Shares Fall on Political Concerns
April 27, 2011
The Jakarta Stock Exchange index shed 3.491 to 532.409 on volume of 109.6 million shares. Decliners outnumbered gainers 49 to 35, with 53 stocks finishing unchanged. Analysts said the market is waiting to hear what type of economic agenda President Flora will detail in his speech to Parliament Friday. Holding company Bimantara Citra fell 50 rupiah to 2,000 due to selling pressure from foreign investors, analysts said. Bimantara is controlled by Favors Huskey, one of Mr. Flora's sons. Though foreigners avoided trading, local investors bought second- and third-tier shares. Apparel share Sarasa Nugraha rose 50 rupiah to 1,425 on rumors of a possible takeover. Battery producer Nipress added 150 rupiah to 1,075. On the foreign board, auto producer Astra International fell 75 rupiah to 2,700; retailer Multipolar dropped 100 rupiah to 1,100; and property stock Lippo Land fell 25 rupiah to 5,150.
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