Friday May 9, 06:50 AM
Indonesian shares end morning flat, energy stocks rise on oil price surge UPDATE
JAKARTA (Thomson Financial) - Indonesian shares finished the morning session flat on Friday after gains in energy-related stocks spurred by record crude oil prices offset losses elsewhere.
Land transportation company Mitra Rajasa advanced on news the company is planning to acquire a majority stake in oil and gas service provider Apexindo Pratama Duta.
The composite index was up 0.02 point at 2,376.95, off a high 2,382.10 and a low of 2,373.35.
The LQ-45 index was down 0.42 points at 509.10.
Gainers led decliners 102 to 49 with 63 stocks unchanged.
Volume was 1.86 billion shares valued at 1.84 trillion rupiah.
The Indonesian rupiah was trading at 9,255/9,265 to the U.S. dollar, compared to 9,250/9,260 late on Thursday.
'I noticed that some major institutional investors were still accumulating miners and energy-related stocks. This helped prevent our market from going south this morning,' Valbury Asia Securities analyst Mastono Ali said.
'Overall, market sentiment was weak as investors were worried that the uptrend in the price of oil may push domestic inflation even higher in the coming months,' Ali said.
The government is forecasting a year-end inflation rate of 6.5 percent. However, analysts now expect inflation could hit double-digit levels by the end of the year if the government hikes prices of subsidized fuels.
Among the key gainers were Mitra Rajasa, which surged 6.6 percent to 1,620 rupiah, oil and gas service company Elnusa, which rose 1.4 percent to 365 rupiah, and Apexindo, which added 4. 2 percent to 2,125 rupiah.
Plantation company Astra Agro added 0.8 percent to 24,650 rupiah, oil and gas producer Energi Mega rose 0.9 percent to 1,090 rupiah and cooking oil producer Tunas Baru Lampung surged 9.6 percent to 570 rupiah.
Index heavyweight Telkom gained 1.2 percent to 8,600 rupiah and tin miner Timah added 0.3 percent to 33,300 rupiah.
Gas distributor Perusahaan Gas Negara dropped 1.9 percent to 13,250 rupiah and conglomerate Astra International fell 1 percent to 20,250 rupiah.
Bank Mandiri lost 0.9 percent to 2,825 rupiah and Bank Rakyat Indonesia declined 0.8 percent to 6,200 rupiah.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
