Jakarta stocks soar on mining firms and Telkom

Jakarta stocks edged higher on Tuesday, helped by a technical rebound for mining shares and the country's largest phone firm.
The Jakarta Composite Index rose 0.87 percent to 773.125 points in relatively heavy turnover of 1.01 trillion rupiah ($121 million).
"The market was helped by some mining shares due to a technical rebound," said Trevor Gasman, an analyst at Samuel Sekuritas Indonesia.
State-owned mining firm PT Aneka Tambang (Antam) jumped 7.94 percent to 1,700 rupiah. Despite the gain, Antam shares were still 11.7 percent lower than at the end of 2003.
PT Telekomunikasi Indonesia Tbk, the largest capitalised firm on the bourse, ended 1.97 percent higher at 7,750 rupiah.
Looking ahead, some analysts said the market might still be able to maintain its upward momentum on Wednesday and test next resistance at around 775 points.
"If it manages to break that level then we can go to 790 points," Gasman added.
However some analysts were cautious, saying the market was prone to profit taking and the upcoming Chinese New Year holiday might slow trade.
The rupiah currency was being quoted at 8,401/8,406 to the dollar late on Tuesday.