STOCKS NEWS INDONESIA-Index slips, tracking regional shares
Indonesian shares slid as much as 3.27 percent to a one-year low by midday, in line with other Asian markets, due to jitters over a possible U.S.-led military strike against the Syrian government which also led to a hike in oil prices.
Asian shares, currencies and commodities all crumbled as spooked investors rushed to unwind crowded trades in emerging markets.
Jakarta's Composite Index was down 2.8 percent at 3,856.46 by the midday break on Wednesday. It touched a low of 3,837.735 earlier in the day.
Banking and property stocks fell more than 3.5 percent, led by state-controlled lender Bank Mandiri and real estate developers Alam Sutera. Bank Mandiri dropped more than 4.5 percent, while Alam Sutera plunged more than 10 percent.
The fall in share prices presents an attractive opportunity to companies which are looking to buy back shares at lower levels ahead of an impending decision on share buyback rules.
Indonesian financial service regulator (OJK) is expected to allow listed companies to buy back their shares without approval from extraordinary general meeting.
OJK Commissioner Nurhaida said at least three state-owned firms were expected to buy back shares after OJK's announcement. Cement maker PT Semen Indonesia and coal miner PT Tambang Bukit Asam said they were also ready for the buyback after telecom provider PT Telkomunikasi Indonesia announced its intention to buy back shares on Monday.
1250 (0550 GMT) (Reporting by Andjarsari Paramaditha and Fathiya Dahrul; Editing by Anand Basu)