JSX shares gain ground on surge in Wall Street<\/p>\n
JAKARTA (JP): Trading on the Jakarta Stock Exchange (JSX)
\ngained ground yesterday on the back of psychological support from
\nan increase in the Dow Jones Industrial index and a sustained
\nbuying of selected blue chips, brokers and securities analysts
\nsaid yesterday.<\/p>\n
The Dow Jones industrial index rose by 143 points to 7.214
\nMonday sending good sentiment to regional markets including
\nIndonesia's, the brokers said.<\/p>\n
The JSX composite index rose by 6.81 points to close at 659.60
\nyesterday with 198.16 million shares changing hands on a total
\ntransaction value of Rp 393.18 billion (US$ 163.82 million).<\/p>\n
Brokers said the rise on Wall Street was triggered by an
\nexpectation that the next Federal Open Market Committee (FOMC)
\nmeeting on May 20 would not further raise interest rates.<\/p>\n
\"This motivated foreign investors to buy on selected blue
\nchips yesterday,\" managing director of Harita Securitas,
\nChristina Lim told The Jakarta Post yesterday.<\/p>\n
She said even if foreign investors were still cautious about
\nthe election campaign or feared riots before the general election
\non May 29, the sustained interest from local investors on medium
\nsized stocks would prevent the index price from dropping.<\/p>\n
\"Local investors continue to target selected second line
\nstocks,\" she said.<\/p>\n
\"Investors may expect some correction before the election, but
\nconcerns about political stability are lessening now,\" Lim said.<\/p>\n
A Harita Securities broker said the country's rating agency PT
\nPemeringkat Efek Indonesia's positive outlook on toll operator
\nCitra Marga Nusaphala Persada also attracted a good response from
\ninvestors.<\/p>\n
Bank Negara Indonesia gained by Rp 25 to close at Rp 1,500,
\nIndosat by Rp 225 to Rp 7,100 and Telkom by Rp 50 to Rp 3,600.<\/p>\n
In the currency market, the rupiah ended firmer against the
\ndollar in quiet trading yesterday.<\/p>\n
Money market dealer said trading was relatively dull on
\nliquidity anticipation.<\/p>\n
Spot rupiah was at 2,424.25\/24.75 against an opening of
\n2,424.50\/25.50 in the morning yesterday. (09)<\/p>",
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