Indonesia Stock Movers: AKR Corporindo, Aneka Tambang, OCBC NISP
The Jakarta Composite index fell 0.7 percent to 3,909.69.
Nickel producers: PT International Nickel Indonesia (INCO) , the nation’s biggest producer of the metal, declined 1.5 percent to 3,325 rupiah. PT Aneka Tambang (ANTM) , the second largest, slid 1.2 percent to 1,700 rupiah. Nickel for three-month delivery in London fell as much as 1.3 percent to $19,355 a metric ton, dropping for a second day.
PT AKR Coporindo (AKR) (AKRA IJ), a fuel and chemical distributor, jumped 8.2 percent to 3,625 rupiah, closing at a record. The shares gained on expectation the government’s plan to start limiting the sale of subsidized fuel in April will improve the company’s profit margin, said Ikhsan Binarto, an analyst at PT Indo Premier Securities in Jakarta.
PT Bank OCBC NISP (NISP) , owned by Southeast Asia’s second-largest bank by assets Oversea-Chinese Banking Corp., fell 7.7 percent to 1,080 rupiah, the biggest drop among banking stocks. NISP fell after the stock’s 8.3 percent gain Jan. 13 was deemed excessive, according to Joseph Pangaribuan, an analyst at PT Samuel Sekuritas Indonesia. NISP’s 14-day relative-strength index, which measures how rapidly shares have gained or fallen over a certain period, rose to 71 on Jan. 13. A reading of 70 or above suggests to some investors the stock is poised to fall.
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