Bloomberg News

Indonesia Stocks: AKR Corporindo, United Tractors, Wijaya Karya

January 04, 2012

Jan. 4 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the close in Jakarta.

The Jakarta Composite Index rose 1.3 percent to 3,907.42, the highest close since Sept. 9.

PT AKR Corporindo (AKRA IJ), a fuel and chemical distributor, advanced 3.3 percent to 3,175 rupiah, closing at the highest level since Nov. 9. AKR has set aside $100 million to acquire coal mines this year with potential targets located in the Central and East Kalimantan provinces, Kontan reported, citing President Director Haryanto Adikoesoemo. Two calls to the company’s office weren’t answered.

PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, increased 4.6 percent to 3,400 rupiah, the biggest gainer on the Jakarta Mining Index. The shares rose after commodities rallied yesterday, boosting expectation demand for raw materials will improve this year, Purwoko Sartono, an analyst at PT Panin Sekuritas, said in a phone interview. The Standard & Poor’s GSCI Spot Index of 24 commodities rose 3.4 percent in New York yesterday, the largest gain since May 9.

PT United Tractors (UNTR IJ), Indonesia’s biggest heavy equipment seller, advanced 4 percent to 27,450 rupiah, the highest close since Aug. 1. The company expects its 2012 heavy equipment sales to rise 10 percent from a year earlier, supported by demand from the mining industry, Kontan reported, citing Corporate Secretary Sara Loebis. Loebis couldn’t be reached when called at her office.

PT Wijaya Karya (WIKA IJ), a state-owned construction company, climbed 1.6 percent to 620 rupiah. Wijaya Karya expects 2012 net income to rise 23 percent from a year earlier to 430 billion rupiah ($47 million), bolstered by government infrastructure projects, Bisnis Indonesia reported, citing Ganda Kusuma, finance director at the company. Kusuma couldn’t be reached when called at his office.

--Editor: Darren Boey, Chan Tien Hin

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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