Jakarta share prices closed 1.25 percent higher on Friday led by big-caps and miners with investors optimistic inflation remains under control, dealers said. They said a firmer rupiah added to the market's positive tone.
The Jakarta Stock Exchange composite index closed up 26.427 points at 2,139.278 on volume of 2.92 billion shares valued at 3.58 trillion rupiah (395.36 million dollars).
For the week, the index fell 13.043 points, or 0.60 percent. Gainers led decliners 119 to 57, with 53 stocks unchanged. The rupiah strengthened to 9,045/9,055 to the dollar, compared to 9,075/9,080 late Thursday. Investors were seen picking up stocks that are likely to post solid second quarter results.
Sinarmas Securities analyst Samuel Sudeswanto Yeung said the market gained on expectation growth in inflation continued to ease in June, providing room for Bank Indonesia to further cut its benchmark BI rate.
The Central Bureau of Statistics is expected to announce May CPI data on Monday. Coal producer Bumi Resources surged 125 rupiah, or 5.81 percent, to 2,275 on expectations of solid second quarter results and on news that the company has completed the issuance of 300 million dollars worth of zero-coupon guaranteed convertible notes, due 2012. Rival Bukit Asam also rose 200 to 6,550.
Index heavyweight Telkom gained 150 rupiah to 5,450 on a technical rebound after falling sharply over the past two days, while rival Indosat lost 100 to 6,500.
Car assembler Astra International rose 200 rupiah to 16,900, Astra's heavy equipment distributor unit United Tractors added 450 to 8,250 and Astra Agro added 300 to 13,750.
Semen Gresik surged 2,800, or 5.74 percent, to 51,600 after its shareholders Thursday approved management's plan for a 10-for-one stock split, which will make the stock affordable and more liquid. Bank Central Asia rose 150 rupiah to 5,450 while rival Bank Mandiri edged up 50 to 3,125.
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