Indonesia Stock Movers: Bank Mandiri, Timah, United Tractors
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the close in Jakarta.
The Jakarta Composite Index (JCI) fell 0.9 percent to 3,958.81, its second day of declines.
Banks: PT Bank Mandiri (BMRI) , the nation’s biggest bank by assets, dropped 2.3 percent to 6,300 rupiah, the first loss since Feb. 15. PT Bank Rakyat Indonesia (BBRI) , the second- largest, fell 1.4 percent to 6,850 rupiah. Inflation may exceed the central bank’s target of a maximum 5.5 percent if the government were to increase subsidized fuel prices by more than 1,000 rupiah a liter, Bank Indonesia Governor Darmin Nasution said today.
“With inflation on the rise, we believe there is no more room to lower interest rates at least in the short term,” Harry Su, head of research at PT Bahana Securities, wrote in a note today. “We advise investors to stay away from interest-rate sensitive sectors: bank, auto and property.”
PT Timah (TINS) , Indonesia’s biggest tin producer, fell 1.2 percent to 2,000 rupiah, its first drop in five days. Refined-tin shipments from Indonesia, the world’s largest exporter, may decline 11 percent in the first quarter to 20,000 metric tons, the lowest level in two years, as monsoon rains disrupt mining, according to a Bloomberg News survey.
PT United Tractors (UNTR) , Indonesia’s largest heavy equipment seller, dropped 3.3 percent to 28,250 rupiah. The company’s heavy-equipment sales in January fell to 617 units, from 731 units a year earlier, it said in a statement.
To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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