Shares close up; Telkom leads on stock split plan<\/p>\n
Dow Jones, Jakarta<\/p>\n
Shares ended higher on Thursday led by further buying in
\nTelekomunikasi Indonesia on its 2-for-1 stock split plan designed
\nto boost its trading liquidity, dealers said.<\/p>\n
They also said that renewed expectations that the forthcoming
\npresidential election on Sept. 20 will proceed peacefully also
\nspurred foreign investors to buy back Indonesian stocks.<\/p>\n
\"Buying, however, wasn't that strong,\" said a trader with a
\nlocal securities firm, adding that many local retail investors
\nswiftly took profits to avoid risk on the political front.<\/p>\n
The Jakarta Stock Exchange Composite ended up 5.175 points, or
\n0.7 percent, at 780.271, the highest closing level since April
\n30. Gainers led decliners 69 to 45, with 76 stocks unchanged.
\nVolume was 1.45 billion shares valued at Rp 1.03 trillion.<\/p>\n
Bellwether Telekomunikasi Indonesia rose Rp 150, or 1.9
\npercent, to Rp 8,100, also boosted by expectations of higher
\nrevenue from cellular services.<\/p>\n
Cigarette maker Gudang Garam rebounded from an intraday low of
\nRp 13,050 to end the day 1.1 percent higher, or Rp 150, at Rp
\n13,350.<\/p>\n
Bank Mandiri rose Rp 25, or 1.9 percent, to Rp 1,325 on the
\ncompany's plan to buy stakes in other regional banks to
\nstrengthen its performance.<\/p>\n
Car maker Astra International and cement maker Semen Gresik,
\nhowever, succumbed to profit-taking.<\/p>\n
Astra fell Rp 150, or 2.2 percent, to Rp 6,650, and Gresik
\ndropped Rp 250, or 2.5 percent, to Rp 9,850.<\/p>\n
Dealers said they expect the market to trade higher Friday on
\nfurther buying in select blue chips.<\/p>\n
The rupiah closed higher Thursday, tracking major regional
\ncurrencies' gains against the dollar.<\/p>\n
The dollar ended at Rp 9,280, down from its close of 9,330
\nWednesday. The greenback hit an intraday high of 9,335.<\/p>\n
Dealers also attributed the increase in the rupiah to profit-
\ntaking after the U.S. unit rose early this week and to the fact
\nthat dollar demand from local companies has abated.<\/p>\n
They said the dollar's slide Thursday, however, should provide
\nan opportunity for local companies with offshore debt maturing in
\nthe near future to start accumulating the currency.<\/p>\n
\"Fresh dollar bids from local companies are likely to emerge
\naround 9,250,\" said a dealer with a state-owned bank.<\/p>\n
Dealers expect the rupiah to continue to rebound Friday, but
\nlingering political uncertainties. The rupiah is unlikely to
\nbreak a resistance of 9,250, dealers said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/shares-close-up-telkom-leads-on-stock-split-plan-1447893297",
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"sponsor": "Okusi Associates",
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