JP/13/Share

JP/13/Share

Stocks end higher driven by regional gains

Indonesian shares ended higher on Friday led by buying in cement and tobacco blue chips, boosted by gains across Asian markets after Wall Street's rally overnight, dealers said.

"It was, however, a mild buying," said a trader with a local securities firm, adding that lingering rupiah concerns spurred profit-taking, offsetting earlier gains.

The Jakarta Stock Exchange's main index ended up 5.677 points, or 0.8 percent, at 733.990, slightly down from an intraday high of 734.586.

Gainers led decliners 55 to 37, with 73 stocks unchanged.

Volume was 1.1 billion shares valued at Rp 738 billion.

Cigarette maker Gudang Garam jumped Rp 350, or 2.5 percent, to Rp 14,450 on expectations of higher first half sales.

Cement maker Indocement Tunggal Prakarsa climbed Rp 125, or 8.5 percent, to Rp 1,600 on bargain-hunting.

Dealers said investors continued to buy banking blue chips on expectations that the central bank won't increase interest rates.

Heavyweight Bank Mandiri rose Rp 25, or 2 percent, to Rp 1,275 after the bank said its first quarter net profit rose 9.7 percent on year to Rp 1.1 trillion.

Bank Rakyat Indonesia gained Rp 25, or 1.5 percent, to Rp 1,700 after the company said late Thursday its first quarter net profit rose 46 percent on year.

Shares of Indonesian Satellite Corp. fell Rp 25, or 0.6 percent, to Rp 3,975 on profit-taking. The stock rose 3.9 percent Thursday.

Profit-taking also hit shares of Bank Central Asia, which declined Rp 25, or 0.6 percent, at Rp 3,700.

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