Foreign funds lift JSX to record high

JAKARTA (JP): Shares on the Jakarta Stock Exchange (JSX) continued to gain ground yesterday as foreign funds entered the market to buy major and second line stocks.

Surya of HG Asia Indonesia said the market was strong from buying orders from foreign and local investors.

The JSX composite index gained 6.77 points to a record 701.05, up from 694.28 Thursday.

Yesterday's turnover was 170.3 million shares from 135.1 million Thursday, the last trading day last week.

Transaction value rose to Rp 508.09 billion (US4215.2 million) from Rp 313.4 billion last Thursday.

Most analysts and dealers said buying of big capitalized stocks and second line stocks dominated trade.

"The investors who postponed purchases during the holidays made a strong purchase yesterday," an analyst from joint venture security firm said.

Heavily traded second line stocks were Fiskar Agung Perkasa, Matahari, Barito Pacific, Bimantara Citra and Citra Marga Nusaphala Persada.

Fiskar Agung rose Rp 275 to Rp 3,625, Matahari Putra Prima gained Rp 200 to Rp 3,600, Hotel Prapatan added Rp 75 to Rp 2,575, while London Sumatra was Rp 100 stronger at Rp 6,600.

Bank stocks remained favorites because of their better-than- expected profit results.

The state-owned BNI rose Rp 50 to Rp 1,700 and Bank Danamon was up Rp 200 at Rp 2,825.

Blue chip HM Sampoerna gained Rp 200 to Rp 15,000, Indosat rose Rp 225 to Rp 6,975, PT Telkom added Rp 25 to Rp 4,225 and Astra International gained Rp 50 to Rp 6,300. (09)