Jakarta stocks end firmer

19 May, 2004

The Jakarta stock market closed higher on Tuesday as a previous day slump to five-month lows on rising oil prices and US rate rise expectations prompted some bargain hunting.
The composite index traded within Monday's range before closing up 7.68 points, or 1.2 percent, at 676.15 points.
Turnover was 1.2 trillion rupiah ($132 million), as gainers outnumbered losers by 63 to 45 and 69 issues were unchanged.
The Jakarta index recovered ground, along with regional markets, after sliding 7.5 percent on Monday in the largest one-day drop in percentage terms since it fell 10.4 percent after the 2002 Bali bombings.
But analysts said the negative factors that have driven recent stock market declines would limit gains. Strongly performing stocks included Indonesia's biggest auto distributor, PT Astra International Tbk, which ended up 5.9 percent at 5,400 rupiah.
PT Telekomunikasi Indonesia Tbk gained 1.5 percent to 6,700 rupiah and cigarette company PT Gudang Garam Tbk closed up 0.8 percent at 12,950 rupiah.
Regional markets were stronger, with Japan's Nikkei average gaining 1.96 percent on strong gross domestic product (GDP) data.

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