JAKARTA (Thomson Financial) - Indonesian shares ended a volatile session
higher on Monday, lifted by a late technical rebound in select big caps led by
index heavyweight Telkom, coal producer Bumi Resources and Bank Mandiri.
Trading volume was thin, indicating that some market players opted to stay
on the sidelines after the long weekend, awaiting fresh leads.
The Indonesian market was closed on Thursday and Friday for public holidays.
Wall Street was also shut on Friday.
The composite index was up 15.73 points or 0.7 percent at the day's high of
2,339.29, off a low of 2,291.16 points.
The LQ-45 index was up 3.42 points at 502.36.
Gainers led decliners 119 to 68, with 50 stocks unchanged.
Volume was 1.75 billion shares valued at 3.03 trillion rupiah.
The Indonesian rupiah was trading at 9,180/9,190 to the US dollar, compared
to 9,195/9,200 late Wednesday.
"Trading was quite volatile today. The key index, however, managed to end in
positive territory thanks to strong late buying interest in select big caps,"
said Indomitra Securities analyst David Ferdinandus.
Most mining stocks were pressured by a retreat in the global prices of gold
and and nickel last week, moving in tandem with the drop in oil prices, he said.
"Given that the key index closed at its high for the day, there is a good
chance for the market to extend its rebound tomorrow," Ferdinandus said.
Telkom rose 150 rupiah or 1.6 percent to 9,750 rupiah, giant coal producer
Bumi Resources rallied 250 or 4.5 percent to 5,800 and Bank Mandiri surged 125
or 4.2 percent to 3,125 rupiah.
Plantation stocks were mostly up, with Astra Agro adding 550 or 2.2 percent
to 25,550 rupiah, Lonsum rising 250 or 3.0 percent to 8,700 rupiah and Bakrie
Sumatra climbing 20 or 1.2 percent to 1,660 rupiah.
Among key decliners, gas distributor Perusahaan Gas Negara fell 300 or 2.2
percent to 13,150 rupiah, nickel and gold miner Antam dropped 50 or 1.5 percent
to 3,225, nickel producer Inco lost 300 or 4.3 percent at 6,750, tin miner Timah
lslid 1,300 or 4.8 percent to 25,850 and coal miner Bukit Asam skidded 200 or
2.2 percent to 9,100 rupiah.
Conglomerate Astra International shed 150 rupiah or 0.7 percent to finish at
22,600, off a low of 21,600.
(1 US dollar = 9,196 rupiah)
roffie.kurniawan@thomson.com
rk/nt
.
hkp/nt
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