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Thursday, 22 November 2001  
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Jakarta shares marginally higher as profit taking saps gains

JAKARTA, Wednesday (AFP) Indonesian shares closed marginally higher Wednesday, with most stocks giving up early gains on profit-taking amid a lack of positive leads to sustain the uptrend, dealers said.

"Profit-taking hit the stocks almost across the board," said a dealer with Panin Securities.

The broader market turned weaker in the afternoon session amid a lack of positive leads to sustain the upward trend, he said.

He said there were no specific reasons or rumours which triggered the profit-taking but added sentiment was partly driven by weaknesses in some major regional markets, including Hong Kong.

The Jakarta Stock Exchange composite index closed up 0.1 percent or 0.256 points at 382.094, off a high of 384.852.

A total of 549.5 million shares worth 284.6 billion rupiah (27 million dollars) were traded.

Falling stocks led rising ones 69 to 49, while 73 were unchanged.

The rupiah closed stronger at 10,430/10,460 to the dollar compared to Tuesday's close at 10,545/10,555.

The currency extended gains partly on the back of news Tuesday of the completion of a new agreement with the International Monetary Fund, said a forex dealer at a foreign bank.

He said the rupiah hit a high of 10,370 before falling back on profit-taking.

Telkom was flat at 2,750 rupiah while Indosat was down 200 rupiah to close at 8,500 rupiah.

Gudang Garam was up 50 rupiah at 8,550 rupiah while Sampoerna closed 75 rupiah down at 3,300 rupiah.

Astra International was up 75 rupiah at 1,950, boosted by the stronger rupiah.

Ramayana retail chain was flat at 2,650 rupiah following the release of weak results. Dealers said Ramayana's poor results were expected but the concern is more about the prospects for fourth-quarter earnings.

Newly-listed Centra Korporindo was up 115 rupiah at 220. 

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