Indonesian Stocks: Aneka Tambang, International Nickel, Selamat
The Jakarta Composite index (JCI) fell 0.4 percent to 3,986.52, the first drop in four days. The gauge has gained 1.3 percent this week, its sixth weekly increase.
Nickel producers: PT International Nickel Indonesia (INCO) , the nation’s biggest producer of the metal, increased 4.2 percent to 3,725 rupiah, the highest close since Oct. 28. PT Aneka Tambang (ANTM) , the second largest, climbed 1.2 percent to 1,750 rupiah. Nickel futures advanced 3.6 percent to $20,200 a metric ton in London yesterday, the steepest increase since Dec. 16.
PT Selamat Sempurna (SMSM) , an automotive component maker, rose 2.6 percent to 1,560 rupiah. The company signed an agreement yesterday with Tokyo Radiator MFG. Co. to set up a joint venture to produce and trade heat-exchange products, Selamat Sempurna said.
PT Semen Gresik (SMGR) , Indonesia’s biggest cement maker, fell 4.8 percent to 11,850 rupiah, the sharpest drop since Nov. 1, as recent gains were deemed excessive, according to Michael Handisurya, an analyst at PT Valbury Asia Securities in Jakarta. The stock’s 14-day relative-strength index, a moving average based on how rapidly prices have advanced or fallen, rose to 71 yesterday. A reading of 70 or above suggests to some investors that the stock is poised to fall.
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