JSX shares close 0.8 percent higher

JSX shares close 0.8 percent higher

JAKARTA(JP): Share prices on the Jakarta Stock Exchange (JSX) closed 0.8 percent higher yesterday, as local buyers anticipated a potential market rally for the week after the Idul Fitri holidays conclude next week.

The JSX will be closed for a week starting Monday, when Moslems prepare to celebrate Idul Fitri on Feb. 20 and 21.

The JSX composite index closed 4.76 points higher at 595.53 yesterday.

Turnover was estimated at 87.44 million shares worth Rp 254.53 billion (US$109.90 million).

A dealer from PT BDNI Securities told The Jakarta Post that unlike last week, when selling pressures from local investors cut the index by up to eight points on the last trading day, investor sentiment remained strong yesterday.

"I think they are anticipating a big rally, which may happen after the holiday break," he said.

The dealer said that the market should continue to go up after the holiday.

Gainers outnumbered losers 59 to 37, while 50 stocks were unchanged.

The top ten gainers yesterday were Sekar Laut, Lippo Securities, Ficorinvest, Ultra Jaya, Inti Indorayon, Lippoland, Nipress, Arghakarya, Perdana Cipta and Fajar Surya.

Some big stocks also recorded price increases. PT Telekomunikasi Indonesia climbed Rp 25 to Rp 3,825 despite a recent negative report saying that the company would lose up to Rp 9 billion in revenues because of recent flood disruptions.

Sampoerna

Gudang Garam rose Rp 1,000 to close at Rp 28,000, while Sampoerna advanced Rp 175 to Rp 26,400.

Indocement Tunggal Prakarsa rose Rp 50 to Rp 9,150 and Bank Internasional Indonesia was up Rp 300 to Rp 10,125.

The dealer said that positive financial reports from most listed companies might have boosted the positive sentiment.

However, a dealer from Baring Securities told the Post there was no significant reason why the market has been strong this week.

"It's a normal market performance," he said.

The dealer added that the JSX's performance after the holiday break will depend on the New York Stock Exchange's performance.

"Most Asian bourses will also be closed next week. So, following the holidays, we'll have to see how well the New York Stock Exchange does," he said. (08)