Indonesia Stocks Movers: Astra International, London Sumatra
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) rose 9.77 points, or 0.2 percent, to 4,032.97, a record close.
PT Astra International (ASII IJ), Indonesia’s largest auto retailer, advanced 3.1 percent to 72,600 rupiah, the highest close since Aug. 5, 1991.
The shares rose amid speculation its vehicle sales will recover in the second half following disruptions caused by the March earthquake in Japan, and optimism heavy equipment sales of Astra unit PT United Tractors will also recover in the same period, said Hariyanto Wijaya, an analyst at PT Mandiri Sekuritas in Jakarta.
PT Adhi Karya (ADHI IJ), an Indonesian state-owned construction company, rose 1.3 percent to 750 rupiah as the company reported its contracts in the first half of this year amounted to 4.1 trillion rupiah ($478.9 million).
PT Bumi Resources Minerals (BRMS IJ), an Indonesian mining company, gained 1.4 percent to 700 rupiah, after the stock was rated “buy” in new coverage at PT Samuel Sekuritas Indonesia, which said the company “has an ability to manage resource development and operating activities in developing countries.”
PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the nation’s third-largest plantation stock by market value, declined 2.1 percent to 2,275 rupiah. Palm oil dropped for a second day, after reaching its highest level in more than three weeks earlier, on concern that demand for the cooking oil may decline amid escalating economic woes in the U.S. and Europe. The September-delivery contract slipped as much as 1 percent to 3,090 ringgit ($1,025) per metric ton in Kuala Lumpur.
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