Indonesia Stocks: Barito Pacific, Clipan, Garuda Indonesia, Inco
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 (JCI) gained 48.98 points, or 1.4 percent, to 3,522.92. The gauge has dropped 9.4 percent this quarter.
PT Astra International (ASII IJ), the nation’s largest auto retailer, climbed 2.6 percent to 62,100 rupiah, the biggest boost to the composite index. Credit Suisse Group AG raised today Astra’s rating to “outperform” from “neutral” with a share-price estimate of 74,000 rupiah.
PT Barito Pacific (BRPT IJ), an ethylene maker, rose 2.3 percent to 890 rupiah, extending yesterday’s 8.8 percent rise. The company’s first-half net income jumped to 226.4 billion rupiah ($25.5 million) from 24.9 billion rupiah a year earlier, Barito said in a statement published in Bisnis Indonesia.
PT Clipan Finance Indonesia (CFIN IJ), which provides leasing and consumer-financing services, advanced 8.4 percent to 450 rupiah, the sixth-biggest gainer on the composite index. PT Kim Eng Securities said in a note today it initiated coverage on the company with a “buy” rating, citing its “bargain valuations.”
PT Garuda Indonesia (GIAA IJ), the nation’s largest airline, fell 1.1 percent to 450 rupiah. Crude oil futures in New York surged the most in four months yesterday, advancing 5.4 percent to $84.45 a barrel. Gains in oil increase the risk of higher fuel costs for airlines.
PT International Nickel Indonesia (INCO IJ), or PT Inco as the nation’s biggest producer of the metal is known, climbed 1.7 percent to 3,050 rupiah. Nickel futures jumped 5.3 percent to $18,955 a metric ton in London yesterday.
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