Jakarta share prices closed 1.0 percent higher on Tuesday, supported by gains in some regional markets as well as optimism that key companies will be reporting strong 2007 earnings, dealers said. Among the gainers were banking, plantation and select mining stocks.
The Jakarta Composite Index closed up 27.17 points at 2,711.87. Gainers led decliners 121 to 66, with 75 stocks unchanged. Volume was 2.30 billion shares valued at 3.53 trillion rupiah (384.77 million dollars). The Indonesian rupiah was trading 9,155/9,165 to the US dollar, unchanged from late Monday.
Valbury Asia Securities analyst Mastono Ali said that with the US markets closed Monday for a public holiday, local investors looked to other Asian markets for their leads.
"The rise in some Asian markets, following gains in European markets, apparently helped lift sentiment on the local market," Ali said, adding that some stocks were also higher on the expectation they will report strong 2007 earnings. Telkom rose 150 rupiah to 10,100, Astra International gained 400 to 27,200 and gas distributor Perusahaan Gas Negara added 50 to 12,550.
Bank Rakyat Indonesia advanced 300 to 7,300, Bank Mandiri added 100 to 3,375 and Bank Central Asia increased 25 to 3,575. Nickel and gold miner Antam gained 100 to 4,075, coal producer Bumi Resources added 50 to 7,450, and its peer Indo Tambangraya gained 600 to 30,500.