Indonesian Stock Movers: Astra International, Bakrie Sumatera
The Jakarta Composite Index (JCI) rose 0.2 percent to 3,860.46.
Cement companies: PT Semen Gresik (SMGR) , Indonesia’s largest cement producer, rose 3.2 percent to 11,150 rupiah. PT Holcim Indonesia (SMCB) , the third biggest, advanced 2.1 percent to 2,400 rupiah.
Indonesia will implement stimulus measures to boost consumption and infrastructure spending, Bambang Brodjonegoro, head of fiscal policy at the Ministry of Finance, told reporters in Jakarta today. The government will tap last year’s 24- trillion rupiah ($2.55 billion) budget surplus to fund building projects, he said.
Palm oil producers: PT Astra Agro Lestari (AALI) , Indonesia’s biggest listed plantation company by market value, slid 1.8 percent to 21,350 rupiah and PT Bakrie Sumatera Plantations (UNSP) declined 2.6 percent to 189 rupiah.
Palm-oil futures fell for a second day, losing as much as 0.4 percent to 2,953 ringgit ($928) a metric ton on the Malaysia Derivatives Exchange in Kuala Lumpur.
PT Astra International (ASII) , Indonesia’s largest automotive retailer, gained 3 percent to 6,850 rupiah. Nomura Holdings Inc. upgraded the stock to buy from neutral, while PT Sucorinvest Central Gani initiated coverage on the stock with a buy recommendation and a share-price estimate of 7,800 rupiah.
PT Greenwood Sejahtera (GWSA) , a property developer, rose 4.8 percent to 220 rupiah. Greenwood plans to sell as much as 750 billion rupiah of bonds in the third quarter to buy land in central Jakarta, Director Bambang Dwi Yanto said.
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