The index of the Indonesian Stock Exchange (BEI) dropped 57.24 points to 5,948.05 points and the index of 45 most liquid stocks fell 1.15 percent to 945.33 points.
"The reason for the anomaly was that foreign investors still took profits by selling shares," senior researchers of Analyst Infovesta Praska Putrantyo said here on Wednesday .
In the opening trade Wednesday morning, Praska said the indices of all Asian markets were under pressure including IHSG, but the majority markets have regained and moved to a positive territory, while IHSG remained in the negative area.
The profit taking by foreign investors took place as they believed the stock prices have reached a high level after crossing the points of 6,000 since last week.
In addition, the fall of IHSG was also caused by the fears of China cutting its coal imports which would be negative for coal mining stocks.
There were 439,230 transactions on Wednesday with 8.34 billion shares valued at Rp8.17 trillion changing hands . Gainers were outnumbered by decliners by 131 shares to 273 shares and 103 shares remained flat.
Regional markets including Nikkei recorded a decline in index but Hang Seng and Strait Times recorded an increase.
Reporting by Zubi Mahrofi, Albert Saragih
Editing by Yoseph Haryadi