JSX rises third day; led by palm oil stocks<\/p>\n
Bloomberg, Jakarta<\/p>\n
Indonesia's benchmark stock index rose for a third day. Palm-
\noil producers PT Astra Agro Lestari and PT Perusahaan Perkebunan
\nLondon Sumatra Indonesia advanced as the price of the commodity
\nclimbed for the first day in three.<\/p>\n
The Jakarta Composite Index climbed 2.29, or 0.2 percent, to a
\nrecord 1105.30 at the 4 p.m. local time close. Declining stocks
\nabout matched gainers.<\/p>\n
Astra Agro Lestari, the country's biggest publicly traded
\nagricultural company, jumped Rp 100, or 3.2 percent, to 3,200,
\nthe highest since Dec. 21. London Sumatra, the exchange's No. 2
\nagricultural company, climbed Rp 40, or 2.5 percent, to 1,620.<\/p>\n
Palm oil for May delivery rose 2.7 percent to 1,425 ringgit
\n(US$375) a metric ton, ending a two-day decline, as of 5:14 p.m.
\non the Malaysian Derivative Exchange. Malaysia is the world's
\nbiggest producer of palm-oil, which is processed into cooking oil
\nand margarine, and chemicals used in soap.<\/p>\n
About 1.68 billion shares worth Rp 1.53 trillion ($164
\nmillion) changed hands, 24 percent more than the six-month daily
\naverage value of Rp 1.23 trillion.<\/p>\n
The following stocks also rose or fell. Stock symbols are in
\nparentheses after company names.<\/p>\n
PT Aneka Tambang (ANTM IJ), a gold and nickel miner, gained
\nRp 25, or 1 percent, to 2,450 after Mandiri Sekuritas rated the
\nstock a \"buy\".<\/p>\n
\"The company remains upbeat on nickel prices after evidence of
\ntight supply in the market,\" analyst Adi Hartadi said in a note
\nto clients today after meeting company officials. He raised the
\nrecommendation on the stock to \"buy\" from \"neutral,\" with a
\nshare-price forecast of Rp 3,100.PT Bank Rakyat Indonesia (BBRI
\nIJ), the fourth-largest lender, advanced Rp 125, or 3.9 percent,
\nto 3,300. Bank Rakyat had set aside Rp 3.5 trillion to buy state-
\nowned lender PT Bank Tabungan Negara, Investor Daily Indonesia
\nreported, citing a study conducted by Bank Rakyat.<\/p>\n
\"The acquisition will boost Bank Rakyat's performance,\" said
\nPrayogo Triyono, an analyst at PT Henan Putihrai Sekuritas in
\nJakarta.<\/p>\n
PT Energi Mega Persada (ENRG IJ), the exchange's No. 2 oil
\ncompany, slid Rp 10, or 1.2 percent, to 830. Crude oil for April
\ndelivery fell 0.6 percent to $53.48 a barrel, in after- hours
\nelectronic trading on the New York Mercantile Exchange at 9:02
\na.m. London time.<\/p>\n
PT H.M. Sampoerna (HMSP IJ), the exchange's No. 2 cigarette
\nmaker, fell Rp 250, or 2.8 percent, to 8,600 as investors judged
\nits 9.9 percent gain in the previous two sessions excessive.<\/p>\n
PT Indofood Sukses Makmur (INDF IJ), the world's biggest
\ninstant-noodle maker, fell Rp 20, or 1.9 percent, to 1,010.
\nIndofood's net income declined 37 percent to Rp 378.1 billion in
\n2004 from Rp 603.5 billion a year earlier, partly on foreign-
\nexchange losses, Jakarta-based Indofood said in a statement on
\nMarch 5. Sales rose 0.3 percent to Rp 17.92 trillion.<\/p>\n
\"The net income and sales figures came below expectations,\"
\nsaid Pang Tek Djen, an analyst at PT Sucorinvest Central Gani, in
\na note to clients today.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-rises-third-day-led-by-palm-oil-stocks-1447893297",
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"sponsor": "Okusi Associates",
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