Jakarta share prices closed 0.01 percent weaker on Tuesday but off the day's lows, as the benchmark index recovered nearly all of its early losses with a late blue chip rebound, dealers said.
The Jakarta Stock Exchange composite index closed down 0.081 points at 1,294.970, off a low of 1,277.016, on volume of 810.135 million shares worth 1.115 trillion rupiah (119.31 million dollars). Losers led gainers 53 to 41, with 53 stocks unchanged. The rupiah was trading at 9,385/9,395 to the dollar against Monday's level of 9,375/9,385.
"The rebound in Bank Mandiri and Astra International in the afternoon session helped the index bounce back," said Christian Ndraha, a dealer with PT Mahakarya Artha Securities. He said Astra rose after reporting a rise in its May motorcycle sales. He added that Tuesday's trading was also relatively more active compared to Monday.
Satrio Utomo, analyst with Recapital Securities, said that apart from Astra, select major stocks, particularly banks, also managed a rebound in the afternoon, helping lift the index off its lows.
"In a relatively thin market like this, a rebound in select large-caps can easily lift the market," Utomo said, adding that trade continued to be dominated by short-term players as investors awaited a US Fed decision on interest rates later this month. Among major stocks, Telkom was down 50 rupiah at 7,400 while its peer Indosat was unchanged at 4,350.
Banks were mostly higher, with Bank Mandiri up 30 at 1,680 and Bank Rakyat Indonesia also up 100 at 4,200. Astra International was up 150 to close at 9,550, while Bumi Resources was up 30 at 800. Aneka Tambang was down 25 at 4,175 while Perusahaan Gas Negara was also down 150 at 10,550.
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