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Stocks were up for a second day on Tuesday as foreign investors continued to bank on Indonesia’s new land law boosting the economy.

The Jakarta Composite Index gained 49.77 points, or 1.3 percent, to close at 3,938.84, extending its 0.5 percent gain on Monday.

Gainers beat decliners 164 to 75. More than 6.80 billion shares worth Rp 5.63 trillion ($613.7 million) were traded.

“Foreign investors have been net buyers since the beginning of the month. If you look closer, you’ll see that the stocks they were buying [on Tuesday] are related to infrastructure development,” said Betrand Raynaldi, head researcher at eTrading Securities in Jakarta.

Foreign investors bought Rp 562 billion more than they sold. In seven days of trading so far this year, there has been just one day of foreign net selling.

Bank Mandiri, the largest lender by assets, rose 2.2 percent to Rp 6,850, while West Java’s Bank Jabar and Banten jumped 7.6 percent to Rp 990.

Semen Gresik, the largest cement producer in the country, led the basic industry sector with a 2.8 percent gain to Rp 11,150. The sector gained 1.3 percent.

The mining sector rose 2.2 percent, supported by coal miners like Tambang Batubara Bukit Asam, Bumi Resources, and Adaro Energy.

“The valuations of coal miners are relatively low compared to the main index, considering that these companies have good financial performance,” Betrand said. Coal miners, he said, are trading at 10 times price-to-earnings ratio, while the JCI is trading at about 13 times.

“Besides, investors are also expecting dividend payments from these companies,” he said. “Coal producers are very diligent about distributing dividends to investors.”

Indonesian companies usually distribute dividends after reporting their annual results.