STOCKS NEWS INDONESIA-Index hits all-time high on global sentiment

Thu Jan 3, 2013 2:26am EST

Related Topics

Indonesians shares touched an all-time high on Thursday, led by banking, consumer goods and property stocks, following a broad global market rally.

The Jakarta Composite Index rose as much 1.26 percent to hit a record high of 4,401.33.

"The market rallied following global and regional markets, the Dow Jones Index was up 2.35 percent," said Arief Budiman, head of equity at Sucorinvest Central Gani.

"It is also the January effect, where fund managers shop for a better portfolio."

Indonesia's largest noodle maker PT Indofood Sukses Makmur Tbk rose 6 percent to 8,450 rupiah, PT Bank Danamon Indonesia gained 4 percent to 5,750 rupiah, while real estate developer Ciputra Development Tbk jumped 5 percent to 840 rupiah.

1347 (0647 GMT) (Reporting by Andjarsari Paramaditha in Jakarta, Editing by Anand Basu)

**************************************************************** 12:44 STOCKS NEWS INDONESIA-Bumi Resources slides on 9-month results

Shares in PT Bumi Resources, Asia's biggest coal exporter, fell as much as 4.84 percent on Thursday after the company reported a nine-month net loss on Wednesday.

Bumi reported a net loss of $632 million in the nine months to September, as operating revenue fell 60 percent to $312 million and booked derivatives transaction loss of $422.04 million.

"If we disregard the materially large loss on derivative transactions, adjusted 9M loss of $210.4 million is worse than our expectation of a full-year loss of $166.7 million and consensus expectation of a full-year profit of $24.6 million," UBS mining analyst Andreas Bokkenheuser said in a note on Thursday.

Shares of the coal miner were down 3.23 percent at 600 rupiah. The Jakarta mining index was down 0.05 percent while broader index was up 1.17 percent.

1230 (0530 GMT) (Reporting by Andjarsari Paramaditha,; Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.