Jakarta shares jump

Indonesian share prices closed up 0.74 percent on Tuesday led by gains in coal miners, with the main index again posting a new record finish, dealers said. They said strong global demand for coal and firm prices are helping underpin interest in the miners.
The Jakarta Stock Exchange composite index closed up 15.693 points at a new all-time high of 2,142.186, beating the previous record of 2,126.493 Monday. Volume was 5.57 billion shares worth 3.98 trillion rupiah (444.94 million dollars). Gainers led losers 129 to 59, while 61 stocks were unchanged. The LQ45 index rose 2.585 points to 444.091.
The rupiah was trading at 8,935/8,945 to the dollar, down slightly from 8,900/8,910 late Monday. "The extended market rally shows investors are confident that inflation is now under control and there is an opportunity for the central bank to cut its benchmark interest rate further," Bhakti Securities analyst Budi Ruseno said. He noted though that the market's upside was limited by some profit taking in a number of large caps that have gained strongly recently.
State coal miner Bukit Asam rose 400 rupiah or 5.97 percent to 7,100 while the country's biggest coal miner Bumi Resources gained 100 or 4.8 percent to 2,150.
Another major index mover was the country's largest cement maker, state-run Semen Gresik, which added 1,150 or 2.6 percent to 45,000, boosted by the firm's plan for a stock split. It will seek shareholder approval for the move at a June 28 meeting. The country's biggest pharmaceutical firm Kalbe Farma extended its rally to finish up 40 or 3 percent on rotational play.
Stocks hit by profit-taking included state nickel and gold miner Antam, which lost 200 or 1.49 percent to 13,200. Selling was also sparked by news that the firm has curtailed operations at its FeNi III ferronickel smelter after a small leak was discovered in a furnace wall last Saturday night.
Among other losers, tin miner Timah lost 100 to 11,300, and nickel miner Inco dropped 2,200 or 3.8 percent to 55,700. Meanwhile, index heavyweight Telkom finished flat at 9,700, Bank Mandiri was also unchanged 3,250 and car dealer Astra International gained 50 to 16,450.