Banking shares helped the Jakarta stock index to a fresh high on Friday, with the government's successful sale of minority stakes in four private banks giving the sector momentum.
"Investors still have a strong buying interest. The banking sector was the driver," said Trevor Gasman, an analyst at Samuel Sekuritas Indonesia.
The Jakarta Composite Index finished 0.64 percent higher at 794.47 points in heavy trading, with turnover estimated at 3.12 trillion rupiah ($370 million).
Despite the gains, losers outnumbered winners 56 to 49 while 95 issues were unchanged.
The Indonesian Bank Restructuring Agency (IBRA) said on Friday it had sold stakes worth a combined 1.5 trillion rupiah ($184 million) in PT Bank Danamon Tbk, PT Bank Niaga Tbk, PT Bank Internasional Indonesia Tbk (BII) and PT Bank Central Asia Tbk.
Danamon and BII jumped almost 10 percent to close at 2,825 rupiah and 115 rupiah, respectively.
Looking ahead, some analysts said the market could test the 800 point level next week.
"Our target for the index is 825," Gasman said, without giving a specific timeframe.
The rupiah was being quoted at 8,435/8,445 to the dollar late on Friday.
The Jakarta stock exchange will be closed on Monday for the Islamic new-year. It will reopen on Tuesday.
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