Indonesian shares rise after upbeat trade data; property sector leads

JAKARTA Mon Dec 2, 2013 4:47am EST

Related Topics

JAKARTA Dec 2 (Reuters) - Indonesian shares rose on Monday as data showed an unexpected trade surplus in October after the central bank tightened monetary policy to slow the economy and imports.

The trade surplus was $50 million in October, data from the statistics bureau showed on Monday, compared with an expected deficit of $650 million in a Reuters poll of economists. Exports jumped 2.59 percent compared with a 7.55 percent fall in the previous month.

Property stocks jumped almost 5 percent, while the blue-chip index rose 2.11 percent. The main index was up 1.5 percent.

Shares of both Alam Sutera Realty and Ciputra Development soared more than 11 percent, while Bumi Serpong Damai rose 9.6 percent.

"With better trade data, the rupiah wouldn't be too weakened and we expect interest rates not to be raised again. This is good for banking and property stocks," said Jemmy Paul, a Jakarta-based equity fund manager at Sucorinvest Asset Management.

The Indonesian rupiah jumped more than 2 percent as the central bank and foreign lenders provided more support to the currency.

(Reporting by Andjarsari Paramaditha,; Editing by Prateek Chatterjee)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.