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JCI Jumps Over the 4,000 Hurdle
JG & Bloomberg | February 02, 2012

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Indonesia’s benchmark stock index passed the psychologically significant 4,000 barrier with a third consecutive day of rises.

The Jakarta Composite Index gained 1.3 percent on Thursday to close at 4,016.9, as global markets rallied amid new data giving cause for cautious optimism about the global economy.

In Jakarta, gainers outnumbered decliners by 174 to 64. About 5.35 billion shares worth Rp 6.45 trillion ($722 million) were exchanged. Foreign investors bought Rp 556 billion more in shares than they sold.

“Global markets were mostly positive because of improvements in manufacturing indexes around the world. This a sign of recovery,” said Wisnu Karto, an analyst with eTrading Securities.

The Institute for Supply Management said that its index of US national factory activity rose to 54.1, from a revised 53.1 in December, and was at the highest level since June.

The report came after the purchasing managers index in the euro zone improved to 48.8 in January from 46.9 in December, with readings higher than 50 indicating an expansion.

“The inflation report [on Wednesday] was also a positive sentiment,” Wisnu said, referring to a finding that Indonesia’s inflation eased for a fifth consecutive month in January. “The inflation rate was relatively under control and as expected.”

In Indonesia, Adaro Energy, the country’s second-biggest coal producer, advanced 4.8 percent to Rp 1,960, the steepest increase in more than three months.

Shares in Garuda Indonesia jumped 8.6 percent to Rp 630, a record close. The airline is in final talks with Bombardier on an order for 18 to 25 regional jets, said Garuda’s chief financial officer, Elisa Lumbantoruan.

Surya Esa Perkasa, a liquefied petroleum producer, surged 13 percent to Rp 1,030, extending a 49 percent increase on its trading debut on Wednesday.

Property developer Intiland Development rose 3.9 percent to Rp 270. The company plans to spend up to Rp 1.4 trillion this year on new projects, Investor Daily reported.

The rupiah rose 1.4 percent to 8,892 per dollar, according to data from Indonesia’s central bank on Thursday.