JCI Halts Three-Day Slide on Optimism for Greek Deal
February 08, 2012
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Indonesian stocks gained on Wednesday, following advances across the Asia-Pacific region on optimism that Greece would work out a plan with creditors to reduce its debt burden.
Shares also gained on expectations that Bank Indonesia would maintain its benchmark rate at 6 percent today to boost economic growth.
The benchmark Jakarta Composite Index rose 33.25, or 0.8 percent, to 3,988.70, halting a three-day, 1.5 percent slide.
Bucking the trend was Astra International, Indonesia’s largest automotive retailer, which declined 1.1 percent to Rp 74,850, its lowest close since Jan. 2.
Teddy Oetomo, a Jakarta-based analyst at Credit Suisse Group, downgraded Astra’s shares to “underperform” from “neutral,” saying that the shares had been overvalued.
Reza Priyambada, an analyst at Indosurya Asset Management, said the positive news about the bailout program for Greece sent the Indonesian benchmark stock index higher.
“External sentiment played the biggest role in today’s rise,” he said.
Greek Prime Minister Lucas Papademos is set to negotiate with leaders of the political parties supporting his caretaker government after he missed another deadline to secure a second aid package.
The rupiah appreciated 1.2 percent to 8,886 per dollar, in the biggest advance since Sept. 27. The currency touched 8,881 earlier, the strongest level since Feb. 2.
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