Jakarta shares end at record high<\/p>\n
Dow Jones,
\nJakarta<\/p>\n
Indonesian shares ended higher on Tuesday, with buying in
\ncement blue chips pushing the main index above the historical
\nlevel of 1,000 points, dealers said.<\/p>\n
Fund managers continued to snap up select blue chips to
\nimprove their books before year-end, but concerns over the rising
\ndeath toll from the massive earthquake and tsunamis over the
\nweekend prevented the main index from rising further, they said.<\/p>\n
Emergency teams attempted to reach remote areas in Indonesia's
\nquake and tsunami-devastated Sumatra Island Tuesday as the
\ngovernment estimated that up to 25,000 people on the island alone
\nhad been killed.<\/p>\n
"Continued year-end window dressing, although not strong in
\nterms of value, pushed the main index above its historical 1,000
\nlevel," said an analyst with Kuo Capital.<\/p>\n
The Jakarta Stock Exchange Composite Index ended up 6.401
\npoints, or 0.6 percent, to hit a record high of 1,003.92.<\/p>\n
Gainers led decliners 70 to 37, with 70 stocks unchanged.<\/p>\n
Volume was 1.1 billion shares valued at Rp 845 billion,
\ncompared with 1.5 billion shares valued at Rp 936 billion on
\nMonday.<\/p>\n
Cement maker Indocement Tunggal Prakarsa jumped 10 percent to
\nRp 2,950, on expectations that the company's financial
\nperformance will improve next year on rising cement demand from
\nlocal markets.<\/p>\n
Indocement's rival Semen Gresik rose 2.2 percent to Rp 18,300,
\non expectations that the government will soon resolve its dispute
\nwith Mexico's Cemex over the control of the nation's largest
\ncement company.<\/p>\n
Also higher were shares in Bank Central Asia, which gained
\n1.7 percent at Rp 3,025 and Bank Danamon, which also ended up
\n1.7 percent at Rp 4,400 on year-end window dressing.<\/p>\n
Shares in bellwether Telekomunikasi Indonesia succumbed to
\nprofit taking and expectations that the company will suffer
\nlosses from tsunami and earthquake that devastated
\ntelecommunication infrastructure in the regions.<\/p>\n
Dealers said they expect the market Wednesday to trade higher
\non follow-through buying in cement blue chips.<\/p>\n
Meanwhile, the rupiah ended lower Tuesday on dollar demand
\nfrom local companies to repay foreign debt by the end of the
\nyear, dealers said.<\/p>\n
The dollar closed at Rp 9,325, up from its close of Rp 9,305
\nMonday. The dollar hit an intraday low of Rp 9,275.<\/p>\n
Companies seeking to pay maturing offshore debt and
\nmultinational corporations expatriating profits bought the U.S.
\nunit.<\/p>\n
Traders also attributed the weaker rupiah to concerns over the
\nrising death toll from Sunday's massive earthquake and tsunami.<\/p>\n
Emergency teams attempted to reach remote areas in Sumatra
\nIsland Tuesday as the government estimated that up to 25,000
\npeople were killed on that island alone.<\/p>\n
Dealers said the market shrugged off Finance Minister Yusuf
\nAnwar's statement that the economy can "neutralize" the impact of
\nthe earthquake next year.<\/p>\n
"There are still worries that the cost to rebuild the region
\ndevastated by the quake could hurt the state budget next year,"
\nsaid a trader with a foreign bank.<\/p>\n
Dealers expect the dollar to trade between Rp 9,300 and
\nRp 9,350 Wednesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jakarta-shares-end-at-record-high-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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