gained 2.5 percent this week.