Commodity-based stocks are expected to gain on Thursday as a result of commodity price rise in the world market.
Jakarta (ANTARA News) - Indonesia`s benchmark stock index rose in the opening trade on Thursday morning to follow the regional trend.

The index of the Indonesian Stock Exchange (BEI) rose slightly 0.19 percent to 4,618.96 points with positive sentiment from the regional markets and gain recorded in the state bond market, Samuel Sekuritas` analyst Benedictus Agung said here on Thursday.

Benedictus said commodity-based stocks are expected to gain on Thursday as a result of commodity price rise in the world market.

The oil prices in the world market rose 1.9 percent to US$105 per barrels at present.

He said the majority of Asian markets were boosted by optimism that the US GDP would rise beyond expectation and Chinese manufacture index data in July was better than expected.

Sinarmas Sekuritas` analyst Christandi Rheza Mihardja said the country`s data of inflation in July and the foreign exchange reserves would provide the strongest sentiment determining the movements of BEI index .

Christandi predicted the BEI index would hover around 4,570--4,653 points on Thursday.

Regional markets such as Hang Seng recorded a 0.9 percent rise in index to 22,080.85 points with Nikkei-225 index up 0.74 percent to 13,769.79 points and that of Straits Times gaining 1.01 percent to 3,254.54 points.

Meanwhile, the country`s currency rupiah looked to have hit new stability at the level of 10,280 per US dollar .

Rupiah value has remained at that position since Tuesday with market players still observing domestic and external sentiments.

"Chinese manufacturing expansion and the decision of The Fed not to change program to buy bonds softened the pressure on rupiah," Monex Investindo Futures`s analyst Zulfirman Basir said.

Meanwhile, worries over Indonesia`s economic slowdown with deficit in trade balance and high inflation expectation would bring negative sentiments to the domestic financial market, Zulfirman said.

He said it would be difficult for rupiah to regain its losses in value recorded over the past month.

Rupiah would likely stay at the level of around 10,235--10,325 per dollar, he predicted.

Trust Securities` chief researcher Reza Priyambada said the market players are still awaiting inflation data for July from the Central Bureau of Statistics. (*)

Editor: Heru Purwanto
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