The Jakarta Composite index rose 1.4 percent to 3,934.87, rising for a second day. The gauge has fallen 4.5 percent since the start of April, poised for the first quarterly drop since the three months ended Sept. 30. The index has gained 3 percent this year.
PT Bank Mandiri (BMRI) , Indonesia’s largest bank by assets, rose 2.9 percent to 7,150 rupiah, the first gain in five days. Mandiri is considering expanding its business into Myanmar, Vietnam and Thailand as it seeks to become the third- biggest lender in Southeast Asia by 2020, Investor Daily Indonesia reported, citing Vice President Director Riswinandi. Riswinandi didn’t return a call to his mobile phone.
PT Indofood CBP Sukses Makmur (ICBP) , Indonesia’s biggest instant-noodle maker, slid 0.9 percent to 5,650 rupiah, the lowest close since June 13. Wheat futures for September delivery rose to a nine-month high of $7.5525 a bushel in Chicago yesterday before settling up 0.8 percent at $7.47. Indofood CBP uses wheat to make instant noodles.
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