Jakarta shares soar

Indonesian shares closed 0.37 percent higher on Tuesday spurred by gains in commodity-related stocks, dealers said. The Jakarta Composite Index gained 9.30 points to 2,518.99 in light trade. "Healthy foreign buying in most commodity plays drove the main index higher despite sell-off by local retailers," a trader told Dow Jones Newswires.
He expected that shares will continue to gain on Wednesday on year-end window dressing. Indonesian markets will be closed Thursday and Friday for a year-end holiday. Coal miner Bumi Resources rose 4.2 percent to 2,500, while palm oil company Sampoerna Agro rose 4.7 percent to 2,775 rupiah on higher commodity prices. Profit taking hit Bank Rakyat, which dropped 1.3 percent to 7,600 rupiah. The rupiah ended at 9,435 to the dollar compared to 9,450 at the last close.