Jakarta (ANTARA News) - The Jakarta composite share price index (IHSG) closed 0.97 percent higher on Wednesday driven mainly by consumer sector stocks, analyst said.
The index of the Indonesian Stock Exchange (BEI) rose 56.90 points to 5,891.94 point with index of 45 most liquid stocks up 1.11 percent to 978.67 points.
"The IHSG rose steadily since morning trading. The index of consumer sector stocks increased 3.46 percent as the main driver," analyst of Reliance Securities Lanjar Nafi said here.
He said the increase in the prices of consumer stocks negated the speculation about shrinking buying power of the people.
He noted , however, that share sales by foreign investors had curbed the IHSG from rising higher.
Based on trading data at BEI there was foreign net sell of Rp120.86 billion.
Vice President of Research and Analysis of Valbury Asia Securities Nico Omer Jonckheere said that the Indonesian economy, which was relatively conducive, serves as positive catalyst for domestic stock market.
"The improved national economic data as released by the Central Bureau of Statistics gave optimism to investors amid global security uncertainty," he said.
Trade on Wednesday had a frequency of 308,300 transactions with 7.547 billion shares worth Rp6.803 trillion changing hands .
Gainers outnumbered decliners by 166 to 153 with 128 stocks unchanged in price.
Regional markets such as Nikkei and Strait Times recorded a decline in index and the index of Hang Seng rose.
On Thursday the Indonesian stock exchange is closed as the country would celebrate its national independence anniversary.
Source: Antara News