Indonesian share prices closed 0.21 percent higher on Thursday in line with strengthening regional markets following Wall Street gains overnight, dealers said. However, falls in Telkom and Bank Rakyat Indonesia capped the market's rise, they said.
The Jakarta Stock Exchange composite index added 2.691 points at 1,274.744 on volume of 952.697 million shares worth 878.94 billion rupiah (93.80 million dollars.) Gainers led losers 66 to 30, with 61 stocks unchanged.
The rupiah was at 9,360/9,370 to the dollar against Wednesday's 9,330/9,340. Ryan Aryadi Suwarno, an analyst with Dongsuh Kolibindo Securities, said the rebound on Wall Street overnight and in the region encouraged some investors to risk re-entering the market.
The index's limited rise was expected as the market is not going to change much until the US Federal Reserve makes its decision on interest rates, he said.
"But more importantly, investors hope to get clues on whether the Fed will open the door for further rate hikes or whether it is going to end the rate hike campaign now," he said. He said trading volumes remained thin as some foreign investors were probably away on their summer holidays.
He added that the market should start going back to its normal active mode in July and August as companies' earnings results come out. He said following the Fed meeting, local investors will likely turn their attention to domestic issues, such as the June inflation data announcement on Monday and Bank Indonesia's monthly board meeting the following week.
Telkom was down 100 rupiah at 6,950 and rival Indosat was up 25 at 4,125.
Bank Mandiri was unchanged at 1,670, Bank Rakyat Indonesia was down 50 at 3,850 and Bank Central Asia was up 50 at 4,000. Medco Energi was up 75 at 3,700, Energi Mega was unchanged at 650, Perusahaan Gas Negara was up 200 at 11,000 and Astra International was up 150 at 9,500.
Comments
Comments are closed.