Indonesia's key stock index up; Astra gains

Indonesia's key stock index up; Astra gains

Bloomberg, Jakarta

Indonesia's key stock index advanced on Monday for a third day in
four. PT Astra International and PT Kalbe Farma gained after
reporting increased earnings.

The Jakarta Composite Index climbed 7.97, or 0.8 percent, to
close at 1,066.22. Gaining stocks led decliners 46 to 30.

The measure fell 1.2 percent in October, its second monthly
slide in three.

Astra International, Asia's biggest auto retailer by value,
increased Rp 250, or 2.8 percent, to Rp 9,300. Nine-month net
income rose 13 percent on the year to Rp 4.49 trillion ($444
million) as sales of cars and motorcycles surged, the company
said after the market closed on Oct. 28.

Astra's "results showed a relatively robust outcome, despite
the weakening" macro-economic conditions, Arief Wana, an analyst
at Credit Suisse First Boston, wrote in a note to clients on
Monday.

He rates the stock an "outperform."

The government more than doubled fuel prices on Oct. 1 to cut
the cost of subsidies. The move prompted the central bank to
raise its key interest rate to 11 percent earlier this month, the
highest in more than two years.

Kalbe, Indonesia's biggest drugmaker by sales, gained Rp 20,
or 2.4 percent, to Rp 870, the highest close since Oct. 4. Kalbe
said on Oct. 28 that net profit in the first nine months of the
year jumped 30 percent to Rp 434.7 billion, boosted by sales of
painkillers.

The following stocks also rose or fell in Jakarta. Stock
symbols are in parentheses after company names.

On telecommunication companies, Indonesia will require users
of prepaid mobile phones to register their names to prevent
terrorists using handsets to set off bombs, the Financial Times
reported on Oct. 29, without citing anyone.

A majority of the nation's estimated 40 million mobile users
use prepaid phones, it said.

PT Telekomunikasi Indonesia, which controls the country's
largest mobile phone company, PT Telekomunikasi Selular, fell Rp
50, or 1 percent, to Rp 5,000.

PT Indosat, the second biggest, slid Rp 25, or 0.5 percent, to
Rp 4,875.

"Phone companies will incur costs to register and maintain
users' data," said Muhammad Reza, head analyst at PT Kuo Capital
Raharja in Jakarta.

PT Aneka Tambang, the world's fifth-largest nickel producer,
added Rp 25, or 1 percent, to Rp 2,575. Profit rose 32 percent in
the first nine months of this year to Rp 711.1 billion on
increased sales of higher grade nickel ore, gold and silver, it
said late on Oct. 28.

PT Bakrie Sumatera Plantations, Indonesia's third- largest
publicly traded plantation company, jumped Rp 15, or 4 percent,
to Rp 390.

Profit in the nine months ended Sept. 30 rose 8.9 percent to
Rp 65.4 billion on higher sales.

PT International Nickel Indonesia, the local unit of the
world's second-largest nickel-mining company, Inco Ltd., slid Rp
350, or 2.4 percent, to Rp 14,450.