RI shares end higher, Telkom gains on rate rise
RI shares end higher, Telkom gains on rate rise
Agencies, Jakarta/Hong Kong
Indonesian shares ended higher on Thursday led by buying in Telekomunikasi Indonesia after the company raised local calls charges by 28 percent from April 1, dealers said.
They said late buying in cigarette blue chips also pushed the main index higher.
"It's a quiet and cautious market," said a trader with a local brokerage firm, adding that many investors were on the sidelines amid lingering security concerns ahead of elections on Monday.
After staying in the negative territory for most of the session, the Jakarta Stock Exchange Composite Index ended up 0.3 percent, or 1.976 points, at 737.653.
Telkom, the nation's largest telephone operator, rose Rp 200, or 2.9 percent, to Rp 7,200 on expectations that the company's revenue will get a boost from the increase in local calls charges.
Cigarette maker Gudang Garam gained Rp 100, or 0.8 percent, to Rp 13,000 and its rival Hanjaya Mandala Sampoerna rose Rp 25, or 0.6 percent, to Rp 4,500 on bargain-hunting.
Dealers said local retail investors, however, took profit in select bank blue chips after gaining in the previous three sessions.
The rupiah closed lower on demand for dollars from local companies to repay foreign debt, traders said.
Monday's parliamentary elections here also put pressure on the local unit. Although most observers expect the polls to be peaceful, investors are taking a wait-and-see-approach toward buying Indonesian assets.
The dollar closed at Rp 8,590, up from Wednesday's close at Rp 8,565.
Dealers also attributed losses in the rupiah to profit-taking after the local currency rebounded Wednesday on a stronger yen.
Dealers expected the dollar to trade between Rp 8,570 and Rp 8,625 Friday.
Indonesia's financial markets will be closed Monday for the parliamentary elections.
In Tokyo, shares retreated on worries about the weak U.S. dollar, but markets were mostly higher elsewhere around Asia.
Japanese investors dumped technology companies and other exporters that stand to be hurt by the dollar's recent slide to levels unseen in four years.
The Nikkei Stock Average of 225 issues closed down 31.97 points, or 0.27 percent, at 11,683.42. On Wednesday, the index gained 21.71 points, or 0.19 percent.
Hong Kong shares ended almost unchanged as investors stayed on the sidelines in a lackluster session.
The Hang Seng Index dipped 5.42 points, or 0.04 percent, to 12,676.25. The Hang Seng had gained 40.28 points, or 0.3 percent, on Wednesday.
The dollar advanced just slightly against the Japanese yen on currency markets after plunging Wednesday to its lowest level since April 2000.
The dollar bought 104.13 yen in late Tokyo trading, up 0.18 yen from late on Wednesday in Tokyo, but below its level of 104.35 yen from late on Wednesday in New York.
In Bangkok, Thai shares rallied strongly, with select blue chips leading the way. The Stock Exchange of Thailand Index closed up 24.62 points, or 3.8 percent, at 671.92.
In Kuala Lumpur, Malaysian shares fell on worries about bank profits. The weighted Composite Index of 100 blue chips dipped 14.77, or 1.6 percent, to 887.08.
In Seoul, South Korean shares edged up slightly as better-than-expected trade data offset worries about a rise in the local currency and high oil prices. The main Korea Composite Stock Price Index added 2.25 points, or 0.3 percent, at 882.75.
In Singapore, shares closed higher for a fourth straight session on late bargain hunting. The Straits Times Index climbed 11.78 points, or 0.6 percent, to 1,870.70.