Welcome Guest   |  Login   |   Signup
JG Logo
Thu, May 24, 2012
Archive Search

Jakarta Index Up on Rising Commodities, Calmer Koreas
December 21, 2010

Share This Page
0
1
0
0
Share with google+ :


Post a comment
Please login to post comment

Comments

Be the first to write your opinion!

The Jakarta Composite Index rose on Tuesday in line with regional stocks surging on higher prices for commodities and easing tensions on the Korean peninsula, analysts said.

“Rising commodities prices leading up to the year’s end may continue next year on a possible global economic recovery, while good news from regional markets has brought back investors’ confidence to the emerging markets,” said Janson Nasrial, an analyst at Amcapital Indonesia in Jakarta.

The JCI advanced 68.64 points, or 1.9 percent, to close at 3,637.45. About 3.1 billion shares worth Rp 4.2 trillion ($466 million) changed hands. Gainers outnumbered decliners 152 to 57.

Bank Mandiri, Indonesia’s largest lender by assets, jumped 3.2 percent to Rp 6,450. A Bisnis Indonesia report on Tuesday said the lender’s planned rights issue would be priced at a 15-20 percent discount.

Bakrieland Development, the nation’s second-largest property firm by assets, rose 0.6 percent to Rp 161. Hiramsyah Thaib, president director of Bakrieland, said the company’s revenue is forecast to soar 50 percent to Rp 2 trillion next year from this year’s target, Kontan reported.

Energi Mega Persada, Indonesia’s second-largest listed oil company, gained 1.6 percent to Rp 128. Crude oil futures rose 79 cents to settle at $88.81 per barrel as the market closed in New York.

Astra International, the nation’s largest auto retailer, increased 2.4 percent to Rp 52,450. CLSA analysts estimated that automotive earnings would continue growing and that Indonesian companies would benefit from rising commodity prices, while Astra was rated “buy” with a share-price estimate of Rp 64,000 at CLSA Asia-Pacific Markets, reports showed.

The rupiah remained steady on Tuesday at 9,030 against the dollar on Tuesday, up from 9,032 the day before. The local currency’s gain was led by the appreciation of the euro on optimism that China’s bid to help the European Union will ease the region’s financial crisis.

“Investors will be looking at Europe and tensions in the Korean region,” said Lindawati Susanto, head of foreign-exchange trading at Bank Resona Perdania in Jakarta.

“Indonesia’s economy is doing well. I expect the currency to trade between 9,020 and 9,060,” the analyst said.