Jakarta share prices closed 1.22 percent higher on Wednesday, with gains in banking stocks, Astra International and Perusahaan Gas Negara helping push the index to close at its high for the day, dealers said.
They said sentiment was upbeat after Bank Indonesia's decision Tuesday to cut its key interest rate by 50 basis points to 11.75 percent and the US Fed's decision overnight to pause its interest rate hikes. The Jakarta Stock Exchange Composite Index closed up 17.017 points at 1,413.100 on volume of 1.43 billion shares valued at 1.45 trillion rupiah (160 million dollars).
The rupiah was trading at 9,085-9,095 to the dollar, little changed from Tuesday's close of 9,090-9,095. Gainers outnumbered decliners 67 to 49, with 87 stocks unchanged. Among index heavyweights, state gas firm PGN rose 200 rupiah to 12,650 and carmaker Astra International also gained 250 to close at 10,950.
Bank Niaga was up 60 at 720 and rival Bank Danamon also netted 100 at 4,875.
Bank Mandiri was up 25 at 2,050 rupiah and rival Bank Rakyat Indonesia also rose 75 to 4,400.