Jakarta shares end up on regional gains

Jakarta shares end up on regional gains

Dow Jones, Jakarta

Indonesian shares ended marginally higher on Monday on a rebound, with gains in most Asian markets providing support, dealers said.

They said worries that the rupiah may remain weak during the presidential election period kept sentiment low, discouraging investors from taking strong buying positions.

Indonesians will hold their first direct presidential elections July 5, followed by a second round of polls in September if none of the candidates win the majority vote.

"It's a mild rebound," said a trader with a local securities firm, adding that many investors stayed on the sidelines amid an absence of fresh leads on the local economy front.

The Jakarta Stock Exchange's main index ended up 2.848 point, or 0.4 percent, at 700.785. The main index had fallen 4.9 percent in the previous four sessions.

Gainers led decliners 44 to 32, with 76 stocks unchanged. Volume was 1.3 billion shares valued at Rp 878 billion.

Bank and automotive shares were among the gainers.

Car maker Astra International rose Rp 150, or 2.8 percent, to Rp 5,600 on a rebound. The stock fell 6 percent in the previous three sessions.

Also higher on bargain-hunting were shares of heavyweight Bank Central Asia, which gained Rp 50, or 1.5 percent, to Rp 3,500, and Bank Rakyat Indonesia, which ended up Rp 25, or 1.7 percent, at Rp 1,525.

Shares of bellwether Telekomunikasi Indonesia (Telkom) fell Rp 50, or 0.7 percent, to Rp 6,800 after its American Depositary Receipts fell $0.1 to $14.60 in New York on Friday.

Dealers said they expect the market Tuesday to trade flat to slightly higher on further bargain-hunting.

Meanwhile, rupiah closed higher as foreign market participants took profit against the dollar and Bank Indonesia allegedly intervened to help the local unit, dealers said.

The local unit closed at Rp 9,340 per U.S. dollar, down from its close Friday at Rp 9,465.