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Indonesian shares finished higher on Thursday led by blue chip stocks, particularly car maker PT Astra International, which was boosted by news of a strong rise in vehicle sales in October.

The Jakarta Composite Index rose by 16.40 points, or 0.68 percent, to 2,420.28.

The LQ-45, the blue chip index, rose by 4.57 points, or 0.97 percent, to 476.94.

Some 6.04 billion shares worth Rp 5.97 trillion ($633 million) changed hands.

“Some blue chip stocks rose ahead of others, such as Astra International, as the car sales figures released on Thursday showed a jump in October,” said Pardomuan Sihombing, head of research at PT Paramitra Alfa Sekuritas.

Astra shares gained Rp 1,750, or 5 percent, to Rp 32, 750 after figures showed October sales of new vehicles, excluding motorcycles, jumped 40.4 percent to 52,241 units — the best month-on-month improvement since December.

Pardomuan noted that the local market bucked the regional trend. Most Asian markets fell.

Ketut Tribayuna, an analyst at PT Bali Securities, said the index’s rise was not that strong because investors were still mainly focusing on blue chip stocks.

The manufacturing sector rose 1.84 percent. Banking shares edged up 0.73 percent.

Both Ketut and Pardomuan said the index may decline today as investors seek profits.

“I think there’s potential for a correction on Friday, as global markets may correct and the negative sentiment could spread to our market,” Pardomuan said.

Meanwhile, the rupiah retreated from a three-week high as concerns that the global economic recovery would falter dampened demand for riskier assets.

The rupiah slipped 0.3 percent to Rp 9,425 against the dollar as of the stock market’s close.

Other leading stocks on Thursday were PT Bank Central Asia, which rose by Rp 100, or 2.13 percent, to Rp 4,800; and PT Adaro Energy, which rose by Rp 70, or 4.52 percent, to Rp 4,800.

Notable decliners included PT United Tractors, which fell by Rp 200, or 1.26 percent, to Rp 15,700. PT Bank Permata plunged Rp 80, or 8.89 percent, to Rp 820, while PT Bank Rakyat Indonesia slipped Rp 50, or 0.68 percent, to Rp 300.