RI shares end higher on late blue-chips buying

RI shares end higher on late blue-chips buying

Dow Jones, Jakarta

Indonesian shares ended higher on Wednesday on late buying in cement blue chips and small-capitalized stocks reversing earlier losses, dealers said.

"Foreign investors' late buying helped lift the main index," said a trader with Paramitra Securities.

Overall sentiment, however, remained cautious as local retail investors continued to take profit in select blue chips that gained on Tuesday.

The Jakarta Stock Exchange Composite ended up 2.448 points, or 0.3 percent, at 789.135, up from an earlier low of 782.248.

Gainers led decliners 77 to 34, with 93 stocks unchanged.

Volume was 1.5 billion shares valued at Rp 749 billion (US$80.62 million).

Cement maker Indocement Tunggal Prakarsa rose Rp 100, or 5.7 percent, to Rp 1,850 on a rebound and expectations that its cement sales will improve this year.

Indonesian Satellite Corp. ended up Rp 25, or 0.6 percent, to Rp 4,225 on bargain-hunting.

Dealers said several institutional investors bought back small-capitalized stocks on expectations of better earnings this year.

Finance company Clipan Finance Indonesia jumped Rp 50, or 17 percent, to Rp 350 and pharmaceutical concern Enseval Putra Mega gained Rp 10, or 2.4 percent, to Rp 420.

Carmaker Astra International, however, succumbed to profit- taking, down Rp 50, or 0.8 percent, to Rp 6,550.

Dealers said they expect the market to trade higher on Thursday on a further rebound.