JSX hits record high<\/p>\n
Urip Hudiono, The Jakarta Post, Jakarta<\/p>\n
The Jakarta Stock Exchange (JSX) rose to a record high on Tuesday
\nas investors scrambled to buy telecommunications, banking and
\ncigarette blue chips following strong third quarter profit
\nreports and easing oil prices.<\/p>\n
The oil-price factor has triggered a rally in regional
\nbourses, which had also created positive sentiment in the local
\nmarket.<\/p>\n
The Jakarta Composite Index surged by 2.1 percent, or 17.807
\npoints, to an all-time high of 881.396 points from Monday's
\n863.589. A total of 2.1 billion shares worth Rp 1.7 trillion
\n(US$187 million) were traded.<\/p>\n
Among the stocks traded, gainers led decliners by more than
\nthree to one, with 107 stocks higher than their previous closing,
\nand only 31 lower. A total of 76 stocks, meanwhile, remain
\nunchanged.<\/p>\n
\"Investors are seeing a clear improvement in corporate
\nperformance, especially in the banking and telecommunications
\nsector,\" said analyst David Ferdinandus from Anugerah Securities
\nIndah.<\/p>\n
Shares of telecom giant PT Telekomunikasi Indonesia led
\nTuesday's market rise, as they jumped by 5.2 percent to Rp 4,575,
\nafter the company reported a 14 percent rise in nine-month profit
\nto Rp 5 trillion due to higher cellular and fixed-line revenues.<\/p>\n
Shares of rival Indosat also rose by 3 percent to Rp 5,000,
\nfollowing the company's announcement of its nine-month profit
\nthat more than doubled to Rp 1.38 trillion.<\/p>\n
The country's two largest banks also gained in their shares --
\nBank Central Asia went up 3 percent to Rp 2,550, while Bank
\nMandiri was 3.1 percent higher at Rp 1,675.<\/p>\n
Shares of cigarette titan H.M. Sampoerna ended up 2.5 percent
\nat Rp 6,150, while Gudang Garam shares gained 0.8 percent to Rp
\n12,850.<\/p>\n
\"A drop in oil price has cranked up global stock markets, and
\nconsequently ours,\" David said. \"It will affect cost production
\nof companies, further improving their performance.\"<\/p>\n
Analyst Jasso Winarto of the Sigma Research Institute said
\nPresident Susilo Bambang Yudhoyono's new government had
\nencouraged positive sentiment in the market.<\/p>\n
The analysts, however, said the market rise would likely be
\ntemporarily, as investors continued to monitor company
\nperformances and the impact of the U.S. presidential election.<\/p>\n
\"The outcome of the U.S. presidential election, which will
\nsurely affect stock markets and the price of oil, is still
\nunknown,\" Jasso said. \"We will just have to wait and see.\"<\/p>",
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