Indosat pushes index to new high<\/p>\n
Agencies, Jakarta<\/p>\n
Indonesia's key stock index rose to its highest in almost four
\nyears on optimism promised new loans for the government will
\nboost economic growth. PT Indonesian Satellite Corp. and PT
\nGudang Garam led the advance.<\/p>\n
The Jakarta Composite Index rose 3.416, or 0.5 percent, to
\n656.740, the highest since Jan. 21, 2000, at the 4 p.m. market
\nclose in Jakarta.<\/p>\n
Within the index, 36 shares rose, 57 fell, while 243 were
\nunchanged. The benchmark rose 2.9 percent this week, its third
\nweekly advance.<\/p>\n
Indonesian Satellite, or Indosat, the country's main overseas
\ncall operator, rose 800 rupiah, or 5.8 percent, to 14,600. Gudang
\nGaram, the country's biggest cigarette maker by volume, rose 200
\nrupiah, or 1.5 percent, to 14,000.<\/p>\n
Foreign investors continued to buy local blue chips ahead of
\nthe listing of gas utility PT Perusahaan Gas Negara Monday,
\npushing the main index higher, dealers said.<\/p>\n
Dealers said local investors took profit on second-liner
\nstocks such as Bank Lippo, which fell Rp 25, or 5 percent, to Rp
\n475, mining company Bumi Resources, which dropped Rp 20, or 5
\npercent, to Rp 380, and tire maker Gajah Tunggal, which lost Rp
\n25, or 4.4 percent, to Rp 550.<\/p>\n
Shares in cement-maker Semen Gresik slid Rp 200, or 2.4
\npercent, to Rp 8,100, after Mexico's Cemex SA Thursday filed a
\nrequest with an international court to act as an arbiter in a
\ndispute with the Indonesian government over the control of
\nGresik.<\/p>\n
Bank Internasional Indonesia increased 10.5 percent, or Rp 10,
\nto Rp 105 on optimism that the impending entry of South Korea's
\nKookmin Bank and Temasek Holdings Pte. Ltd., the Singapore
\ngovernment's investment arm, into the bank will improve its
\nperformance, dealers said.<\/p>\n
Dealers said they expect the local stock market to continue
\nrising next week on window dressing as fund managers try to boost
\nthe value of their portfolios ahead of year-end.<\/p>\n
Meanwhile, the rupiah ended higher Friday with the Indonesian
\nBank Restructuring Agency suspected of converting some of its
\ndollar proceeds into rupiah, dealers said.<\/p>\n
The dollar closed at Rp 8,477, down from its close Thursday at
\nRp 8,495.<\/p>\n
The government agency is expected to transfer some of the
\nfunds it has raised to state coffers next week, dealers said.<\/p>\n
Dealers said diminishing dollar demand from local companies
\nhad paved the way for the dollar's fall.<\/p>\n
\"Dollar demand from local companies abated in the afternoon
\nsession, which is likely to leave room for the dollar to slide
\nfurther next week,\" a dealer at a foreign bank said.<\/p>\n
Dealers expect the dollar to trade between Rp 8,460 and
\nRp 8,500 next week.<\/p>",
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"sponsor": "Okusi Associates",
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