Indonesian Stocks: Astra International, Bank Bukopin, Timah
The Jakarta Composite index rose 0.8 percent to 3,988.70, the first gain in four days.
PT Astra International (ASII IJ), Indonesia’s largest automotive retailer, declined 1.1 percent to 74,850 rupiah, the lowest close since Jan. 2. Teddy Oetomo, a Jakarta-based analyst at Credit Suisse Group AG, downgraded Astra to “underperform” from “neutral,” saying the shares were overvalued.
PT Bank Bukopin (BBKP IJ), an Indonesian lender, climbed 1.6 percent to 630 rupiah. Bukopin will set the coupon rate on its seven-year, 1 trillion rupiah ($113 million) bond sale in March at 9.25 percent to 10.25 percent, Yuga Nugraha, a director at PT CIMB Niaga Securities, which is helping arrange the sale, said in Jakarta today.
PT Timah (TINS IJ), Indonesia’s biggest tin producer, rose 4.2 percent to 1,980 rupiah, the highest close since Nov. 2. Tin futures gained 4.1 percent to $25,500 a metric ton in London yesterday, the highest close since Aug. 4, and last traded at $25,625.
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