Indonesian shares climb

Indonesian shares ended 3.39 percent higher Monday spurred by expectations of interest rate cuts by the central bank and positive first-quarter earnings reports, dealers said. The Jakarta Composite Index gained 58.57 points to 1788.15. "Most of the listed companies have reported higher first-quarter profits, which encouraged investors to continue buying stocks," a trader told Dow Jones Newswires.
The market widely expects Bank Indonesia to cut its policy rate by another 25 basis points Tuesday as inflationary pressures continued easing in April. Crude palm oil producer Astra Agro rose 5.23 percent to 18,100 rupiah, while nickel and gold miner Aneka Tambang rose 5.11 percent to 1,440. Bank Negara Indonesia rose 6.06 percent to 1,400 rupiah and Bank Permata jumped 1.82 percent to 560. The rupiah closed at 10,500 to the dollar, compared to 10,630 on Friday.