Jakarta stocks edged higher on Tuesday as selective buying on some second line shares and carmaker PT Astra International Tbk helped support the market.
"The market has been very conducive today. Second line shares helped fuel gains," said Norico Gaman, an analyst at BNI Securities.
The Jakarta Composite Index rose 0.23 percent to 776.999 points in relatively heavy trading with an estimated turnover of 1.28 trillion rupiah ($152 million). Gainers outnumbered losers 81 to 54 while 78 shares were unchanged.
Looking ahead, Gaman said there was some room for the market to gain more ground in the coming days.
Small property firm PT Bakrieland Development Tbk soared more than 20 percent to 350 rupiah on local speculative buying.
Astra rose 0.93 percent to 5,450 rupiah. Gaman said investors were expecting positive 2003 financial results from the company due to robust car sales in the world's fourth most populous country.
Astra said car sales grew around three percent in 2003 and some analysts said the introduction of a low-end car by the company late last year was expected to improve sales.
The rupiah was being quoted at 8,400/8,404 to the dollar late on Tuesday, slightly weaker than in the morning.
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