Indonesian Stock Movers: Astra International, Jasa Marga
The Jakarta Composite Index (JCI) fell 1.9 percent to 4,134.04, its first decline in seven days and the biggest since Nov. 21.
PT Astra International (ASII) , Indonesia’s largest automotive retailer, fell 3.6 percent to 74,000 rupiah, the sharpest drop since Feb. 24. Investors “took profit” in shares such as Astra after the market’s six-day rally, said Chandra Pasaribu, head of equity research at PT Danareksa Sekuritas in Jakarta. Astra advanced 7.3 percent in a four-day rally from March 29 through yesterday.
PT Jasa Marga (JSMR) , Indonesia’s biggest tollroad operator, fell 3.4 percent to 4,925 rupiah, the biggest loss since Oct. 3. Jasa Marga plans to sell its remaining 81.6 million shares in rival PT Citra Marga Nusaphala Persada (CMNP), the company said, without providing a timeframe. The sale will reduce Jasa Marga’s revenue from Citra Marga sales, leading to “negative sentiment,” PT Recapital Securities wrote in a note today.
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