Rupiah ends up on profit-taking<\/p>\n
Dow Jones, Jakarta<\/p>\n
The rupiah ended higher on Thursday on suspected intervention
\nby the central bank, Bank Indonesia, and continued profit-taking
\nagainst the dollar's recent rise, dealers said.<\/p>\n
The dollar closed at Rp 9,485, down from its close on
\nWednesday at Rp 9,525.<\/p>\n
State banks, suspected to be acting on behalf of the central
\nbank, sold the dollar when trading opened, dealers said.<\/p>\n
\"The suspected Bank Indonesia's dollar unloading triggered
\nfurther profit-taking against the dollar, which was also prompted
\nby the dollar's correction against most other Asian currencies,\"
\na dealer with a local bank said.<\/p>\n
Month-end dollar demand from local companies slowed the
\ndollar's slide, dealers said. Local companies usually step up
\ntheir dollar purchases during month-ends to pay for maturing
\noffshore debt or to finance imports.<\/p>\n
Dealers said that the greenback may test lower levels on
\nFriday, but much also depends on the dollar's movement against
\nother major currencies.<\/p>\n
They expect the unit to trade between Rp 9,450 and Rp 9,500.<\/p>\n
Meanwhile, Jakarta shares ended higher on a rebound after
\nfalls in the previous five sessions, with gains across Asian
\nmarkets providing support, dealers said.<\/p>\n
\"The market recovered slightly from its recent sharp losses,\"
\nsaid a trader with a foreign securities firm. He added that
\nbargain hunters bought back shares in plantation and
\ninfrastructure-related companies on expectations of improved 2005
\nperformance.<\/p>\n
Dealers said lingering worries that the central bank will soon
\nraise interest rates to defend the rupiah and combat rising
\ninflation prevented investors from taking up strong buying
\npositions.<\/p>\n
The Jakarta Stock Exchange Composite Index ended up 15.04
\npoints, or 1.4 percent, at 1080.17.<\/p>\n
Gainers led decliners 106 to 40, with 63 stocks unchanged.<\/p>\n
Volume was 2.3 billion shares valued at Rp 2.1 trillion,
\ncompared with 2.86 billion shares valued at Rp 2.7 trillion on
\nWednesday.<\/p>\n
Heavy equipment company United Tractors jumped 11 percent to
\nRp 2,875 on a rebound after falling 22 percent in the previous
\nfive sessions.<\/p>\n
Dealers also attributed gains in Tractors to expectations that
\nits performance will improve this year due to rising heavy
\nequipment demand for reconstruction projects in earthquake
\ndevastated areas in Indonesia.<\/p>\n
Crude palm oil producer Astra Agro Lestari rose 8.1 percent to
\nRp 4,000 on expectations of solid first-quarter earnings due to
\nhigher commodity prices.<\/p>\n
Also higher on a rebound were shares in bellwether
\nTelekomunikasi Indonesia (Telkom), which gained 0.6 percent to
\nRp 4,475 and rival Indonesian Satellite (Indosat), which added
\n2.6 percent to Rp 4,875.<\/p>\n
Dealers expect the market to trade higher on Friday on further
\nbargain hunting.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rupiah-ends-up-on-profit-taking-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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