Foreign presence boosts local stock trading<\/p>\n
JAKARTA (JP): Trading on the Jakarta Stock Exchange rose for a
\nthird consecutive day Wednesday on the back of an increased
\nforeign presence.<\/p>\n
Christina Lim of Harita Securities said foreign investors had
\nreentered the market with stronger confidence in the country's
\neconomic fundamentals and political stability.<\/p>\n
Foreign exchange reserves held by the central bank last month
\nreached a record high of US$20.4 billion despite the election
\ncampaigning activities.<\/p>\n
The inflation rate in April was checked at 0.56 percent, lower
\nthan the 0.78 percent reached in April last year, while trade
\nsurplus rose by 67 percent to $964.3 million in April from that
\nin January.<\/p>\n
The brokers said many foreign companies earlier stayed on the
\nsidelines as they feared possible unrest during the
\nelectioneering of the three political parties.<\/p>\n
"So far the campaigning activities are still under the
\ngovernment's control," Christiana said.<\/p>\n
The Jakarta Stock Exchange (JSX) composite index surged 7.24
\npoints to close at 664.84 Wednesday with 260.19 million shares
\nchanging hands at a total transaction value of Rp 489.49 billion
\n($203.95 million).<\/p>\n
Gainers led losers by 61 to 58 with 71 counters remaining
\nunchanged.<\/p>\n
The market was closed Thursday in observance of Moslem New
\nYear and the Ascension Day of Jesus Christ.<\/p>\n
A Vickers Ballas Tamara Securities dealer said that though
\nother regional markets closed mixed Wednesday, share prices on
\nthe JSX mostly gained ground.<\/p>\n
Most blue chip stocks gained higher ground Wednesday with
\nmostly heavily capitalized stock. Telkom rose by Rp 100 to close
\nat Rp 3,700, Gudang Garam rose Rp 625 to Rp 10,325 and its rival
\ncigarette maker Sampoerna increased Rp 100 to Rp 9,825.<\/p>\n
Bank Negara Indonesia rose Rp 50 to Rp 1,550, Bank
\nInternational Indonesia Rp 25 to Rp 1,825 and Bank Bira surged Rp
\n200 to Rp 3,700<\/p>\n
Astra International's foreign price rose Rp 25 to 9,075 and
\nits local price Rp 75 to Rp 6,200.<\/p>\n
In the currency market, however, the Indonesian rupiah
\nweakened against the dollar in slow trading Wednesday on the back
\nof increased liquidity in the money market, brokers said.<\/p>\n
Spot rupiah was at 2,429.50\/29.75 compared with an opening of
\n2,425.50\/26.50. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/foreign-presence-boosts-local-stock-trading-1447893297",
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"sponsor": "Okusi Associates",
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