January 21, 2014 / 5:35 AM / 4 years ago

Indonesian shares up; property, plantation lead

JAKARTA, Jan 21 (Reuters) - Indonesian shares rose 0.36 percent by midday, in line with regional indexes and boosted by palm oil and property stocks.

The blue chip index rose 0.31 percent to 750.8 on Tuesday. Property stocks jumped 1.61 percent, while plantation sector rose 0.91 percent.

Property stocks such as Bumi Serpong Damai, Alam Sutera Realty and Summarecon Agung rose more than 2.7 percent each on higher-than-expected marketing sales.

“There would probably be no earnings surprise for full-year 2013. The indicated net profit is in-line with both our estimate and consensus. Whereas the marketing sales achievement stood 5.8 percent above our forecast,” Trimegah Securities said in a note.

Palm oil producers such as Salim Ivomas and London Sumatera rose more than 2.4 percent each.

“We think that CPO price uptrend will continue due to higher palm oil demand over its supply,” said Hariyanto Wijaya, plantation analyst at Jakarta-based Mandiri Sekuritas, who rated the sector as “overweight”. (Reporting by Andjarsari Paramaditha; Editing by Anand Basu)

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