24/12/2011 (Jakarta Globe) - Indonesia’s benchmark stock index made an unimpressive move to close the week as investors refrained from betting over the long holiday weekend.

The Jakarta Composite Index gained only 1.71 points, or less than 0.1 percent, to close at 3,797.15. It rose 0.8 percent for the week. More than 3.57 billion shares valued at Rp 2.71 billion ($298,000) changed hands at the Indonesia Stock Exchange. Decliners outpaced gainers by 117 to 97.

The exchange will be closed on Monday because of Christmas.

“Apparently, the psychological resist level of 3,800 was pretty strong, causing investors to refrain from speculating on buying stocks,” said Deni Hamzah, analyst with Corfina Capital in Jakarta. “The hesitation caused the opposite action, the investors went for profit-taking.”

Deni said that foreign investors adopted the same attitude with Friday’s trading. Foreign investors bought Rp 183 billion more than they sold, but the day’s total value of trading was just Rp 1.71 trillion. Average daily turnover recently has been about Rp 3 trillion.

Uncertainty in global financial markets also has caused investors to close their positions before the weekend, Deni said.

Palm-oil producers advanced as crude palm oil futures in Bursa Malaysia rose 2.4 percent. Astra Agro Lestari, Indonesia’s largest listed palm oil producer, gained 0.7 percent to Rp 21,250, while London Sumatra Indonesia rose 1.1 percent to Rp 2,250. The agribusiness sector rose 0.2 percent.

Semen Gresik, the biggest cement producer, lost 3.2 percent to Rp 10,750, paring a two-day4.7 percent gain. That sent the basic industry sector down 1.3 percent.

State-controlled coal miner Tambang Batubara Bukit Asam rose 1.2 percent to Rp 17,200, extending Thursday’s 3 percent advance as it set aside Rp 2 trillion to buy back its shares.

The rupiah gained 0.6 percent against the dollar to trade at 9,015. It gained 0.2 percent this week.