"Technical factor pushed up the BEI index . The prices of several stocks begin to climb after significant fall on Tuesday," analyst Reza Priyambada said.
Jakarta (ANTARA News) - The Jakarta composite share price index rose again 0.57 percent in the opening trade on Wednesday after falling on Tuesday afternoon.

The index of the Indonesian Stock Exchange opened 24.06 points higher at 4,259.33 points with the index of 45 most liquid stocks up 0.88 percent to 706.36.

"Technical factor pushed up the BEI index . The prices of several stocks begin to climb after significant fall on Tuesday," chief researcher of Trust Securities, Reza Priyambada, said

Reza said the rupiah value also begin to rise although not significant to give positive effect on the stock market.

He said the rising trend could be short lived with expectation that the Fed would reduce its financial stimulus next month.

Head of Research of Valbury Asia Securities, Alfiansyah, predicted that the taper off would take place from January to middle of 2014.

Regional markets such as Hang Seng recorded an increase of 0.04 percent in index to 23,691.22 points with Nikkei-225 index down 0.10 percent to 15,499.68 points and that of Straits Times falling 0.22 percent to 3,172.21 points

Meanwhile, rupiah also gained against the US dollar after the government succeeded in drawing fund from bond auction.

Rupiah traded at 11,700 per dollar in inter-bank transactions in the first minutes of trading on Wednesday gaining 65 points from the level of 11,765 earlier.

"Rupiah regained some of its lost value against the US dollar after foreign exchange denominated state bonds worth US$190 million were auction off on the domestic market," Reza said.

The bonds were part of a target of US$450 million worth of state bonds to be auctioned off by the government.

Reza said the US dollar is weakening against Japans yen and euro ahead of the US economic data announcement.

Monex Investindo Futures analyst Ariston Tjendra said US unemployment rate is estimated to increase , but house prices in that country were reported to improve on Tuesday night.

"Those data constitute a factor to be considered by the Fed in making the final decision on its stimulus program," Ariston said. (*)

Editor: Heru Purwanto
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