Indonesian Stock Movers: Adaro Energy, Danamon, Indofood Sukses
The Jakarta Composite Index (JCI) rose 0.4 percent to 4,180.73. The gauge advanced 1.4 percent this month, its fifth month of gains. That’s the longest stretch of monthly gains since July 2011.
PT Adaro Energy (ADRO) , Indonesia’s second-largest coal producer, gained 2.8 percent to 1,860 rupiah, the sharpest increase since March 2. Adaro said first-quarter production rose 3.4 percent to 10.96 million metric tons from 10.6 million tons in the same period last year. Adaro remains on track to reach its 2012 full-year output target of 50 million to 53 million tons, it said in a statement.
PT Berau Coal Energy (BRAU) , a coal producer, declined 5.6 percent to 510 rupiah, the biggest drop since Nov. 1. Berau said its first-quarter net income sank 66 percent from a year earlier to $12 million.
PT Bank Danamon Indonesia (BDMN) , which Singapore’s DBS Group Holdings Ltd. plans to acquire, fell 5.1 percent to 5,600 rupiah, the lowest close since March 30. DBS’ bid might face new challenges after the Indonesian central bank said April 27 that the takeover is pending a new bank ownership rule and on a reciprocity agreement with Singapore’s monetary authority, PT Kim Eng Securities wrote in a note.
PT Indofood Sukses Makmur (INDF) , the parent company of Indonesia’s biggest instant-noodle maker, climbed 3.2 percent to 4,850 rupiah. Indofood said first-quarter net income rose to 815 billion rupiah ($89 million), from 735 billion rupiah a year earlier.
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