Indonesian share prices closed 0.1 percent higher on Monday with the main index recovering from heavy morning losses after a number of major stocks managed a rebound in late trade, dealers said. The Jakarta Stock Exchange composite index was up 3.14 points at 2,301.55, off an intraday low of 2,268.67 and a high of 2,306.89.
Volume was 5.31 billion shares worth 4.0 trillion rupiah (435 million dollars). Gainers narrowly led losers 108 to 106, with 55 stocks unchanged.
The Indonesian rupiah was at 9,200/9,205 to the dollar, down from 9,185/9,195 rupiah late Friday, but off its intra-day low of 9,250 rupiah. "I think the rebound in some other markets in the region was the trigger for the rebound here," NISP Sekuritas analyst Arif Budiman said.
He said many stocks looked attractive following this morning's sharp falls. "Given that our economic fundamentals remain solid, many stocks are worth collecting after the recent sell-off," he said. Among gainers, index heavyweight Telkom rose 200 rupiah or 1.9 percent to 10,650 while its rival Indosat added 100 or 1.4 percent to 7,150.
Gas distributor Perusahaan Gas Negara rose 100 or 1.1 percent to 9,100 after the company announced it has started using its new pipeline from Labuan Maringgai in south Sumatra to west Java's Bekasi. Major banking stocks finished mixed, with some coming off their lows. Bank Danamon increased 100 or 1.2 percent to 8,250, off an intraday low of 7,950.
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