JCI Rallies Late on Rate News From US Fed
Francezka Nangoy | January 26, 2012
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Indonesian stocks staged a last-minute rally on Thursday as investors put hope in the US Federal Reserve’s promise to hold its rate steady.
The Jakarta Composite Index gained 19.83 points, or 0.5 percent, to 3,983.43. It was trading at a session low of 3,950.74 with just 10 minutes left before the close.
More than 4.15 billion shares valued at Rp 3.65 trillion ($409 million) changed hands on the Indonesia Stock Exchange.
Gainers beat decliners by 122 to 86. Foreign investors sold more shares than they bought for the second consecutive day, with net sales of Rp 286 billion.
“The index got a late boost from the European market, which opened positively,” said Wisnu Karto, an analyst with eTrading Securities.
He said European markets reacted to Fed chairman Ben Bernanke’s decision to hold the rate steady through late 2014 to stimulate growth.
Shares of Aneka Tambang, Indonesia’s second-biggest nickel producer, climbed the most in four months, gaining 3.5 percent to Rp 1,790.
The rupiah strengthened 0.3 percent to 8,995 against the dollar.
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