Friday May 9, 04:48 AM
Indonesian shares flat in early trade, miners gains on record oil price
JAKARTA (Thomson Financial) - Indonesian shares were little changed in early trade on Friday, with gains in selected miners and
energy-related stocks spurred by record crude oil prices offsetting losses elsewhere.
Leading the gains were tin miner Timah, oil and gas service company Elnusa, oil and gas
producer Energi Mega as well as index heavyweight Telkom.
Land transportation company Mitra Rajasa advanced on news the company was planning to
acquire a majority stake in oil and gas service provider Apexindo Pratama Data.
Optima Securities analyst Ikhsan Binarto said some players locked in recent gains in some big
caps and secondliners while others continued to chase energy-related stocks after crude oil topped $124 a barrel.
'I would say the concerns over rising inflation in the coming months due to soaring oil prices is
undermining market sentiment,' Binarto said.
At 10:05 a.m. (03.05 GMT), the composite index was up 2.90 points or 0.1 percent at 2,379.84.
The LQ-45 was up 0.46 point at 509.98.
Gainers led decliners 84 to 40, with 48 stocks unchanged.
Key (NYSE: KEY - news) gainers include Energi Mega which rose 1.9 percent to 1,100 rupiah and Mitra Rajasa which surged 5.9 percent to 1,610 rupiah. Elnusa rose 2.8 percent to 370 rupiah and Apexindo added 4. 2 percent to 2,125 rupiah.
Telkom gained 0.6 percent to 8,550 rupiah, tin miner Timah added 0.9 percent to 33,500 rupiah and plantation company Astra Agro rose 1.4 percent to 24,800 rupiah.
Gas distributor Perusahaan Gas Negara dropped 0.7 percent to 13,400 rupiah, Bank Mandiri
lost 1.8 percent to 2,800 rupiah and Bank Rakyat Indonesia declined 1.6 percent to 6,150 rupiah.
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