Indonesia Stocks: Bank Central Asia, Mandiri, Indofood Sukses
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the noon Jakarta-time break.
The Jakarta Composite index fell 56.26 points, or 1.6 percent, to 3,403.68, retreating for a third day.
Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, declined 5.9 percent to 5,600 rupiah, set for the sharpest drop since Jan. 10. PT Bank Central Asia (BBCA IJ), the largest by market value, fell 2.5 percent to 5,850 rupiah.
Financial stocks were the biggest drag on the composite index today. The shares fell amid concern inflation will remain high this year and prompt the central bank to further raise borrowing costs, according to Joseph Pangaribuan, an analyst at PT Samuel Sekuritas Indonesia in Jakarta.
PT Indofood Sukses Makmur (INDF IJ), the parent company of Indonesia’s biggest instant-noodle maker, declined 1.6 percent to 4,750 rupiah. Wheat climbed for a third day, reaching the highest level since August 2008. March-delivery wheat added as much as 0.8 percent to $8.8150 a bushel in Chicago. Indofood uses wheat to make instant noodles.
To contact the reporter on this story: Berni Moestafa in Jakarta at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com