Indonesia Stocks: Agis, Astra Agro, Bank Pan Indonesia, Mandiri
Indonesia’s Jakarta Composite index advanced 13.74 points, or 0.4 percent, to 3,625.27 as of the 4 p.m. local-time close. The market was shut on Dec. 24 for a public holiday.
PT Agis (TMPI IJ), an Indonesian electronic retailer, jumped 7.4 percent to 145 rupiah, the highest close since Nov. 9. The company will allocate $150 million to finance expansion next year, including acquiring three gold mines on Sumatra island, Investor Daily Indonesia reported, citing Steven Kesuma, president director at the company. Kesuma couldn’t be reached when called at his office.
PT Astra Agro Lestari (AALI IJ), Indonesia’s biggest listed plantation company, climbed 2.1 percent to 24,850 rupiah. Palm oil futures advanced 2.2 percent to 3,744 ringgit ($1,209) a metric ton in Kuala Lumpur, rising for a sixth straight day. Astra Agro plants only oil palm trees.
PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, climbed 2.4 percent to 6,500 rupiah as DMG & Partners Securities Pte Ltd. raised the stock’s rating to “buy” from “neutral” and set a share-price estimate of 7,750 rupiah.
PT Bank Pan Indonesia (PNBN IJ), in which Australia & New Zealand Banking Group Ltd. owns a stake, gained 4.7 percent to 1,120 rupiah, the steepest increase since Dec. 1. The Indonesian lender said 2010 net income may reach about 1.5 trillion rupiah while loan growth this year may reach 30 percent to 32 percent.
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