Indonesian Stock Movers: Aneka Tambang, Astra Agro, Indospring
The Jakarta Composite Index (JCI) rose 0.38 points, or less than 0.1 percent, to 3,919.07. The gauge has declined 6.3 percent in May, heading for the first monthly drop since November.
PT Astra Agro Lestari (AALI) , Indonesia’s biggest listed plantation company by market value, gained 2 percent to 20,000 rupiah, the highest close since May 14.
Crude palm-oil imports by India, the largest buyer, are poised to increase after the nation raises the tax on refined cooking oils, according to Adani Wilmar Ltd. Refined palm-oil and soybean oil will become more expensive once the government links the import tax to market prices, said Atul Chaturvedi, chief executive officer of India’s second-biggest importer.
PT Aneka Tambang (ANTM) , Indonesia’s second-largest nickel producer, dropped 2.9 percent to 1,330 rupiah, the lowest close since April 28, 2009. CIMB Group Holdings Bhd. reduced its share-price estimate on the stock to 1,460 rupiah from 1,710 rupiah. The government’s plan to impose a mineral ore export tax will “negatively impact” Aneka, Peter P. Sutedja, a Jakarta- based analyst at CIMB, said in a report today.
PT Indospring (INDS) , an auto parts manufacturer, jumped 8.9 percent to 5,500 rupiah, the highest close since May 4. Shareholders approved a bonus of two shares for every five held by investors and a cash dividend of 160 rupiah a share, the company said.
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