Indonesia Stocks: Ace Hardware Indonesia, Astra, Lippo Karawaci
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.
The Jakarta Composite index (JCI) dropped 3.44 points, or 0.1 percent, to 3,727.07.
PT Ace Hardware Indonesia (ACES IJ), which sells tools and home-improvement products, rose 3 percent to 2,625 rupiah, the highest since March 29. The shares rose amid expectations the retail company’s plan to open new outlets will boost earnings, according to Jansen Kustianto, an analyst at PT Sinarmas Sekuritas in Jakarta.
PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer that sells Toyota Motor Corp. and Daihatsu Motor Co. vehicles, slid 1.3 percent to 54,400 rupiah, the lowest close since March 18.
PT Toyota Motor Manufacturing Indonesia and PT Astra Daihatsu Motor expect vehicle production to fall this month as component supply from Japan dropped following the country’s March earthquake, Kontan reported. Toyota’s production may decline nearly 20 percent to 25 percent and Daihatsu’s output may slide 20 percent, Kontan said. Arief Istanto, a spokesman at Astra, couldn’t be reached when called at his office.
PT Lippo Karawaci (LPKR IJ), the largest property developer by revenue, advanced 2.9 percent to 720 rupiah, the highest since Jan. 6. Lippo Group said today it bought 652 million shares of Lippo Karawaci for $52 million, increasing its stake in the company to 25.02 percent.
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