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JCI Dips Lower on Greek Drama
February 09, 2012

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Indonesian stocks fell on Thursday, amid persistent concerns over Greece’s ability to manage its debt crisis.

The benchmark Jakarta Composite Index lost 9.71 points, or 0.2 percent, to close at 3,978.99, paring Wednesday’s 0.8 percent gain.

Almost 4.6 billion shares valued at Rp 4.5 trillion ($504 million) changed hands at the Indonesia Stock Exchange. Decliners outnumbered advancing issues 114 to 105. Foreign investors sold Rp 420 billion more in shares than they purchased.

Investors are still anxious about the debt crisis in Europe, particularly the bailout package that Greece needs to avoid default, said Reza Priyambada, an analyst at Indosurya Asset Management.

Astra International, Indonesia’s biggest automotive retailer, lost 2.5 percent to Rp 72,950, its lowest level since Dec. 20.

The stock’s 24 percent rally over the past four months was deemed excessive, according to Budi Rustanto, an analyst at Valbury Asia Securities.

Indosat, Indonesia’s second-largest cellphone operator, rose 2.8 percent to Rp 5,500, its highest close since Jan. 26.

Tower Bersama Infrastructure said it signed a $406 million agreement to purchase 2,500 cellular towers from Indosat. Tower Bersama gained 1 percent to Rp 2,600, the highest since Jan. 7, 2011.

Resource Alam Indonesia, a coal producer, climbed 6.4 percent to a record Rp 7,500.

The rupiah gained 0.9 percent against the dollar to 8,910.

Bloomberg, Antara