Jakarta Index Extends Gain, Rupiah on Doldrums

Jakarta (Antara Bali) - The Jakarta composite share price index extended gain on Monday to follow the regional trend.

The index of the Indonesian Stock Exchange opened  0.82 per higher at 4,105.95 points with index of 45 most liquid stock up 1.26 percent to 684.60 points.

Samuel Sekuritas' analyst Benedictus Agung said the majority of markets in Asia gained on China's export data better than expected.

"Despite pressure from the fall of rupiah this morning, the BEI index is expected to climb today  with positive regional sentiment, Benedictus said here on Monday.

The rise of oil prices after alleged use of chemical weapon by Syria served a negative sentiment in the financial market in the country, he added.

The Syria crisis triggered a surge in the oil price to US110.5 per barrel last weekend, he said.

Sinarmas Sekuritas' analyst Christandi Rheza Mihardja said an increase in the country's foreign exchange reserves to US$92.9 billion  from US$92.7 billion last month  contributed to the positive sentiment in the domestic market.

Christandi predicted the BEI index would hovered around 4,033--4,112 points in Monday trading
   
Regional markets such as Hang Seng recorded a 0.79 percent increase in index to 22,800.38 points with  Nikkei-225 index up 1.88 percent to 13,121.84 points and that of Straits Times gaining 1.30 percent to 3,087.99 points.

Meanwhile, the country's currency rupiah was still on the decline losing more value against the US dollar in interbank transactions.

Rupiah opened at 11,300 per dollar  weakening from earlier level of 11,170. (*/DWA)