Indonesia shares close 0.27 percent higher in lacklustre trade

JAKARTA - Indonesian share prices closed 0.27 percent higher on Monday with investors hesitant about new positions while most other East Asian markets were closed for the Lunar New Year holiday, dealers said.

By (AFP)

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Published: Mon 19 Feb 2007, 5:14 PM

Last updated: Sat 4 Apr 2015, 9:55 PM

A rebound by gas distributor Perusahaan Gas Negara (PGN) supported the main index, they said.

PGN rebounded after the company announced that a temporary halt in pipeline construction in Banten province would not stop it putting its South Sumatra-West Java gas pipeline into operation next month.

The Jakarta Stock Exchange composite index closed up 4.930 points at 1,799.293, on volume of 1.41 billion shares worth 1.21 trillion rupiah (133.26 million dollars). Gainers beat losers 68 to 46, and 75 stocks were unchanged.

The rupiah was at 9,075/9,080 rupiah to the dollar, compared to 9,047/9,050 rupiah Friday.

‘Trading activity was so quiet today. I think the closure of other markets in the region really affected us. People were easily tempted to take profit whenever a stock went up,’ an institutional dealer with Mandiri Securities said.

He said some of the gainers were stocks that had lagged behind in recent rallies or those, such as Bimantara, with upside potential due to corporate plans.

PGN was up 150 rupiah at 8,900. Bimantara added 100 to 4,925 after the company announced a stock split plan, dealers said.

Indocement rose 200 to 5,650 and Medco Energi climbed 125 to close at 3,575.

Banking stocks were mixed. Bank Mandiri was up 25 at 2,550 and Bank Rakyat Indonesia added 50 to 5,000 while Bank Central Asia was down 50 at 5,200 and Bank Danamon slipped 50 to 6,050.

Index heavyweight Telkom was flat at 9,650.

Car dealer Astra International was unchanged at 15,000 after the company announced a drop in its sales of cars last month, dealers said.

Gudang Garam was flat at 10,050 and Indosat dropped 100 to close at 5,850.

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