Indonesian, Asian stocks up, lead by Wall Street

Indonesian, Asian stocks up, lead by Wall Street

Associated Press/Jakarta

Indonesian share prices rose on Tuesday as investors continued buying shares in automotive company Astra International due to news that it will buy a stake in an unlisted toll-road operator, dealers said.

The Jakarta Stock Exchange's Composite Index climbed 5.653 points, or 0.5 percent, to 1,129.115.

Gainers led decliners 64 to 52, with 73 stocks unchanged. Volume rose to 2 billion shares valued at Rp 1 trillion, compared with 1.55 billion shares valued at Rp 865 billion on Monday.

Traders said gains on most Asian markets - following an overnight rally on Wall Street - spurred buying on the local bourse.

However, lingering concerns about high interest rates kept overall sentiment cautious.

Astra International led gainers, rising 2.4 percent to Rp 12,950 after the company said it will buy a 54 percent stake in toll-road operator Marga Mandala Sakti.

Cigarette maker Gudang Garam gained 2 percent to Rp 13,050 on bargain hunting and expectations that the company will raise cigarette prices to pass on the cost of an excise tax increase to consumers.

Bellwether Telekomunikasi Indonesia ended 0.5 percent higher after its American Depositary Receipts rose in New York on Monday.

On the downside, Bank Negara Indonesia fell by 0.6 percent to Rp 1,640 and Bank central Asia lost 0.7 percent to Rp 3,500 on worries that high interest rate could hurt the banks' net interest margin.

Dealers said they expected the market to make further gains Wednesday on continued buying in Astra International.

Elsewhere:

In Tokyo, stock prices climbed on Tuesday on Wall Street's advance, as most Asian markets rose.

Japan's Nikkei 225 index advanced 17.35 points, or 0.15 percent, to 11,692.14 - its highest closing level since 11,745.64 on April 11.

Stocks rose for the third straight session as solid U.S. shares made Japanese blue chips look undervalued. Semiconductor stocks such as Fujitsu Ltd. and Toshiba Corp. finished higher, as did Takeda Pharmaceutical Co., Sony Corp. and Matsushita Electric Industrial Co.

On Monday in New York, the Dow Jones industrial average edged up 0.68 percent to 10,519.72, while the tech-heavy Nasdaq composite index climbed 1.07 percent to 2,135.43.

Bangkok, Thai shares rose as the prime minister's expected announcement on an economic stimulus package sparked strong rebounds in many blue chips. The Stock Exchange of Thailand Index was up by 8.16 points, or 1.3 percent, at 648.98.

KUALA LUMPUR: Malaysian shares rose as local funds bought banking and airline stocks following a strong close on Wall Street. The weighted Composite Index of 100 blue chip stocks advanced 6.4 points, or 0.7 percent, to 915.72 - the best closing since 919.43 on Feb. 16.

MANILA: Philippine shares were lifted by the appointment of new finance secretary Margarito Teves. The benchmark 30-company Philippine Stock Exchange Index edged up 16.16 points, or 0.9 percent, to 1,868.94.

SEOUL: South Korean shares ended slightly higher, boosted by foreign buying and falling crude oil prices. The Korea Composite Stock Price Index, or Kospi, advanced 0.3 percent, or 3.45 points, to 1,043.88.

SHANGHAI: China's shares surged in afternoon trading, led by massive buying in blue chips. The benchmark Shanghai Composite Index edged up 3.4 percent to 1,046.16.

SINGAPORE: Shares in Singapore were slightly lower due to the sale of stocks whose values recently rose. The benchmark Straits Times Index fell 5.6 points, or 0.2 percent, to 2,235.59.

SYDNEY: Australian shares dipped as traders sold energy and material issues. The benchmark S&P/ASX 200 index slipped 2 points, or 0.1 percent, to 4,262.1.

TAIPEI: Taiwan's shares ended higher for a second consecutive session, led by strength in thin-film-transistor liquid-crystal- display stocks and continued foreign investment. The Weighted Price Index jumped 59.95 points, or 1 percent, to 6,358.81.

WELLINGTON: New Zealand shares ended at an all-time closing high, buoyed by reinvestment of cash and another strong lead from Wall Street. The NZSX-50 index rose 15.63 points, or 0.5 percent, to 3,307.67.