Indonesia Stocks: Bank Agroniaga, Indosat, International Nickel
Indonesia’s Jakarta Composite index rose 4.30 points, or 0.1 percent, to 3,703.51 at the 4 p.m. local-time close, gaining for a fourth day. Today is the last trading day for the year as the market is closed tomorrow.
The gauge has risen 46 percent in 2010, the steepest gain among Asia’s 10 biggest markets and extending last year’s 87 percent advance. PT Pan Brothers, a clothing manufacturer, is the best performer with a 1,085 percent jump and PT Intikeramik Alamasri Industri, a porcelain tile maker, is the biggest loser with an 86 percent plunge.
PT Bank Agroniaga (AGRO IJ), an Indonesian lender, rose 0.6 percent to 168 rupiah. Bank Agro plans a rights offer in the first half of next year to boost capital, Corporate Secretary Hirawan Nur Kustono said, confirming a report today by Investor Daily Indonesia.
PT Indosat (ISAT IJ), Indonesia’s second-largest telephone company, advanced 4.9 percent to 5,400 rupiah, the most since Dec. 2. The shares gained amid speculation recent declines were excessive, said Arief Budiman, an analyst at PT Phillip Securities Indonesia.
Its relative-strength index, which measures how rapidly prices have fallen or gained, slid to 38, near the level of 30 which suggests to analysts the stock is poised to rise.
PT International Nickel Indonesia (INCO IJ), Indonesia’s biggest producer of the metal, climbed 1.6 percent to 4,875 rupiah as nickel futures advanced 1.1 percent to $24,115 a metric ton in London, rebounding from yesterday’s drop.
To contact the editor responsible for this story: Richard Frost at email@example.com