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Indonesian stocks regained some lost ground on Thursday, as shares in miners and banks rebounded, helping the benchmark index close above the psychologically important 2,500 level after declining four out of the five previous days.

The Jakarta Composite Index rose 24.31 points, or 0.9 percent, to 2,507.8. Some 6.3 billion shares worth Rp 2.9 trillion ($310.3 million) changed hands.

Trade was mixed, with decliners outnumbering gainers by only 92 to 80.

Purwoko Sartono, an analyst at PT Panin Sekuritas, said investors were gaining confidence that the European Union would help Greece through its debt crisis.

Purwoko said Bakrie group stocks were held back on Thursday, despite the rally in blue chips and commodity-related shares, because of concerns about group leader Aburizal Bakrie’s political battle with the government.

The Bakrie group’s coal miner, PT Bumi Resources, lost 1.1 percent, while its oil and gas unit, PT Energi Mega Persada, tumbled 7.1 percent.

The rupiah and government bonds were little changed as Wednesday’s confirmation of Indonesia’s fastest economic expansion in a year in the fourth quarter offset concerns about measures the European Union may take to help Greece.

The rupiah traded at 9,370 against the dollar as of the stock market’s close, compared with 9,359 on Wednesday.

“The overall economic condition is still quite positive, so people are still positive on the rupiah,” said Wiling Bolung, head of treasury at PT ANZ Panin Bank in Jakarta.” 



Bloomberg