Key stock index gains; Energi Mega, Aneka Tambang advance
Key stock index gains; Energi Mega, Aneka Tambang advance
Naila Firdausi, Bloomberg/Jakarta
Indonesian stocks rose, with the key index posting its longest
winning stretch in five months. Mining company PT Aneka Tambang
climbed to the highest in more than three weeks after gold
futures surged to an 18-year high.
PT Energi Mega Persada advanced on optimism of higher earnings
after the company said it plans to spend US$275 million
developing three gas fields to boost output.
The Jakarta Composite Index added 3.84, or 0.4 percent, to
1066.29 at the 4 p.m. local time close. The six-day gain matches
the period ended June 20. Gaining stocks led decliners 56 to 36.
Aneka Tambang, a nickel and gold miner that is 65 percent
owned by the Indonesian government, jumped Rp 100, or 4 percent,
to Rp 2,600, the highest close since Oct. 27.
Gold for December delivery rose as much as 1.3 percent to
$495.90 an ounce in after-hours trading on the Comex division of
the New York Mercantile Exchange, the highest since December
1987. It traded at $493.20 at 3:17 p.m. Singapore time.
Nickel for delivery in three months rose for a third day,
adding 4.45 percent to $12,900 a metric ton yesterday on the
London Metal Exchange, the highest close since Oct. 7.
"The jump in gold prices helped interest in Aneka," said Adi
Hartadi, an analyst at PT Mandiri Sekuritas in Jakarta. "The
rebound in nickel prices also provided positive sentiment."
PT International Nickel Indonesia, the local unit of the
world's second-largest nickel-mining company, Inco Ltd., climbed
Rp 450, or 3.5 percent, to Rp 13,450.
Elsewhere, Energi Mega, Indonesia's second-biggest publicly
traded oil and gas company, increased Rp 20, or 2.8 percent, to
Rp 730. Energi plans to spend $275 million developing three
fields in East Java province to raise gas output almost fourfold
in three years, Sukiswanto, Vice President at EMP Kangean Ltd., a
unit of Energi Mega, told reporters in Jakarta today.
The following stocks also rose or fell in Jakarta. Stock
symbols are in parentheses after company names.
PT Berlian Laju Tanker, Indonesia's biggest shipping company
by value, advanced Rp 30, or 3 percent, to Rp 1,030. The
company's BLT Finance Corp. unit said yesterday that it will sell
$50 million in five-year convertible bonds with a coupon rate of
1.25 percent.
"Successful convertible bonds issuance is positive for Berlian
as it provides additional funding at very low interest rates,"
Katarina Setiawan, head of research at Kim Eng Securities in
Jakarta, wrote in a note to clients today.
PT Bumi Resources, Indonesia's biggest coal exporter, fell Rp
10, or 1.3 percent, to Rp 750. The globalCOAL NEWC Index, a price
index for coal shipped from Australia's Newcastle port, dropped
$1.68, or 4.5 percent, to $35.99 a ton last week, a report showed
yesterday.