Indonesian share prices closed 1.44 percent higher Monday with sentiment bolstered by a rebound on Wall Street Friday and gains in some key Asian markets. Dealers said the rise was driven by major stocks such as Telkom and Perusahaan Gas Negara, as well as mining stocks.
The Jakarta Stock Exchange composite index closed up 29.579 points at 2,084.029 on volume of 3.75 billion shares valued at 3.21 trillion rupiah (355 million dollars). The rupiah was trading at 9,070/9,080 to the dollar, compared to 9,080/9,090 late Friday.
"I think the rebound on Wall Street Friday after three straight days of losses helped our market to recover today after sharp falls last Friday," BNI Securities analyst Muhammad Alfatih said. He said hopes for some strong second quarter results from key corporates also helped underpin the gains in a number of large stocks.
Index heavyweight Telkom gained 50 rupiah to 9,700, while rival Indosat was unchanged at 6,500. State coal miner Bukit Asam rose 600 rupiah or 9.30 percent to 7,050 on optimism over its earnings prospects after it announced plans to acquire other coal firms.
The uptrend in global coal prices was also underpinning the stock's rise. Rival Bumi Resources added 60, or 3.30 percent, to 1,880. Nickel miner Inco surged 3,650 rupiah or 7.55 percent to 52,000 while Aneka Tambang rose 450 or 3.53 percent to 13,200.
Perusahaan Gas Negara gained 100 rupiah, or 1.04 percent, to 9,750, Unilever Indonesia rose 550 or 8.73 percent to 6,850. Cigarette maker Gudang Garam increased 200 to 11,000, Astra International added 150 to 16,000 and tin miner Timah rose 200 to 11,350. Banks were mixed, with Bank Mandiri gaining 25 rupiah to 3,125, Bank Danamon increasing 100 to 7,350, Bank Rakyat Indonesia up 100 to 5.950, while Bank Central Asia lost 100 to 5,300.