STOCKS NEWS INDONESIA-Modernland jumps on stake purchase news in JV
Shares in PT Modernland Realty Tbk rose as much as 5.7 percent after the property developer agreed to buy the remaining 51 percent stake in a township from its joint venture partner Keppel Land Ltd for about S$290.5 million.
In 2004, Modernland bought 49 percent stake in the integrated township, Jakarta Garden City.
Shares of Modernland, controlled by Honoris family which also operates mini markets through Modern International , rose 4.55 percent to 920 rupiah. They earlier touched a high of 930 rupiah.
The broader Jakarta Composite Index fell 0.96 percent to 4,672.66.
1323 (0623 GMT) (Reporting by Fathiya Dahrul in Jakarta; Editing by Anand Basu)
*************************************************************** STOCKS NEWS INDONESIA-TV operators to benefit from more prime time in Ramadan-Citi
Citi Research said the Ramadan period would help shares of television operators as the additional prime time during religious programmes creates more slots for advertisers and high ratings could last long beyond the Muslim holy month.
Citi's top picks includes television operators Surya Citra Media and Media Nusantara Citra on the back of robust consumption and growth in advertising spends. The presidential and parliamentary elections in 2014 would also see political ads on TV in the second-half of this year.
The Ramadan fasting period from July 8 to Aug. 8 has created an additional prime time slot for TV advertisers from 2.30 a.m. to 4.30 a.m. as Muslims, who make up 80 percent of Indonesia's population, are up before dawn and eat breakfast as early as 4 in the morning before fasting till sunset, Citi said in a note on Thursday.
Longer airtime is considered a benchmark of successful programming in the local free-to-air TV stations, as the running time is expanded to create more high-on-demand slots during commercial breaks, the note said. This also leads to higher rates cards during those hours, which have risen to $2,000 from $500-$1,000.
Surya Citra shares were down 0.89 percent at 2,775 rupiah, while Media Nusantara shares were unchanged at 3,075 rupiah. The broader index was down 0.96 percent.
1232 (0438 GMT) (Reporting by Andjarsari Paramaditha,; Editing by Prateek Chatterjee)
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