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.