Oil prices influent Stock Exchange
Stock Report July 8th, 2009
Rising crude oil prices which reached 81 U.S. dollars per barrel, push up the price of leading shares on the Indonesia Stock Exchange, Tuesday.
Composite Stock Price Index (JCI) Stock Exchange closed up 29.864 points (1.16 percent) to the level of 2605.277, the highest level since March 10, 2008.
Research analyst PT Panin Capital, Bayu Aji, said the increase in BEI index was due more to rising stock prices in the mining sector driven by crude oil prices.
In trading in Asia today, the main oil futures contract, light sweet crude for February delivery in New York rose 32 cents to 81.83 dollars per barrel in morning trading, while oil price Brent North Sea crude for February delivery rose 11 cents to 80.23 dollars.
According to Aji, oil prices stay above 80 U.S. dollars has pushed mining stocks such as Bumi Resources (BUMI) rose Rp250 to Rp2.675, Andaro Energy Rp40 raised into position and Rp1.790 Tambang Timah (TINS) to terdongkrak Rp50 Rp2.175 price.
Rising mining stocks has triggered other stocks that dominate the stock market BEI. BEI noted that the stock rise to 136 over the falls is only 64 and 56 did not change.
Transactions that occurred as much as 123,331 times the number of shares traded reached 5.899 billion pieces and the value Rp4, 935 trillion.
According to Bayu, stock transactions by foreign investors is also quite dominant in the number of transactions with 20,067 times the value of Rp1, 460 trillion.
“Most foreign investors are also into mining stocks, particularly shares EARTH,” said Bayu. He also predicts strengthening IDX index will continue despite the action should be aware of profit taking after two days have increased.
