Jakarta stocks ended slightly higher on Thursday, helped by last minute buying in selected shares and hopes for higher revenues for the bourse's biggest firm, PT Telekomunikasi Indonesia (Telkom).
Telkom said on Wednesday it would increase its call charges starting on April 1.
The composite index, which spent most the day in negative territory, managed to finish up 0.27 percent at 737.65 points in a moderate turnover estimated at 653.4 billion rupiah. Gainers outnumbered losers 58 to 55 while 73 shares were unchanged.
"Telkom was help by the government's decision to allow companies to increase its tariffs. I think that would have a significant impact on the company," said Arianto Reksoprodjo, market analyst at Trimegah Securities.
Telkom shares jumped 2.86 percent to 7,200 rupiah and were the most traded shares of the day.
Indonesia's largest cigarette maker, PT Gudang Garam Tbk, gained 0.78 percent to 13,000 rupiah in the very last minute of the trading. Some analysts said despite the company reporting poorer-than-expected results for 2003, the valuation of its shares remained attractive.
After the company reported its financial results this week, some analysts maintained their buy recommendation on the shares with a 12-month target price between 17,000 and 18,000 rupiah.
Looking ahead, analysts said the trading direction of the Jakarta bourse would be determined by Monday's parliamentary elections. The rupiah currency was being quoted at 8,590/8,595 to the dollar late on Thursday, slightly weaker than in the morning.

Copyright Reuters, 2004

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