Jakarta stocks end higher driven by regional gains<\/p>\n
Dow Jones, Jakarta<\/p>\n
Indonesian shares ended higher on Friday led by buying in
\ncement and tobacco blue chips, boosted by gains across Asian
\nmarkets after Wall Street's rally overnight, dealers said.<\/p>\n
\"It was, however, a mild buying,\" said a trader with a local
\nsecurities firm, adding that lingering rupiah concerns spurred
\nprofit-taking, offsetting earlier gains.<\/p>\n
The Jakarta Stock Exchange's main index ended up 5.677 points,
\nor 0.8 percent, at 733.990, slightly down from an intraday high
\nof 734.586.<\/p>\n
Gainers led decliners 55 to 37, with 73 stocks unchanged.<\/p>\n
Volume was 1.1 billion shares valued at Rp 738 billion
\n(US$79.69 million).<\/p>\n
Cigarette maker PT Gudang Garam jumped Rp 350, or 2.5 percent,
\nto Rp 14,450 on expectations of higher first half sales.<\/p>\n
Cement maker PT Indocement Tunggal Prakarsa climbed Rp 125, or
\n8.5 percent, to Rp 1,600 on bargain-hunting.<\/p>\n
Dealers said investors continued to buy banking blue chips on
\nexpectations that the central bank won't increase interest rates.<\/p>\n
Heavyweight Bank Mandiri rose Rp 25, or 2 percent, to Rp 1,275
\nafter the bank said its first quarter net profit rose 9.7 percent
\non year to Rp 1.1 trillion.<\/p>\n
Bank Rakyat Indonesia gained Rp 25, or 1.5 percent, to Rp
\n1,700 after the company said late Thursday its first quarter net
\nprofit rose 46 percent on year.<\/p>\n
Shares of PT Indonesian Satellite Corp. (Indosat) fell Rp 25,
\nor 0.6 percent, to Rp 3,975 on profit-taking. The stock rose 3.9
\npercent Thursday.<\/p>\n
Profit-taking also hit shares of Bank Central Asia, which
\ndeclined Rp 25, or 0.6 percent, at Rp 3,700.<\/p>\n
Dealers said they expect the market Monday to trade flat to
\nslightly higher on further bargain-hunting.<\/p>\n
The rupiah has been under severe pressure during the past
\ncouple of weeks due to economic and political concerns. The
\nlocal unit ended at Rp 2,920, unchanged from its close on
\nThursday.<\/p>\n
Suspected intervention by Bank Indonesia and profit-taking
\noffset dollar demand from companies, dealers said.<\/p>\n
Emerging markets have been hurt by capital outflows due to an
\nimminent rate hike in the U.S. But the rupiah, which has lost
\nover 9 percent so far this year, was hit the most among other
\nregional currencies.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jakarta-stocks-end-higher-driven-by-regional-gains-1447893297",
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"sponsor": "Okusi Associates",
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