Agriculture and mining led Indonesia's stock rally. (AFP Photo)
The Jakarta Composite Index closed at its highest level in 22 months on Tuesday, as foreign investors snapped up commodities-related shares on signs of improved manufacturing in the United States and China.
The JCI rose 29.86 points, or 1.2 percent, to close at 2,605.3, its highest level since Mar. 6, 2008. It has gained for seven consecutive days.
Trading volume was heavy. Some Rp 5.2 trillion ($561.6 million) worth of shares changed hands. Gainers outnumbered losers 124 to 58.
Foreign investors were net buyers by Rp 870 billion.
“Mining and agriculture stocks drove the index up on expectations of increased demand for commodities amid the global economic recovery,” said Purwoko Sartono, an analyst at PT Panin Sekuritas.
Meanwhile, the rupiah rose to its strongest level against the US dollar since October as the yield premium on the nation’s bonds and the rate of economic growth attracted overseas capital.
The rupiah traded at 9,319 against the dollar as of the stock market’s close on Tuesday, compared with 9,354 on Monday.
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