Shares end higher on Telkom rebounds

Shares end higher on Telkom rebounds

Dow Jones, Jakarta

Indonesian shares ended higher Wednesday on rebounds in Telekomunikasi Indonesia and Indonesian Satellite Corp., dealers said.

The JSX Composite index ended up 0.3 percent, or 1.530 points, at 520.465. Gainers led decliners 67 to 53 with 75 stocks unchanged.

Volume was light at 421 million shares valued at Rp 418 billion rupiah (US$46.9 million).

Dealers said the market recovered after two days of profit- taking.

But trade during the afternoon was thin as many market participants turned their attention to the World Cup.

Telkom shares gained 1.9 percent, or Rp 75, at Rp 4,000, recovering after losing 3.6 percent earlier this week.

Indosat ended up 2.6 percent, or Rp 300, at Rp 11,750 on a rebound after losing 1.3 percent Tuesday, and on expectations it would delay a planned rights issue until next year.

Also moving higher were shares in Indonesia's largest cigarette maker, Gudang Garam, which gained 0.9 percent, or Rp 100, to Rp 10,900.

Shares in plantation concern Astra Agro Lestari gained 3.8 percent, or Rp 75, to Rp 2,050, and shares in cement maker Indocement Tunggal Prakarsa rose 3 percent, or Rp 25, to Rp R850.

But shares in automaker Astra International bucked the trend, falling 1.7 percent, or Rp 75, to Rp 4,325 after rising 1.7 percent Tuesday.

Dealers expect the market to be flat to higher Thursday.

Meanwhile, Asian stock markets closed mostly higher Wednesday, with Japan and Hong Kong finishing higher but some smaller markets ending the day with a loss.

Tokyo's benchmark 225-issue Nikkei Stock Average edged up 10.80 points, or 0.09 percent, to 11,663.87 on gains in technology companies, including Canon and Sony. On Tuesday, the Nikkei plunged 248.32 points, or 2.09 percent.