Indonesian share prices closed 0.76 percent higher on Tuesday on Wall Street's overnight gains and following this week's release of tame June inflation data, dealers said. The firmer rupiah also helped boost market sentiment while profit-taking in select banks capped the market's advance in afternoon trade, they said.
The Jakarta Stock Exchange composite index was up 10.113 points at 1,337.868 on volume of 1.204 billion shares valued at 1.578 trillion rupiah (173.98 million dollars). Gainers led losers 73 to 46, with 64 stocks unchanged.
The rupiah was trading at 9,070/80 to the dollar compared to Monday's level of 9,150/9,160. Ryan Ariadi Suwarno, an analyst with Dongsuh Kolibindo Securities, said benign June inflation data released Monday raised investor expectations that Bank Indonesia will cut its key rate at a meeting this Thursday.
Suwarno said stronger regional markets and the firmer rupiah further cheered the market. Astra International rose on hopes of improving car sales in coming months should the central bank cut its key rate, he added. Among major stocks, Telkom was up 100 rupiah at 7,400 and rival Indosat was up 50 at 4,350. Bank Mandiri was down 20 at 1,730 and Bank Rakyat Indonesia was also down 25 at 4,300, hit by profit taking.
On the other hand, Bank Central Asia was up 25 at 4,300 while Bank Danamon was unchanged at 4,125. Aneka Tambang was up 275 at 4,975, Medco Energi was unchanged at 3,825, Bumi Resources was down 10 at 780 and Energi Mega was unchanged at 650.
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