Foreigners move in to buoy index

PUBLISHED : Thursday, 27 April, 2000, 12:00am
UPDATED : Thursday, 27 April, 2000, 12:00am

Indonesian share prices closed off their lows yesterday amid foreign buying fol lowing recent falls driven by the removal of two economic ministers.

The Jakarta Composite Index closed up 5.035 points at 524.078, off a high of 524.263 and a low of 510.067.

Decliners led advancers by 77 to 52.

An institutional sales representative said the market was moving on minor foreign buying after the extended selling over the past few days.

Telkom's gains were on genuine buying interest, not arbitrage, despite the weakening of the rupiah, he said.

'But there is no feeling that people are suddenly going to surge back into this market and get excited,' the sales representative said.

Close: 524.078 (+ 5.035) Turnover: 434.55 bln rupiah Volume: 671.5 mln shares