Indonesian share prices closed 1.43 percent higher Friday for the sixth straight trading day on hopes of strong dividend payments, with market movers Telkom and Indosat providing further support, dealers said. The Jakarta Stock Exchange composite index closed up 16.059 points at 1,141.818 on volume of 1.53 billion shares valued at 1.73 trillion rupiah (180.2 million dollars). The rupiah was at 9,620/9,625 to the dollar compared to Thursday's level of 9,620/9,630.
Share prices have been rising since Friday last week but investors remain confident the up trend will be maintained after the market broke through the important psychological level of 1,100 points on Monday, dealers said.
"Dividend hopes are at their highest right now due to stocks like Astra, Antam, Timah, not to mention Telkom," said Valbury Asia Securities analyst Krishna Dwisetiawan. Telkom will hold its shareholders meeting on Friday next week to announce its dividend policy. Dwisetiawan said the market turned bullish after it broke 1,100 points.
"There's also some anticipation of window-dressing activity by the end of the month," he said.
He said Wall Street's overnight gains and stronger regional markets helped sustain the market interest.
Telkom rose 275 rupiah to 5,200 while sister company Indosat was up 200 at 5,650. Dealers said foreign interest was strong in both stocks. Cigarette firm Gudang Garam was up 50 rupiah at 12,800 while Sampoerna fell by 50 to 8,450. Car distributor Astra International lost 450 rupiah to 13,150.
Bank Mandiri was up 10 at 1,460 and Bank Central Asia was up 75 at 3,675. Bank Rakyat Indonesia fell 75 to 2,700 after the stock went ex-dividend today.
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