JSX closes 2.3 percent higher

JSX closes 2.3 percent higher

JAKARTA (JP): The Jakarta Stock Exchange (JSX) increased by 2.3 percent to a new high yesterday due to a continual inflow of foreign funds that pushed up the prices of blue chip stocks.

The JSX Composite Index closed up 12.91 points at 563.90 points, a new high in the last 24 months, a dealer said.

With a total of 6,503 transactions, the trading volume reached 89.1 million shares worth about Rp 306.66 billion (US$133 million).

Advancing stocks outnumbered declining stocks 58 to 25, while some 50 stocks remained unchanged.

An analyst from Barclays Niaga Securities, Amy Tantri, told The Jakarta Post that consumer stocks were the favorite sector for American institutions.

HM Sampoerna gained Rp 925, Gudang Garam Rp 700, Unilever Rp 500 and Indofood Rp 250.

Barito Pacific rose by Rp 350, Bimantara Citra by Rp 300, Kalbe Farma by Rp 450 and Semen Cibinong by Rp 250.

Other blue chip stocks on the rise were toll road operator Citra Marga Nusaphala Persada, Telkom, Indosat and Bank Internasional Indonesia.

A dealer from a local brokerage told the Post that the plan of PT Gudang Garam's management to split the stock and to distribute bonus shares in the near future also pushed up the stock price.

Amy Tantri said that she is optimistic that the inflow of foreign funds will continue until next month. (08)