Indonesia Stocks: Bank Rakyat, Bumi Resources, Sorini Agro Asia
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 (JCI) gained 28.56 points, or 0.8 percent, to 3,707.23, rising for a third day. The gauge is on course for a 2.8 percent increase this week. It sank 0.7 percent in the first quarter of this year.
Financing companies: PT Mandala Multifinance (MFIN IJ), the nation’s third-biggest specialty finance company, advanced 7.5 percent to 500 rupiah and PT Clipan Finance Indonesia (CFIN IJ), the fourth largest, gained 3.6 percent to 580 rupiah.
Indonesia’s March consumer prices fell 0.32 percent from a month earlier, more than the median estimate of a 0.02 percent drop by 17 economists in a Bloomberg News survey. Slower inflation eases pressure on the central bank to raise borrowing costs.
PT Bank Rakyat Indonesia (BBRI IJ), Indonesia’s second- largest bank by assets, advanced 2.6 percent to 5,900 rupiah. Bank Rakyat had its rating raised to “outperform” from “neutral” at Credit Suisse Group AG, which raised its forecasts for the company’s earnings growth.
PT Bumi Resources (BUMI IJ), the nation’s largest coal producer, gained 1.5 percent to 3,400 rupiah. Bumi’s 2010 net income climbed to $311.18 million from $190.45 million a year earlier, it said yesterday. That compares with a mean estimate of $276.29 million of 17 analysts in a Bloomberg News survey.
PT Sorini Agro Asia Corporindo (SOBI IJ), a sorbitol producer, rose 2.2 percent to 3,450 rupiah. Cargill Inc. has offered to buy the remaining shares of Sorini it doesn’t already own at 3,500 rupiah each through a tender offer starting today until April 29, Cargill said in a statement published in Bisnis Indonesia today.
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