Rebounding rupiah fails to lift stocks
Indonesian share prices closed lower yesterday amid a lack of fresh positive leads, with investors out of the market following the latest cabinet changes.
The Jakarta Composite Index closed down 2.458 points at 521.62.
Declines led advances by 64 to 42.
A brokerage dealer said a rebound in the rupiah should have boosted sentiment in the stock market.
He said the negative reaction to President Abdurrahman Wahid's sacking of his ministers could easily fade away if other political figures eased the pressure they were exerting on the president.
'I think the market will continue to move in a tight range for a while. If there is any sharp fall, I think people will start to accumulate some large stocks,' he said.
Close: 521.62 (- 2.458) Turnover: 251.28 bln rupiah Volume: 389.1 mln shares