Share prices gain ground

JAKARTA (JP): The Jakarta stock market gained ground yesterday as the JSX composite index rose 4.82 points to 652.05.

Turnover was worth Rp 444.14 billion (US$185.05 million) as 224,83 million shares were traded.

An ABN AMRO Indonesia dealer said the market rose on local speculative buying on second and third line stocks. Foreign buyers picked up mostly bluechip stocks.

Dongsuh Kolibindo Securities' analyst, Tony Visiyanto, said overnight rises in New York set a positive tone for Asian markets.

Orderly and peaceful general election campaigning has helped ease earlier market fears, he said.

"The political atmosphere during the campaign has not been as heated as investors predicted," he said.

"With possible small, isolated riots during the campaign activities, the JSX composite index could go down to as low as 640".

Another analyst said the market would fluctuate between 640 and 650 until the May 29 election.

Among the market leaders PT Telkom rose Rp 50 to Rp 3,525, Gudang Garam was up Rp 100 at Rp 10,200, while HM Sampoerna added Rp 100 to Rp 9,750

Among the second line stocks to rise were the newly listed Putra Surya Multidana which surged Rp 125 to Rp 2,750, Elang Realty by Rp 225 to Rp 1,650 and Berlian Laju Tanker by Rp 375 to Rp 2,250. (09)