Shares end slightly higher on bargain hunting<\/p>\n
Dow Jones, Jakarta<\/p>\n
Shares closed slightly higher on Thursday on late bargain
\nhunting, after falling in the previous three sessions, dealers
\nsaid.<\/p>\n
Profit taking and news of two small explosions Wednesday in
\nWest Java's capital of Bandung had dragged stock prices lower,
\nproviding bargain hunters good levels to pick up stocks, dealers
\nsaid.<\/p>\n
The Jakarta Stock Exchange composite index closed up 0.1
\npercent, or 1.024 points at 745.340. The main index fell to an
\nintraday low of 735.431.<\/p>\n
Gainers led decliners 64 to 31, with 72 stocks unchanged.
\nVolume was 1.1 billion shares valued at Rp 421.8 billion.<\/p>\n
"We told our clients to buy on dips as stock prices had
\nalready been cheap," said a dealer with a foreign securities
\ncompany.<\/p>\n
Still, dealers said most of the bargain hunters are expected
\nto lock in their profits next week due to lingering concerns over
\npolitical tension ahead of the second presidential runoff
\nelections in September.<\/p>\n
"Buy on dips and sell on rallies is the best strategy for the
\ntime being," he added.<\/p>\n
Heavy weight Telekomunikasi Indonesia (Telkom) rose 0.7
\npercent, or Rp 50, to Rp 7,450; its rival Indonesian Satellite
\nCorp. (Indosat) gained 0.6 percent, or Rp 25, at Rp 4,125.<\/p>\n
Cigarette maker HM Sampoerna closed up 1.9 percent, or Rp 100,
\nat Rp 5,300, and its larger competitor Gudang Garam rose 0.7
\npercent, or Rp 100, to 14,300.<\/p>\n
Automotive company Astra International, however, edged down
\n0.9 percent, or Rp 50, to Rp 5,550.<\/p>\n
Dealers said Thursday's slight gains may inspire other
\ninvestors to buy local stocks Friday.<\/p>\n
Meanwhile, the rupiah ended flat as players remained on the
\nsidelines ahead of second-round presidential elections slated for
\nSept. 20.<\/p>\n
The dollar closed at Rp 8,960, unchanged from its finish
\nWednesday.<\/p>\n
The U.S. unit rose to an intraday high of Rp 9,000 as the
\nmarket remained a little jittery over two small explosions
\nWednesday in Bandung, about 150 kilometers southeast of Jakarta.<\/p>\n
But the bombs, which did only minor damage and left no
\ncasualties, were linked to gambling, and not to the ongoing
\npresidential elections as the market at first worried, police
\nsaid.<\/p>\n
The dollar quickly fell back as mainly local banks cut their
\npositions, traders said. Most want to stay on the sidelines until
\nthe elections are over, they said.<\/p>\n
Around 150 million Indonesians will cast their votes again
\nSept. 20 after a first-round election this month failed to
\nproduce an outright winner.<\/p>\n
Incumbent President Megawati Soekarnoputri is widely expected
\nto face market-favorite Susilo Bambang Yudhoyono in the September
\npoll.<\/p>",
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"sponsor": "Okusi Associates",
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