Indonesia Stocks: Astra International, London Sumatra, Ramayana
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of 11:30 a.m. Jakarta-time break.
The Jakarta Composite index advanced 60.51 points, or 1.8 percent, to 3,494.89, set for the steepest advance since Jan. 26. The measure rose 3 percent in the holiday-shortened week.
PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, rose 3.9 percent to 53,000 rupiah, poised for the highest close since Jan. 3. The company’s financing unit, PT Astra Sedaya Finance, said it increased the size of a planned bond sale this month to as much as 2.15 trillion rupiah ($243 million) from the 1.5 trillion rupiah announced Jan. 24. The proceeds will be used to expand its automotive lending business, the unit said Jan. 24.
PT Bank Danamon Indonesia (BDMN IJ), which is owned by Temasek Holdings Pte and Deutsche Bank AG, gained 3.1 percent to 6,650 rupiah, on course for the highest close since Dec. 8. The bank said profit more than quadrupled in the fourth quarter last year on loan growth and non-interest income such as fees and insurance. Net income surged to 680 billion rupiah from 167 billion rupiah a year earlier, Danamon said.
PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the nation’s second-largest listed plantation company by market value, jumped 5.2 percent to 11,100 rupiah, the steepest increase since Jan. 25. London Sumatra was rated “buy” in a new coverage by Fadil Kencana, an analyst at PT Ciptadana Securities.
PT Ramayana Lestari Sentosa (RALS IJ), a retailer, fell 2.6 percent to 750 rupiah. Ramayana’s 2010 sales increased 7.5 percent to 6.04 trillion rupiah, missing the target of 6.25 trillion rupiah as lower commodity prices reduced consumers’ purchasing power, Kontan reported, citing Director Setyadi Surya. Ramayana’s main markets are located in commodity producing regions outside of Java, the report said. Surya couldn’t be reached when called at his office in Jakarta.
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