Jakarta Index Up Again

Jakarta, July 31 (ANTARA) - The composite share price index of the Indonesian Stock Exchange (BEI) here on Tuesday rose further on positive global sentiments. Purwoko Sartono, an analyst from Panin Sekuritas said the index was in the resistance area and was vulnerable to profit taking. The index was climbed 0.24 percent to 4,108.95 point in the opening session. "However, there was possibility of limited strengthening of the index," Purwoko said. He cited a number of stocks having potential to grow further including state lender PT Bank Rakyat Indonesia Tbk (BBRI), retailer PT Ramayana Insan Lestari Tbk (RALS), and cement maker PT Semen Gresik Tbk (SMGR). He said positive global sentiment gave a push to the BEI index with the European Central Bank (ECB) planning to hold a meeting on August 3 to discuss details about steps to be taken to safeguard the euro. James Wahyudi, an analyst from Sinarmas Sekuritas said Tuesday`s trade is expected to move mixed with index to hover in the range of 4,065-4,134. The result of the auction of Italian bonds and German economic data gave positive sentiment to the increase in the index. Expected improvement in second quarter`s financial reports of domestic issuers will also give positive sentiment. Meanwhile, Bertrand Raynaldi, the chief researcher of e-Trading Securities the index movement will be consolidated by mixed sentiments. Meanwhile, the rupiah remained unchanged trading at 9,464 per US dollar.