Indonesia Stocks: CIMB Niaga, Semen Gresik, Summarecon Agung
Indonesia’s Jakarta Composite index rose 75.49 points, or 2.1 percent, to 3,694.58 as of the 4 p.m. local-time close, its steepest two-day increase since May 27.
PT Bank CIMB Niaga (BNGA IJ), the local unit of Malaysia’s CIMB Group Holdings Bhd., jumped 7.8 percent to 1,800 rupiah, the highest close since July 21, 1999. CIMB Niaga will sell as much as 500 billion rupiah ($55 million) of subordinated bonds December 17-20, the Indonesian lender said in a prospectus published in Bisnis Indonesia.
PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, rose 2.2 percent to 4,650 rupiah, the steepest increase since Oct. 28. Nickel for three-month delivery climbed 2.2 percent to $23,550 a metric ton in London yesterday, a second day of gains. The contract traded at $23,830 a ton in London.
PT Semen Gresik (SMGR IJ), the largest cement maker, gained 2.7 percent to 9,450 rupiah. Semen Gresik plans to buy two Malaysian cement makers, Investor Daily reported, citing Semen Gresik President Director Dwi Soetjipto. Semen Gresik will allocate $500 million for the purchases, the newspaper said. It didn’t identify the Malaysian companies. Soetjipto couldn’t be reached when called at his office.
PT Summarecon Agung (SMRA IJ), a property developer, slumped 6.1 percent to 1,070 rupiah, the sharpest drop since July 26. Citigroup Inc.’s Alex Wreksoremboko and Steve Wirawan initiated coverage on Summarecon with a “sell” recommendation, saying the share price is fully valued after a surge in the past 12 months.
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