Index hits 55-month closing high

Index hits 55-month closing high

Indonesian shares ended higher on Monday as foreign funds continued buying blue chips ahead of the year-end, driving the main index to hit a 55-month closing high, dealers said.

"Buying was across the blue chip board," said a trader with a European brokerage firm, adding that large foreign funds continued buying blue chips.

The Jakarta Stock Exchange Composite Index ended up 13.726 points, or 2 percent, at 693.033, the highest closing level since June 1999.

Gainers led decliners 98 to 46, with 69 stocks unchanged. Volume was 1.76 billion shares valued at Rp 746 billion (about US$88 million).

Telecommunications and mining blue chips were among gainers. Telekomunikasi Indonesia (Telkom) ended up Rp 200, or 3 percent, at Rp 6,650, and Indonesia Satellite Corp. (Indosat) rose Rp 400, or 2.7 percent, to Rp 15,000.

Dealers said select mining blue chips extended their gains on expectations of higher revenue due to strong global commodity prices. Tin producer Timah jumped Rp 350, or 15 percent, to Rp 2,700.

Meanwhile, in the rest of the region, Asian stock markets also closed mostly higher, with prices in Tokyo rising for the second straight session in thin trading.

Tokyo's Nikkei Stock Average of 225 issues climbed 83.21 points to 10500.62. The Nikkei rose on buying in the banking sector by foreign institutional investors.

In Hong Kong, the blue-chip Hang Seng Index rose 7.59 points, or 0.06 percent, to 12464.29. -- Dow Jones/AP