Indonesian share prices closed 2.10 percent higher Friday, with news of an impending reshuffle of economic ministers giving the market's Wall Street-led gains a further boost, dealers said.
The Jakarta Stock Exchange composite index was up 23.046 points at 1,119.417 on 1.25 billion shares worth 1.37 trillion rupiah (137 million dollars).
The rupiah was at 10,000/10,010 to the dollar, against Thursday's level of 10,020/10,035.
Advancing stocks led losers 100 to 21, while 48 stocks were unchanged.
President Susilo Bambang Yudhoyono said on Fridayy he had asked former finance minister Budiono to join his economic team, but will only announce the reshuffle in two or three days.
"I personally don't see why the market should benefit from the possible change of finance minister. I am surprised myself," said David Chang, an analyst with Kresna Graha Sekurindo.
"Probably one reason is, it has removed some uncertainty about the change of cabinet members. Moreover, given Budiono was finance minister in the former cabinet at the time when the economy was not doing too badly, I think people are a bit optimistic," he said.
Chang, however, said that given the underlying threat from rising inflation, and the likelihood of further interest rate hikes in the United States and at home, the market may be a bit "over enthusiastic."
"I don't think the economy is going to change drastically just after the cabinet reshuffle," he added. Among the gainers, Telkom was up 100 rupiah at 5,550 and Indosat was up 100 at 5,600. Cigarette maker Gudang Garam added 150 to finish at 11,000 and Astra International rose 300 to 9,550.
Bank Mandiri extended its recent run, closing up 70 at 1,380 while Bank Danamon rose 125 to 4,050. Bank Central Asia was up 50 rupiah at 3,350.
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