Jan. 11 (Bloomberg) -- Indonesia’s Jakarta Composite index fell 23.42 points, or 0.7 percent, to 3,455.13 at the 4 p.m. local-time close, bringing its four-day slide to 8.7 percent.
Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, dropped 3.3 percent to 5,800 rupiah. PT Bank Central Asia (BBCA IJ), the largest by market value, fell 3.4 percent to 5,700 rupiah.
Financial shares were the biggest drag on the composite index today. The Indonesian central bank may raise its benchmark interest rate by 100 basis points between March and August amid accelerating inflation, analysts at Credit Suisse Group AG led by Robert Prior Wandesforde, wrote in a note.
PT Bank Rakyat Indonesia (BBRI IJ), the nation’s second-biggest bank by assets, rose 3.2 percent to 4,800 rupiah. Bank Rakyat expects 2011 lending growth of as much as 22 percent, compared with an estimated increase of 18 percent to 20 percent last year, President Director Sofyan Basir said.
PT Semen Gresik (SMGR IJ), Indonesia’s largest producer of cement, rose 2.9 percent to 8,850 rupiah. Semen Gresik allocated 3.5 trillion rupiah ($386 million) to 4 trillion rupiah to build a plant in 2012, Bisnis Indonesia reported, citing Dwi Sutjipto, president director at the state company. Sutjipto couldn’t be reached when called at his office in Gresik, in East Java.
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