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Indonesia Stocks: Astra Agro Lestari, Indofood CBP, Matahari

Indonesia’s Jakarta Composite index climbed 1.68 points, or 0.1 percent, to 3,696.26 as of the 4 p.m. local-time close, rising for a third day. The gauge gained 1.5 percent this week.

PT Astra Agro Lestari (AALI IJ), Indonesia’s largest plantation stock by market value, gained 1.2 percent to 25,400 rupiah. Cooking oils prices will extend a rally as rising demand exceeds supply curbed by drought and heavy rains, pushing palm oil to 3,600 ringgit a ton this month, according to Dorab Mistry, director of Godrej International Ltd. Mistry correctly predicted in March that prices would exceed 3,000 ringgit ($954) a ton after June. Astra Agro plants only oil palm trees.

PT Bank CIMB Niaga (BNGA IJ), the local unit of Malaysia’s CIMB Group Holdings Bhd., jumped 8.9 percent to 1,960 rupiah. PT Sucorinvest Central Gani said in a research report today CIMB Niaga plans to raise 1.5 trillion rupiah ($166 million) through a rights offer early next year to boost lending growth. CIMB Niaga Corporate Secretary Harsya Denny Suryo couldn’t be reached when called at his office.

PT Indofood CBP Sukses Makmur (ICBP IJ), Indonesia’s biggest instant-noodle maker, fell 1.9 percent to 5,050 rupiah. Wheat jumped to the highest in almost four months, gaining as much as 2.7 percent to $7.69 a bushel, the highest price for the most-active contract on the Chicago Board of Trade since Aug. 6. Indofood uses wheat as an ingredient to make instant noodles.

PT Matahari Putra Prima (MPPA IJ), the nation’s second-biggest hypermarket operator by stores, rose 7 percent to 1,690 rupiah, a record close. The company said four companies including South Korea’s biggest retailer, Lotte Shopping Co., are interested in acquiring a controlling stake. Matahari also plans to pay an interim dividend of 1 trillion rupiah ($111 million) on Jan. 10, it said today.

PT Timah (TINS IJ), Indonesia’s largest tin mining company, rose 1.8 percent to 2,825 rupiah. Tin for three-month delivery advanced 3 percent to $25,550 a metric ton in London yesterday, the biggest gain since Oct. 20. The contract gained 0.2 percent to $25,600 a ton in London today.

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