Jakarta index up, rupiah down

Jakarta index up, rupiah down

Indonesia Stock Exchange. (ANTARA/Yudhi Mahatma)

BEI index rose as financial reports of a number of companies were in line with expectation."
Jakarta (ANTARA News) - Indonesia`s benchmark stock index gained slightly in the opening trade of the Indonesian Stock Exchange (BEI) here on Tuesday on positive financial reports published by a number of big listed companies.

Top traded lenders like Bank Mandiri, Bank Central Asia and Bank Negara Indonesia showed healthy financial performances in first semester financial reports published on Monday.

The BEI index rose 20.64 points or 0.45 percent to 4,601.11 points with index of 45 most liquid stocks up 0.69 percent to 767.56 points.

"BEI index rose as financial reports of a number of companies were in line with expectation," Samuel Sekuritas` chief analyst Benedictus Agung said here on Tuesday.

Benedictus said performance data published by Bank Mandiri (BMRI), Bank Central Asia (BBCA), Semen Indonesia (SMGR) and Unilever (UNVR) were relatively in line with expectation.

However, some stock with performance below expectation could put a brake on the rising trend of the BEI index, he said.

Panin Sekuritas` analyst Purwoko Sartono said falling value of rupiah could serve as a negative factor in the stock market.

Regional markets such as Hang Seng posted an increase of 0.11 percent in index to the level of 21,873.45 points with Nikkei-225 index rising 0.29 percent to the level of 13,700.55 points and that of Straits Times gaining 0.22 percent to 3,244.56 points .

Rupiah lost more value on Tuesday trading at 10,285 to the US dollar from 10,265 earlier in inter-bank transactions.

Shrinking value of Chinese yuan to follow the economic slowdown in the world`s second largest economy gave negative impact on rupiah, Trust Securities` chief researcher Reza Priyambada said.

Financial market players chose to restrain from taking any action while waiting for the result of the Fed meeting on July 30-31 on monetary stimulus, Reza said.

In the country, market players reacted negatively to Bank Indonesia slackening protection for rupiah, he said.