Indonesian share prices closed up 0.7 percent on Wednesday on Wall Street's overnight gains as investors cheered billionaire Warren Buffett's offer to help troubled US bond insurers, dealers said. The Jakarta Composite index closed up 18.71 points at 2,610.78, off a high of 2,632.10. Volume was 2.02 billion shares valued at 4.68 trillion rupiah (505.44 million dollars).
"I would expect the market to remain volatile until the end of this month amid lingering concern about the impact of the subprime crisis on the US economy," said Samuel Sekuritas analyst Christine Salim.
Telkom was up 150 rupiah to 9,900, while its rival Indosat added 50 to 7,100. Indonesia's largest bank by assets, Bank Mandiri, gained 25 to 3,250, after having risen to 3,300. Bank Danamon, Indonesia's fifth largest bank by assets, was up 200 to 6,950 rupiah ahead of the its 2007 results announcement.
Astra International gained 650 to 25,450 and gas distributor Perusahaan Gas Negara climbed 150 to 12,450. Coal producer Bumi Resources rose 250 to 7,100. But Bukit Asam, also a coal producer, fell 50 to 10,800. Nickel miner Inco lost 100 to 8,950 and tin miner Timah lost 150 to 27,700. Oil producer Medco Energi gained 125 to 3,950 on the rising oil price. Bakrie Telecom edged down five to 380, despite a rating upgrade to "buy" by Merrill Lynch.