Indonesian Stocks Hit Two-Year High, Rupiah Rises Again
Yohanes Obor & Bloomberg | March 11, 2010
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The Jakarta Composite Index closed at its highest level in two years on Wednesday as foreign investors snapped up more stocks on the nation’s bourse.
The JCI rose for a fourth-straight day, climbing 13.05 points, or 0.5 percent, to close at 2,670.22, its highest close since Feb. 29, 2008.
Some 4.2 billion shares worth Rp 3.6 trillion ($392.4 million) changed hands. Gainers outnumbered decliners 115 to 59.
The consumer goods and basic industry sectors led the way, rising 2.6 percent and 1.9 percent, respectively.
Overseas funds were net buyers by $60 million on Wednesday, and by $207 million so far this month.
Meanwhile, the rupiah rose to near its strongest level in almost two months as signs of regional and global recoveries boosted appetite for riskier assets.
The rupiah traded at 9,169 against the dollar as of the stock market’s close on Wednesday, compared with 9,196 on Tuesday. The rupiah is now within less than 1 percent of its value versus the dollar just prior to the outbreak of the global financial crisis.
“Asian currencies are all doing quite well today as stock markets are rising and triggering inflows,” said Ho Woei Chen, a regional economist at United Overseas Bank in Singapore.
Leading stocks on Wednesday included PT Unilever Indonesia, which surged 5.9 percent, and PT Perusahaan Gas Negara, which gained 3.3 percent.
Cement company PT Semen Gresik gained 2.6 percent and competitor PT Indocement Tunggal Perkasa added 2.2 percent.
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