A Federal Land Development Authority farmer collects oil palm
fruits in Hulu Selangor, about 62 miles north of Kuala Lumpur on
February 22, 2012. Indonesia's agriculture sector dropped 1.2 %
on Monday after crude palm oils fell 1 percent in Malaysia to RM3,321
($1,096) per ton. (Reuters Photo)

13.03/2012 (Jakarta Post) - Indonesian stocks dipped slightly on Monday, tracking the fall in the regional markets prompted by concerns on China.

The Jakarta Composite Index lost 4.2 points, or 0.1 percent, to 3,987.35. The fall halted 1.2 percent in gains made in the previous two days of trading.

About 2.65 billion shares, valued at Rp 3.28 trillion ($358 million), changed hands on the Indonesia Stock Exchange (IDX). Decliners outnumbered gainers 140 to 69. Foreign investors bought Rp 459.3 billion more of shares than they sold.

Deni Hamzah, an analyst with Corfina Capital in Jakarta, said that the index “followed the movement of regional markets as investors took profits after concerns over Greece were reduced.”

He said that lack of fresh sentiment in the Indonesian market, coupled with worries over plans to raise fuel prices in April, dampened attitudes.

Meanwhile, concerns of a global economic slowdown escalated as China reported that February marked its biggest trade deficit in more than two decades.

On the IDX, the agricultural sector dropped the most, falling 1.2 percent after crude palm oil futures for May delivery fell 1 percent in Malaysia to 3,321 ringgit per ton.

Astra Agro Lestari, the plantation unit of Indonesia’s biggest group, Astra International, lost 1.8 percent to Rp 22,200, while plantation company Salim Ivomas Pratama, sunk 2.2 percent to Rp 1,360.

The mining sector lost 0.5 percent on concerns over China. Bumi Resources, Indonesia’s largest coal miner, fell 1 percent to Rp 2,425 while rival Adaro Energy lost 0.5 percent to Rp 1,950.

Bank Jabar & Banten, the regional bank of West Java and Banten provinces, fell 4.5 percent to Rp 1,060.

The rupiah eased 0.3 percent to trade at 9,160 against dollar.