Chandra Asri, Ciputra, London Sumatra: Indonesia Equity Preview
Shares of the following companies may have unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the previous close.
The Jakarta Composite index (JCI) rose 1.7 percent to 3,426.35.
Palm oil producers: Palm oil may tumble to as low as 2,800 ringgit ($880) a metric ton in the next five to eight weeks, the lowest level in almost a year, as output jumps in Malaysia and Indonesia, the largest growers, according to Dorab Mistry, director of Godrej International Ltd.
PT Astra Agro Lestari (AALI IJ), Indonesia’s biggest plantation company by market value, declined 1 percent to 20,750 rupiah and PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the third-largest, rose 0.5 percent to 1,930 rupiah.
PT Chandra Asri Petrochemical (TPIA IJ): The company’s first-half net income gained to $26.3 million from $23 million a year earlier, the company said in a statement published in Investor Daily Indonesia. Chandra Asri declined 4.1 percent to 3,500 rupiah.
PT Ciputra Development (CTRA IJ): PT Ciputra Residence, a unit of the company, may spend as much as 1.5 trillion rupiah ($167.6 million) to build 1,500 houses in 2012, Bisnis Indonesia reported, citing Ciputra Residence’s President Director Budiarsa Sastrawinata. Ciputra Development fell 1 percent to 490 rupiah.
PT Gozco Plantations (GZCO IJ): The palm oil producer may spend as much as 350 billion rupiah to increase its planted area by about 6,000 to 7,000 hectares in 2012, Investor Daily reported, citing President Director Tjandra Mindharta Gozali. Gozco has 89,838 hectares of unplanted area, the report said. The stock slid 1.5 percent to 330 rupiah.
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