RI's GDRs jump on rupiah's rebound

RI's GDRs jump on rupiah's rebound

LONDON (Reuters): Indonesian global depositary receipts (GDRs) jumped yesterday as the rupiah gained on repeated intervention, news of a de-facto debt moratorium and plans to restructure the banking system.

But dealers said GDR business was limited and sentiment remained weak among international investors.

"The rupiah rallied today on intervention but the currency is still very fragile, so this could prove to be a temporary bounce," said one dealer.

Of the two key Indonesian issues traded in London, PT Telkom gained 50 cents, or 6.85 percent, to last trade at $7.80, despite falling in Indonesia on concerns a stronger rupiah would weaken local currency revenues.

Tin miner PT Tambang Timah gained $1.0, or 12.94 percent, to $8.725.

Spot rupiah was last at 10,400/11,400 after ending in New York at 14,100/14,400 overnight.