JAKARTA STOCKS OPEN HIGHER ON FOREIGN BUYERS' ACTIVITY

Jakarta, July 12 (ANTARA) - The Composite Stock Price Index at the Indonesian Stock Exchange here on Monday morning got off to a strong start on high share-buying activity by foreign investors.

The JKSE index went up 12.844 points or 0.45 percent to 2,950.236 points, and the LQ-45 index rose 3.426 points or 0.60 percent to 573.109 points.

The Indonesian stocks were expected to reach 3,000 points this week thanks to strengthening positive factors, according to Alfiansyah, a stock market analyst of PT Sinarmas Securities.

"We are optimistic that foreign investors will be more active in the domestic stock market as well as the money market," he said.

Following the government's decision to speed up the disbursement of the capital expenditure budget, the country was expected to achieve a six-percent economic growth rate.

Another factor which helped boost the stock market was the government's appeal to the banking industry to channel more credits in order to spur economic growth.

Among top gainers at the Indonesian bourse were state bank BRI shares that went up Rp150 to Rp9,300, private Bank Danamon shares surged Rp150 to Rp5,450, Bank Mandiri shares climbed Rp150 to Rp9,400, and private bank BCA added Rp100 to Rp9,400, state owned BNI rose Rp50 to Rp2,575.

State telecommunication company Telkom shares went up Rp50 to Rp7,800, Mayora shares advanced Rp200 to Rp7,450, and state gas company PT P Gas increased Rp50 to Rp18,600 per share.

Meanwhile, the rupiah was stable against the US dollar in the Jakarta interbank spot market here Monday morning.

The Indonesian currency traded Rp9,050-Rp9,060 per US dollar, similar to that at the market's close over last weekend.

The trading activity at the domestic money market was still slow as investors were still cautious and waiting for positive factor to boost the market, according to Krisna Dwi Setiawan, an analyst of PT Valbury Asia Securities.