Indonesian share prices leapt 5.47 percent on Friday on a technical rebound spurred by overnight gains on Wall Street and strong performances across the regional boards, dealers said. The Jakarta Stock Exchange composite index closed up 67.875 points at 1,309.525 on volume of 1.65 billion shares worth 2.29 trillion rupiah (243.36 million dollars).
Gainers led losers 109 to 12, while 50 stocks were unchanged. The rupiah was at 9,300-9,305 to the dollar compared to Thursday's close of 9,390-9,395. The Wall Street rally, sparked by easing inflation fears in the US after positive comment from US Federal Reserve chairman Ben Bernanke, was the key factor that drove the local market higher, said Ryan Ariadi Suwarno, an analyst with Dongsuh Kolibindo Securities.
Bernanke said Thursday that record-high energy and commodity prices could account for some of the recent uptick in core prices but inflation expectations remained within historical ranges. "There was a signal that US inflation is under control. But it is still very difficult to guess the Fed's next move," he said, referring to the upcoming Fed meeting on June 29.
Among major stocks, telecom firm Telkom gained 700 rupiah at 7,500 while long distance operator Indosat also rose 225 at 4,275. Carmaker Astra International netted 500 at 9,500 while cigarette maker Gudang Garam also netted 100 at 9,300.
State-owned Bank Mandiri was up 70 at 1,610 while rival Bank Rakyat Indonesia jumped 300 at 4,225.