Inflation Report Prompts IDX Composite to Reach 3,500 - The Indonesia Today

Composite index of IDX surged 1.22% to close at 3,512.62 points with lower inflation report for February prompting the buying in local stocks. The gains in regional markets also support the sentiment.

Food prices pushed down February inflation to 0.13% and year-on-year to 6.89%, Central Bureau of Statistics (BPS) announced today. In January, BPS recorded inflation of 0.89% and year-on-year inflation of 7.02%.

In blue chip, Astra surged 3.75%, Bank BCA jumped 2.38%, Bank Mandiri was up 1.72%, and PT Telkom inched up 0.67%.

In mining, ENRG and PGAS hiked 3.70% and 3.52%, respectively. Antam grew 3.41% while Bumi lost 0.83%.

In banking, BBTN soared 6.77%, BBRI gained 4.26%, BJBR jumped 2.63%, and BBNI rose 2.11%, while BDMN declined 1.56%.

Losers of the day were HMSP (1.17%), ADRO (1.02%), MNCN (0.91%), and UNTR (0.86%).

In regional markets, Straits Times soared 1.97%, Nikkei hiked 1.22%, KLSE rose 0.74%, SSE jumped 0.51%, and Hang Seng inched up 0.25%. BSE Sensex rocketed 2.94% an hour before closing, while Kospi and All Ordinaries lost 1.23% and 0.04% respectively.

Light sweet crude oil futures for April 2011 gained 0.16 points to US$97.13 per barrel in New York. Rupiah strengthen up 11 points to Rp8,812 per US$ according to Bank Indonesia.