Indonesian Stocks: Bakrie Sumatera, Gozco, Panorama Sentrawisata
The Jakarta Composite Index (JCI) fell 0.4 percent to 3,825.33. The gauge has risen 0.7 percent this week, the first weekly gain in five.
Palm oil producers: PT Gozco Plantations (GZCO) dropped 3.9 percent to 250 rupiah, PT Bakrie Sumatera Plantations (UNSP) lost 1 percent to 196 rupiah and PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP) retreated 1.9 percent to 2,550 rupiah.
Palm oil prices may drop 9 percent to the lowest level in 20 months as an economic slowdown in China and Europe cuts demand, said Dorab Mistry, director at Godrej International Ltd. Futures may slump to as low as 2,700 ringgit ($849) a metric ton, from 2,974 ringgit at yesterday’s close, in the absence of fresh stimulus by the U.S. to revive growth, said Mistry, abandoning an earlier forecast that prices would reach 4,000 ringgit this year.
PT Panorama Sentrawisata (PANR) , a travel services provider, advanced 1.6 percent to 195 rupiah, the sharpest gain since May 14. Panorama plans to sell 500 billion rupiah ($53 million) of bonds to refinance debt and expand its business, Investor Daily Indonesia reported, citing President Director Budijanto Tirtawisata. Two calls to the company’s office weren’t answered.
To contact the reporter on this story: Berni Moestafa in Jakarta at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org