REPUBLIKA.CO.ID, JAKARTA -- The Jakarta composite index closed higher on Monday on foreign investors buying more than selling shares.

The index of the Indonesian Stock Exchange (BEI) closed 20.21 points or 0.43 percent higher at 4,720.42 points with index of 45 most liquid stocks up 0.39 percent to 792.13 points.

PT Asjaya Indosurya Securities' analyst William Surya Wijaya said foreign net buy pushed up the BEI index.

"The condition showed that the BEI index was still in a rising trend," William said.

Foreign net buy was recorded at Rp268.356 billion in share trade on Monday at BEI.

William said technically the BEI index should touch the level of 4,743 points.

HD Capital's analyst Yuganur Wijanarko said the BEI index gain was also attributable to expectation of surplus in Indonesian trade balance in February and optimism that the legislative election would go as market expectation.

"The expectation builds up momentum of consolidation of the movements of BEI index to rally further ahead," he said.

There were 237,440 transactions recorded in Monday's trading at BEI with 3.27 billion shares changing hand valued at Rp4.67 trillion.

Gainers outnumbered decliners by 163 to 127 with 105 shares unchanged.

Regional markets such as Hang Seng posted a 1.91 percent increase in index to 21,846.45 points, with Nikkei index rising 1.77 percent to 14,475.30 points and that of Straits Times gaining 1.23 percent to 3,111.29 points.

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