Jakarta shares climb

Jakarta share prices closed 2.63 percent higher on Friday with the main index ending at another all-time high in a technical rebound after Thursday's sell-off, dealers said. They said buying interest was boosted by hopes that many companies would report stronger first-quarter to March earnings.
The Jakarta Stock Exchange composite index closed up 50.378 points at a new high of 1,968.731, beating its previous record of 1,965.438 reached on Tuesday. Over the past week, the index has gained 27.579 points or 1.4 percent. Volume was 3.73 billion shares worth 3.74 trillion rupiah (411.35 million dollars). Gainers led losers 143 to 35, while 44 stocks were unchanged.
The rupiah was trading at 9,087/9,092 to the dollar against 9,100/9,105 late Thursday. "The market's quick rebound shows that yesterday's fall was purely driven by regional market weakness. Our market prospect is still positive as we expect many companies to report solid first quarter earnings," said Oos Rosady, an institutional dealer with Mandiri Securities.
He said the rebound in some major markets in the region also lifted local sentiment. Index heavyweight Telkom led the rally, closing up 400 rupiah or 4.0 percent at 10,400, while rival Indosat gained 150 or 2.4 percent to 6,400. Among the main index movers Friday was the country's biggest lender Bank Mandiri, which jumped 225 rupiah or 7.7 percent to 3,150 after the bank announced its first quarter to March net profit doubled to 1.03 trillion rupiah, aided by lower funding costs and non-performing loans.
Bank Niaga rose 40 rupiah or 4.76 percent to 880 after reporting a 14 percent year-on-year rise in its first quarter net profit to 201.66 billion rupiah. Most other companies are expected to release their first quarter results by the end of this month.
Bank Rakyat Indonesia advanced 150 rupiah to 5,400, Bank Central Asia rose 300 to 5,350, and Bank Danamon gained 200 to 6,700. Among other gainers, nickel miner Inco rose 3,450 rupiah or 5.8 percent to 62,950, Antam climbed 500 to 14,750, Perusahaan Gas Negara added 150 to 10,700, Astra International was up 200 at 14,000, Gudang Garam up 50 at 10,800, and Unilever Indonesia edged 150 higher to 5,800. Among the losers, tin miner Timah dropped 350 or 2.7 percent to 12,700 amid concerns the upside in tin prices is now limited.