Jakarta stocks gain as oil prices fall; Telkom rises
Jakarta stocks gain as oil prices fall; Telkom rises
Bloomberg Jakarta
Indonesian stocks rose, giving the key index its fifth quarterly gain in six. PT Telekomunikasi Indonesia and PT Astra International led gains after a drop in oil prices eased concern that economic growth may slow.
The Jakarta Composite Index added 7.242, or 0.9 percent, to 820.134 at the 4 p.m. close. The index climbed 12 percent in the third quarter, its fifth quarterly gain in six. Two stocks advanced for each one that fell.
Crude oil for November delivery fell 11 cents to US$49.40 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Oil climbed to $50.47 earlier in the week, the highest since oil futures began trading in 1983.
"There's an optimism as oil prices move lower," said Arfan Karniody, who helps manage the equivalent $327 million at PT Niaga Aset Manajemen in Jakarta.
Telekomunikasi, the exchange's biggest company, rose 25 rupiah, or 0.6 percent, to 4,150. Astra, Indonesia's biggest auto distributor, gained 100 rupiah, or 1.5 percent, to 6,850. Astra had said costs may rise if oil prices continue to climb.
PT Gudang Garam, the country's biggest cigarette maker, advanced 300 rupiah, or 2.4 percent, to 13,000.
About 698.2 million shares worth Rp 497 billion ($54.3 million) changed hands, a quarter less than the six-month daily average.
The following stocks fell or rose. Stock symbols are in parentheses after company names.
PT Bank Negara Indonesia rose Rp 25, or 2 percent, to 1,300. The nation's third-largest lender by assets forecast this year's profit to more than triple to Rp 3.03 trillion from a year ago.
PT Bakrie Sumatera Plantations, the third-largest agricultural company on the Jakarta Stock Exchange, fell 50 rupiah, or 3.2 percent, to 1,500. The company said net income in the six months ended June 30 plunged 74 percent to Rp 12.6 billion on foreign exchange losses.
PT Citra Marga Nusaphala Persada, the only publicly traded Indonesian toll-road operator, rose Rp 50, or 10 percent, to Rp 550. It earlier rose to Rp 575, the highest intraday price since Aug. 15, 2001. Indonesia's parliament yesterday passed a bill designed to boost investment in toll-road construction that would give investors more freedom to determine fees prior to developing toll roads.
PT International Nickel Indonesia, a local unit of the world's second-biggest nickel mining company Inco Ltd., climbed Rp 300, or 3.1 percent, to Rp 10,150. PT Aneka Tambang, an Indonesian gold and nickel miner, jumped Rp 75, or 5.8 percent, to Rp 1,375.
Nickel for delivery in three months gained 1.3 percent to $15,100 a metric ton at 8:42 a.m. London time on the London Metal Exchange, its highest intra-day price since July 22.