Stock index climbs for first day; Telkom Gains<\/p>\n
Naila Firdausi, Bloomberg\/Jakarta<\/p>\n
Indonesia's key stock index rose for the first day in six. PT
\nTelekomunikasi Indonesia advanced after the nation's biggest
\ntelephone company said it's seeking a Hong Kong-based partner to
\nbolster growth.<\/p>\n
PT Astra International and PT Perusahaan Gas Negara climbed as
\nsome investors judged recent declines excessive.<\/p>\n
The Jakarta Composite Index added 4.34, or 0.4 percent, to
\n1022.08 at the 4 p.m. local time close, halting a five-day, 4.6
\npercent loss. Rising stocks led decliners by 47 to 40.<\/p>\n
Telekomunikasi, or Telkom, added Rp 100, or 2 percent, to
\nRp 5,075. The company wants a partner to expand its multimedia
\nbusiness, Chief Commissioner Tanri Abeng said yesterday. The
\nshares also rose after the company said it plans to launch its
\nTelkom-2 satellite on Nov. 17 after a delay because of a
\ntechnical problem.<\/p>\n
Astra, Asia's biggest auto retailer by value, rose Rp 150, or
\n1.8 percent, to Rp 8,450. The shares slumped 11 percent in the
\nfive days through yesterday after the central bank raised its key
\ninterest rate on Nov. 1. Astra sells most of its cars and
\nmotorcycles through loans.<\/p>\n
Perusahaan Gas, a state-controlled gas distributor, rose Rp
\n100, or 1.9 percent, to Rp 5,400, its first gain in three days.<\/p>\n
\"I'm still optimistic about the prospect of growth in
\nIndonesia,\" said Irvin Patmadiwiria, who helps manage the
\nequivalent of US$35 million at PT Batavia Prosperindo Aset
\nManajemen in Jakarta. \"Inflation will be lower\" next year and
\nwill lead to lower interest rates.<\/p>\n
Inflation reached a six-year high of 17.9 percent last month
\nafter the government raised fuel prices to cut subsidy costs.<\/p>\n
PT Bank Central Asia, the country's second-biggest lender by
\nassets, led banks higher as investors bet interest rates will
\ndecline next year, boosting demand for loans. The shares rose
\nRp 75, or 2.5 percent, to 3,100. PT Bank Rakyat Indonesia, the
\nfourth-largest, added Rp 50, or 2.1 percent, to Rp 2,475.<\/p>\n
The following stocks also rose or fell in Jakarta. Stock
\nsymbols are in parentheses after company names.<\/p>\n
Nickel producers: Nickel for delivery in three months on the
\nLondon Metal Exchange slid 0.2 percent to US$11,850 a metric ton
\nat 8:55 a.m. London time, set to drop for a fourth day in five.<\/p>\n
PT Aneka Tambang, the world's fifth-largest nickel producer,
\nfell Rp 50, or 2 percent, to Rp 2,400. PT International Nickel
\nIndonesia, the local unit of Canada's Inco Ltd., lost Rp 500, or
\n4.2 percent, to Rp 11,300. \"The outlook for nickel miners is not
\nattractive as the metal's price keeps declining,\" said Edwin
\nSinaga, senior equity manager at PT Kuo Capital Raharja in
\nJakarta.<\/p>\n
PT Timah, the world's biggest tin producer, fell Rp 40, or 2.6
\npercent, to Rp 1,500, the lowest close since Aug. 29. Tin for
\ndelivery in three months fell 0.4 percent to $6,205 a metric ton
\nyesterday on the London Metal Exchange. The contract traded at
\n$6,200 a ton at 9:31 a.m. London time.<\/p>",
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