Indonesian share prices closed 1.3 percent higher on Friday led by miners and plantation stocks on hopes of strong earnings this year on the back of rising commodity prices, dealers said. The Jakarta Stock Exchange composite index closed up 30.86 points at 2,335.49 on volume of 6.1 billion shares valued at 3.8 trillion rupiah (413 million dollars).
For the week, the main index gained 109.88 points, or 4.9 percent. Gainers led decliners 111 to 49, with 86 stocks unchanged. The rupiah strengthened to 9,165/9,170 to the dollar, compared to 9,180/9,188 late Thursday. Plantation company Astra Agro Lestari surged more than 10 percent on optimism it will report strong third-quarter earnings, as prices of crude palm oil products have been rising in recent months.
"Strong buying interest in the resources sector, such as plantation and mining in the late afternoon session drove the market to close at its high for the day after moving sideways much of the day," Batavia Prosperindo analyst Santikno Suherman said.
Market players are expecting the high prices of a range of commodities including tin, nickel, gold and coal, as well as crude palm oil, to persist through the end of this year, and boost the earnings of resources companies. Index heavyweight Telkom rose 150 rupiah to 11,150 while rival Indosat edged up 50 to 7,100.
Automotive company Astra International rose 200 rupiah to 19,300 and gas distributor Perusahaan Gas Negara added 100 to close at 10,700. Bumi Resources advanced 75 rupiah to 3,450, Bakrieland Development was up 30 rupiah at 510 rupiah, Bakrie Brothers rose 10 rupiah to 290 and Bakrie Telecom added 10 rupiah to 410. Nickel producer Antam added 50 rupiah to 2,750.