JSX rises third day; led by palm oil stocks
JSX rises third day; led by palm oil stocks
Bloomberg, Jakarta
Indonesia's benchmark stock index rose for a third day. Palm-
oil producers PT Astra Agro Lestari and PT Perusahaan Perkebunan
London Sumatra Indonesia advanced as the price of the commodity
climbed for the first day in three.
The Jakarta Composite Index climbed 2.29, or 0.2 percent, to a
record 1105.30 at the 4 p.m. local time close. Declining stocks
about matched gainers.
Astra Agro Lestari, the country's biggest publicly traded
agricultural company, jumped Rp 100, or 3.2 percent, to 3,200,
the highest since Dec. 21. London Sumatra, the exchange's No. 2
agricultural company, climbed Rp 40, or 2.5 percent, to 1,620.
Palm oil for May delivery rose 2.7 percent to 1,425 ringgit
(US$375) a metric ton, ending a two-day decline, as of 5:14 p.m.
on the Malaysian Derivative Exchange. Malaysia is the world's
biggest producer of palm-oil, which is processed into cooking oil
and margarine, and chemicals used in soap.
About 1.68 billion shares worth Rp 1.53 trillion ($164
million) changed hands, 24 percent more than the six-month daily
average value of Rp 1.23 trillion.
The following stocks also rose or fell. Stock symbols are in
parentheses after company names.
PT Aneka Tambang (ANTM IJ), a gold and nickel miner, gained
Rp 25, or 1 percent, to 2,450 after Mandiri Sekuritas rated the
stock a "buy".
"The company remains upbeat on nickel prices after evidence of
tight supply in the market," analyst Adi Hartadi said in a note
to clients today after meeting company officials. He raised the
recommendation on the stock to "buy" from "neutral," with a
share-price forecast of Rp 3,100.PT Bank Rakyat Indonesia (BBRI
IJ), the fourth-largest lender, advanced Rp 125, or 3.9 percent,
to 3,300. Bank Rakyat had set aside Rp 3.5 trillion to buy state-
owned lender PT Bank Tabungan Negara, Investor Daily Indonesia
reported, citing a study conducted by Bank Rakyat.
"The acquisition will boost Bank Rakyat's performance," said
Prayogo Triyono, an analyst at PT Henan Putihrai Sekuritas in
Jakarta.
PT Energi Mega Persada (ENRG IJ), the exchange's No. 2 oil
company, slid Rp 10, or 1.2 percent, to 830. Crude oil for April
delivery fell 0.6 percent to $53.48 a barrel, in after- hours
electronic trading on the New York Mercantile Exchange at 9:02
a.m. London time.
PT H.M. Sampoerna (HMSP IJ), the exchange's No. 2 cigarette
maker, fell Rp 250, or 2.8 percent, to 8,600 as investors judged
its 9.9 percent gain in the previous two sessions excessive.
PT Indofood Sukses Makmur (INDF IJ), the world's biggest
instant-noodle maker, fell Rp 20, or 1.9 percent, to 1,010.
Indofood's net income declined 37 percent to Rp 378.1 billion in
2004 from Rp 603.5 billion a year earlier, partly on foreign-
exchange losses, Jakarta-based Indofood said in a statement on
March 5. Sales rose 0.3 percent to Rp 17.92 trillion.
"The net income and sales figures came below expectations,"
said Pang Tek Djen, an analyst at PT Sucorinvest Central Gani, in
a note to clients today.