Stock index gains; Panin advances, EMP declines
Stock index gains; Panin advances, EMP declines
Naila Firdausi, Bloomberg/Jakarta
Indonesia's key stock index rose for the first day in three.
PT Bank Pan Indonesia advanced for the first day in eight as
investors judged recent declines made the stock attractive.
PT Energi Mega Persada fell after crude oil prices slid below
US$60 a barrel for the first time since July.
The Jakarta Composite Index added 0.56 point to 1075.96 at the
4 p.m. local time close. Gaining stocks led decliners 56 to 44.
The index, which earlier rose as much as 0.2 percent and fell 0.7
percent, slipped 1.9 percent this week, its first weekly slide in
four.
Bank Pan Indonesia, or Panin, climbed Rp 15, or 4.1 percent,
to Rp 380. The stock dropped 18 percent in the seven days through
yesterday on concern the lender will report a weak third- quarter
performance as higher interest rates cut loan demand and boost
costs.
PT Semen Cibinong, the country's third-biggest cement maker,
rose Rp 20, or 4.6 percent, to Rp 460, its first gain in four
days.
"Some stocks have dropped too much, prompting some investors
to buy," said Prayoga Triyono, head analyst at PT Henan Putihrai
in Jakarta.
Indonesian companies are due to report unaudited nine-month
earnings at the end of this month.
About 617 million shares worth Rp 553 billion (US$55 million)
changed hands, 49 percent less than the three-month daily average
trading value of Rp 1.1 trillion.
The following stocks also rose or fell. Stock symbols are in
parentheses after company names.
PT Astra Agro Lestari, Indonesia's biggest publicly traded
agricultural company, slipped Rp 50, or 0.9 percent, to Rp 5,500.
Palm oil for delivery in January declined 1 percent to 1,420
ringgit ($376) a metric ton at the Malaysian Derivatives Exchange
at 5:14 p.m. Kuala Lumpur time. Malaysia is the world's biggest
producer of the edible oil.
PT Energi Mega Persada, the second largest publicly traded oil
company in Indonesia, lost Rp 20, or 2.7 percent, to 730. Crude
oil declined for a fourth day, sliding as much as 0.6 percent to
$59.65 a barrel in New York, the first time futures dipped below
$60 since July 29. It was up 7 cents to $60.09 at 9:07 a.m.
London time.
PT International Nickel Indonesia, the local unit of Canada's
Inco Ltd., gained Rp 50, or 0.3 percent, to 14,950, its first
rise in three days. Nickel for delivery in three months climbed
0.4 percent to $12,100 a metric ton yesterday on the London Metal
Exchange, ending two days of declines.
PT Petrosea, an Indonesian unit of Australia's Clough Ltd., an
engineering and contract-mining company, advanced Rp 150, or 2.8
percent, to Rp 5,550. The company yesterday announced it will pay
a cash dividend of Rp 300 per share on Dec. 1 to holders of
record Nov. 17.