Bloomberg News

Indonesian Stock Movers: Astra International, Bakrie Sumatera

June 13, 2012

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 (JCI) rose 0.2 percent to 3,860.46.

Cement companies: PT Semen Gresik (SMGR) , Indonesia’s largest cement producer, rose 3.2 percent to 11,150 rupiah. PT Holcim Indonesia (SMCB) , the third biggest, advanced 2.1 percent to 2,400 rupiah.

Indonesia will implement stimulus measures to boost consumption and infrastructure spending, Bambang Brodjonegoro, head of fiscal policy at the Ministry of Finance, told reporters in Jakarta today. The government will tap last year’s 24- trillion rupiah ($2.55 billion) budget surplus to fund building projects, he said.

Palm oil producers: PT Astra Agro Lestari (AALI) , Indonesia’s biggest listed plantation company by market value, slid 1.8 percent to 21,350 rupiah and PT Bakrie Sumatera Plantations (UNSP) declined 2.6 percent to 189 rupiah.

Palm-oil futures fell for a second day, losing as much as 0.4 percent to 2,953 ringgit ($928) a metric ton on the Malaysia Derivatives Exchange in Kuala Lumpur.

PT Astra International (ASII) , Indonesia’s largest automotive retailer, gained 3 percent to 6,850 rupiah. Nomura Holdings Inc. upgraded the stock to buy from neutral, while PT Sucorinvest Central Gani initiated coverage on the stock with a buy recommendation and a share-price estimate of 7,800 rupiah.

PT Greenwood Sejahtera (GWSA) , a property developer, rose 4.8 percent to 220 rupiah. Greenwood plans to sell as much as 750 billion rupiah of bonds in the third quarter to buy land in central Jakarta, Director Bambang Dwi Yanto said.

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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