Shares up on late rebound

Shares up on late rebound

Indonesian shares ended slightly higher on Monday, helped by a late rebound in Bank Mandiri and nickel miner PT International Nickel Indonesia, dealers said.

However, dealers said overall sentiment remained cautious because of growing worries that the government may hike fuel prices early next year.

After hovering in negative territory for most of the session, the Jakarta Stock Exchange Composite Index ended up 1.791 points, or 0.2 percent, at 983.198. The main index fell 1.6 percent on Friday.

Gainers topped decliners 55 to 50, with 94 stocks unchanged. Volume was 1.7 billion shares valued at Rp 959 billion.

Bank Mandiri rose 1.3 percent to Rp 1,925 on a rebound after falling 3.8 percent on Friday.

International Nickel Indonesia gained 1.3 percent to Rp 11,400 on renewed expectations of higher 2004 sales due to an increase in the commodity prices.

Pulp producer Indah Kiat Pulp & Paper ended up 5.4 percent at Rp 975 and paper maker Tjiwi Kimia was 6.7 percent higher at Rp 1,600 on news that their parent, Asia Pulp & Paper, is expected to announce later Monday that its creditors will agree to a debt restructuring plan.

Dealers expect the market to trade flat to slightly higher Tuesday led by a further rebound in Bank Mandiri. -- Dow Jones