Indonesia Stocks: Astra Agro, Bukit Asam, Ciputra, Sorini Agro
Indonesia’s Jakarta Composite index declined 31.35 points, or 0.9 percent, to 3,658.31 at the 4 p.m. local-time close, falling for a fourth day.
Energy companies: PT Tambang Batubara Bukit Asam (PTBA IJ), a state-run coal mining company, retreated 2.1 percent to 20,700 rupiah. PT Perusahaan Gas Negara (PGAS IJ), Indonesia’s biggest distributor of the fuel, fell 1.7 percent to 4,300 rupiah. Crude oil futures declined for a second day, dropping as much as 1 percent to $87.44 a barrel in after-hours trading in New York. A lower oil price reduces the appeal of alternative fuels such as coal and gas.
PT Astra Agro Lestari (AALI IJ), Indonesia’s biggest listed plantation company, declined 3.6 percent to 25,250 rupiah, the sharpest drop since Nov. 18. Palm oil futures fell as much as 1.9 percent to 3,609 ringgit ($1,150) a metric ton in Kuala Lumpur. Astra Agro plants only oil palm trees.
PT Ciputra Property (CTRP IJ), a property developer, gained 3.5 percent to 450 rupiah. Ciputra’s 2011 net income may rise 15 percent because of higher sales and on expectations it won’t post a foreign exchange loss like this year, Kontan reported, citing Artadinata Djangkar, a director at the company. Djangkar couldn’t be reached when called at the office.
PT Sorini Agro Asia Corporindo (SOBI IJ), the Indonesian producer of sorbitol, rose 2.3 percent to 3,350 rupiah, closing at a record. Cargill Inc. said it had agreed to pay a total of $300 million, or 3,500 rupiah a share, for an 85.01 percent stake in Sorini.
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