House Passes Budget to Ease $63 Billion in U.S. Spending Cuts
Indonesian Stocks: Bumi Resources, Surya Semesta, Semen Gresik
The Jakarta Composite index gained 0.01 percent to 3,953.05.
PT Bakrie Sumatera Plantations (UNSP) , a palm oil and rubber producer, rose 1.7 percent to 300 rupiah. Rubber futures extended gains in Tokyo. Rubber advanced for a third day as the Japanese currency declined to a three-month low against the dollar, raising the appeal of yen-denominated contracts, and on speculation that demand from tire makers may increase. The July- delivery contract gained as much as 2.5 percent to 325 yen a kilogram ($4,142 a metric ton) on the Tokyo Commodity Exchange, before settling at 323.5 yen.
PT Bumi Resources (BUMI) , Indonesia’s largest coal producer, rose 2 percent to 2,525 rupiah. The biggest shareholders in Bumi Plc have dropped a proposal for an extraordinary general meeting to depose board members including billionaire co-founder Nathaniel Rothschild. Borneo Bumi Energi & Metal Pte. Ltd., which has voting rights over 29.9 percent of London-listed Bumi, withdrew the plan following “very constructive” talks with two independent directors of Bumi, according to a statement from Borneo Bumi director Ken Allan yesterday. The proposal will now be considered at the next Bumi board meeting on March 26th, it said.
PT Surya Semesta Internusa (SSIA) , a developer and construction services provider, rose 9.1 percent to 960 rupiah, the highest close since its March 1997 trading debut, as the company plans to acquire 1,000 hectares in Karawang and 2,000 hectares in Bekasi, according to Arief Budiman, an analyst at PT OSK Nusadana Securities Indonesia in Jakarta. Surya Semesta’s net income may triple to 604 billion rupiah this year, he said.
PT Semen Gresik (SMGR) , Indonesia’s largest cement producer, rose 0.9 percent to 11,650 rupiah. Indonesia’s cement sales gained to 4.05 million tons from 3.52 million tons a year earlier, Investor Daily Indonesia reported, citing data from the country’s cement association.
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