Jakarta stocks finished higher on Tuesday on a technical rebound, but analysts said trading would remain weak until the second round of the presidential elections in September were over.
The Jakarta Composite Index ended 1.05 percent higher to 757.3 points in relatively thin trade worth some 597.6 billion rupiah (65.17 million).
"The market is still in a consolidation period today. The increase is just a regular technical rebound," said Bambang Setiadi, a portfolio manager at Sinarmas Sekuritas. The index lost almost one percent on Monday.
Shares of Indonesia's largest cement maker, PT Semen Gresik Tbk, rose 0.61 percent to 8,200 rupiah after the company booked a 69 percent jump in its second-quarter net profit to 99.17 billion rupiah prior to the opening bell.
PT Telekomunikasi Indonesia Tbk, the most valuable company on the Jakarta bourse, finished up 1.32 percent at 7,650 rupiah.
Looking ahead, some analysts said the market was likely to be lethargic prior to the September 20 presidential run-off vote. They said concerns the central bank might raise interest rates due to higher inflation weighed on the market.
Indonesian booked a 7.20 percent increase in its consumer price index in the 12 months to July amid higher food prices and a weaker rupiah currency.
The rupiah was quoted at 9,170/9,180 to the dollar at market close on Tuesday, slightly weaker compared to the morning.
Comments
Comments are closed.