Indonesian shares jumped 4.57 percent on Tuesday to close at a high for 2009, driven by foreign buying in bank and commodity-related stocks, dealers said. The Jakarta Composite Index gained 82.45 points to 1,886.01 on huge volume of 8.2 trillion rupiah (795.4 million dollars).
"We have a lot of positive factors which inspired bargain buying after last week's pullback, and I think the main index is still on the right track to test the important level of 1,900 tomorrow," a fund manager told Dow Jones Newswires.
Foreign funds were net buyers of 506 billion rupiah worth of shares.
Dealers said the firmer rupiah, lower interest rates and gains in most Asian markets inspired buying despite sporadic profit-taking by local funds. Bank Rakyat Indonesia jumped 12 percent to 6,650 rupiah, while Bank Mandiri gained 7.8 percent to 2,775. Bank Danamon advanced 12 percent to 4,150 rupiah on hopes of solid first-half earnings.
Coal miner Bumi Resources climbed 5.3 percent to 2,075 rupiah and palm oil producer Astra Agro added 4.4 percent to 18,900 on higher commodity prices. The rupiah ended at 10,370 to the dollar compared to 10,435 at the last close.
Comments
Comments are closed.