Indonesia Shares End -2.1% On Sell off In Commodity Stocks
JAKARTA (Dow Jones)--Indonesian shares ended sharply lower Tuesday, led by commodity-related stocks amid worries that oil prices will continue to fall due to a weak global economy. The Indonesia Stock Exchange main index ended down 2.1% at 2042.498,
off an intraday low of 2036.710. Decliners led gainers 174 to 25, with total volume at 1.5 billion shares valued at IDR2.9 trillion. "Lower oil prices triggered selling in most commodity stocks, which also in the end spurred investors to sell their other blue chips," said a fund manager with a foreign securities house. She expects shares to rebound Wednesday on bargain buying. The main index has fallen 26% since the start of 2008. Palm oil producers fell, with Astra Agro Lestari dropping 3.9% to IDR15,950, London Sumatra falling 8.5% to IDR5,400 and Sampoerna Agro sliding 6% to ODR2,300. Meanwhile, coal miner Bumi was down 2$ at IDR4,950 and heavyweight Telkom ended 1.3% lower at IDR7,350. -By Edhi Pranasidhi, Dow Jones Newswires; 62 21 3983 1277; edhi.pranasidhi@dowjones.com (END) Dow Jones Newswires August 19, 2008 05:16 ET (09:16 GMT) Copyright (c) 2008 Dow Jones & Company, Inc.- - 05 16 AM EDT 08-19-08
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