BEI INDEX OPENS LOWER ON PROFIT TAKING MOVES

Jakarta, March 12 (ANTARA) - The Composite Stock Price Index at the Indonesian Stock Exchange (BEI) here on Friday morning got off to a weak start on profit taking moves after rallies during the past one week.

The BEI index went down 2.191 points or 0.010 percent to 2,674.320 and the LQ-45 index fell 0.013 percent or 0.704 points to 521,776 points.

Investors wanted to take profits although a little bit hesitating as they witnessed Wall Street gains, according to Krisna Dwi Setiawan, a domestic stock market observer.

The BEI index had a chance to reach the level of 2,700 points if Wall Street gains continued, Setiawan of PT Valbury Asia Securities, said.

However, investors tended to dump shares including those of Bhakti Investama which were sold at 50.41 million units with a total value of Rp45.86 billion. Bhakti Investama shares fell Rp20 to Rp880 per share.

He believed the BEI losses were temporary and the Indonesian stocks still had a chance to reach the level of 2,700 points again.

"We are optimistic that foreign investors are still interested in the Indonesian market because the economic growth of the United States and Europe are still uncertain," he said.