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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: bill718 who wrote (2497)	2/2/1998 12:44:00 AM
From: bill718	Read Replies (2) \| Respond to of 4718

More good news from Indonesia: Sunday February 1, 10:36 pm Eastern Time Indonesia stocks, currency pass first market test By Mure Dickie TOKYO, Feb 2 (Reuters) - Indonesia's battered rupiah rose against the U.S. dollar and stocks soared on Monday morning as Jakarta passed its first full market test since calling for a freeze in private debt repayment. The re-opening of a number of regional financial markets following holidays last week gave many traders their first chance to pass verdict on Indonesia's call last Tuesday for a halt in local companies' repayment of their foreign debt. The rupiah was quoted at 9,700/10,300 to the dollar at 0130 GMT after opening at 10,100/10,400 -- far above a record low of 17,000 to the greenback hit last month. Sentiment on the rupiah appears to be quite bullish this morning. I think we are likely to see more recovery in the unit along with the other regional currencies,'' one Singapore-based dealer said. Jakarta's composite shares index jumped 6.44 percent to 517.24 points in early trade, as investors gained confidence following the government's moves to tackle corporate debt. This week is seen as a crucial market test for Indonesia's latest reforms and efforts to tackle the private debt mountain. Singapore markets, which also opened on Monday after the Chinese New Year and Moslem Eid Al-Fitr festivals, appeared to join in the applause for Jakarta's debt plans. Singapore's key Straits Times Industrials Index began the first trading day of the Chinese Year of the Tiger by soaring 6.25 percent to 1,338.65 points on regional optimism. Overall, it is a good start to the Year of the Tiger, with the region looking more stable, said a dealer with a European institution. The market loves Indonesia's aid package. Its more stringent measures reflect its willingness to arrest its problems,'' the dealer said.