The index of the Indonesian Stock Exchange (BEI) fell 23.59 points or 0,48 percent to 4,864.27 points with index of 45 most liquid stocks down 0.53 percent to 820.53 points.
Chief researcher of Trust Securities Reza Priyambada said the increase in the oil price is feared to result in wider trade deficit.
The world oil prices surged as a result of the Iraqi conflict.
"The condition prompted investors including foreign to sell more than buying shares," Reza said.
Data at BEI showed that foreign net sail reached Rp206.757 billion .
Meanwhile, HD Capitals analyst Yuganur Wijanarko said the JCI correction was unexpected with Dow Jones strengthening on Wednesday night.
There were 189,190 transactions in Thursday trade with 2.97 billion shares worth Rp3.45 trillion changing hands.
Decliners outnumbered gainers by 213 to 86 with 84 share flat.
Regional markets such as Hang Seng and Straits Times recorded a decline in index with Nikkei gaining.(*)
Editor: Heru Purwanto
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