Indonesian shares closed 2.1 percent higher on Wednesday, belatedly following gains on Wall Street, dealers said. Fund managers were also active as they tidied up their portfolios before the end of the year, they said. The Jakarta composite index closed up 56.57 points at 2,714.55 on volume of 2.21 billion shares worth 3.19 trillion rupiah (339.72 million dollars).
Crude palm oil (CPO) stocks were among the key gainers, rallying after the price of the commodity hit a fresh high on the Malaysian derivatives exchange. The Indonesian bourse reopened after a break from last Thursday. Before today's rally, the main index had retreated more than five percent from its all-time high of 2,810.96 set on December 11.
"Domestically, we are running out of positive leads. But the positive trend on Wall Street and some other markets in the region was enough to support a rally here," said Rafdi Prima, a technical analyst at Mandiri Securities.
CPO producer Astra Agro rose 1,800 rupiah to 26,250, rival Lonsum added 300 rupiah to 10,250, Bakrie Sumatra Plantations advanced 150 to 2,200 and Sampoerna Agro gained 175 to 3,475.
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