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JCI Follows Region’s Decline as Indika Energy Falls on Unit’s Sale
February 07, 2012

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Indonesian stocks fell, trailing declines across the region, as investors await a firm outcome of Greece’s talks with fund managers over payment of its debts.

The benchmark Jakarta Composite Index dropped 19.34, or 0.5 percent, to 3,955.45, bringing its three-day decline to 1.5 percent. Almost 4.84 billion shares valued at Rp 5.46 trillion ($607 million) changed hands at the Indonesia Stock Exchange. Decliners led advancers 113 to 97. Foreign investors sold Rp 603 billion more in shares than they bought.

The Greek government is working out a plan with creditors who would have to voluntarily agree to smaller payments on their investments in Greek debt, helping the country to avoid defaulting.

Indika Energy declined 1.1 percent to Rp 2,325, the lowest close since Jan. 9. The coal producer said it had agreed to sell as much as 28.75 percent of unit Petrosea for Rp 36,000 a share, or a total of Rp 1.04 trillion. That’s a 20 percent discount to Petrosea’s closing price last Wednesday. Indika signed an agreement with the “initial purchasers” including Citigroup Global Markets and Macquarie Capital (Singapore) on Friday, it said.

The rupiah fell 0.1 percent to 8,998 against the dollar on Tuesday. 

Bloomberg, JG