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Indonesian share prices ended 0.7 percent higher on Monday, lifted by a technical rebound in late trade in select big caps led by index heavyweight Telkom, coal producer Bumi Resources and Bank Mandiri, dealers said. The Jakarta Composite Index was up 15.73 points at 2,339.29, off a low of 2,291.16 points. Gainers led decliners 119 to 68, with 50 stocks unchanged.
Volume was 1.75 billion shares valued at 3.03 trillion rupiah (329.71 million dollars). The Indonesian rupiah was trading at 9,180/9,190 to the dollar, compared to 9,195/9,200 late Wednesday.
The Indonesian market was closed on Thursday and Friday for public holidays. Wall Street was also shut on Friday. Trading volume was thin, indicating that some market players opted to stay on the sidelines after the long weekend, awaiting fresh leads.
"Trading was quite volatile on Monday. The key index, however, managed to end in positive territory thanks to strong late buying interest in select big caps," said Indomitra Securities analyst David Ferdinandus.
Most mining stocks were pressured by a retreat in the global prices of gold and nickel last week, moving in tandem with the drop in oil prices, he said. "Given that the key index closed at its high for the day, there is a good chance for the market to extend its rebound tomorrow," Ferdinandus said.
Telkom rose 150 rupiah to 9,750, giant coal producer Bumi Resources rallied 250 to 5,800 and Bank Mandiri surged 125 to 3,125. Plantation stocks were mostly up, with Astra Agro adding 550 to 25,550, Lonsum rising 250 to 8,700 and Bakrie Sumatra climbing 20 to 1,660. Among key decliners, gas distributor Perusahaan Gas Negara fell 300 to 13,150, nickel and gold miner Antam dropped 50 to 3,225. Conglomerate Astra International shed 150 to finish at 22,600, off a low of 21,600.

Copyright Agence France-Presse, 2008

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