Indonesian share prices closed 0.74 percent higher on Wednesday, extending gains on fresh interest in blue chip Indosat and infrastructure stocks, dealers said. They said the gains were made on the back of foreign investor interest as locals hesitated in the face of Tuesday's hike in interest rates.
The Jakarta Stock Exchange composite index rose 7.786 points at 1,059.380 on volume of 958.85 million shares worth 1.18 trillion rupiah (114 million dollars.)
Advancers led decliners 73 to 34, while 66 stocks were unchanged. The rupiah was at 10,360-10,370 to the dollar compared to Tuesday's 10,350-10,365.
"If it weren't for foreign buying, the index could have fallen again as local investors tend to take profits whenever they are uncertain where the market is going," said Equity Development Securities analyst Nugraha Adi.
Adi said the fresh foreign interest was partly due bargain-hunt opportunities as the market appeared to have bottomed out from its downward trend of last month.
Indosat gained 100 at 5,300 rupiah while telecom firm Telkom dropped 50 to 5,200.
Carmaker Astra International was flat at 10,000 rupiah while unit United Tractors rose 100 to 3,825.
Construction firm Adhi Karya rose 40 to 590 rupiah and state gas firm Perusahaan Gas Negara added 125 to 3,575.
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