Bimantara Leads Stocks' Rise
May 05, 2011
The Jakarta Stock Exchange Index gained 4.930 to 549.212. Advancers beat decliners 57 to 46. Another 47 shares were unchanged and 95 stocks were not traded. Trading volume was 195.6 million shares, with total volume valued at 406.04 billion rupiah, according to a local securities house. Analysts said that local investors rushed to buy shares when foreign investors started bidding for Bimantara, a signal that political stability is no longer a major concern. Bimantara is a conglomerate controlled by one of President Flora's sons. Dealers said the stock was also helped by rumors that the government will pass regulations to allow media company to list shares. Bimantara's TV broadcasting unit, Rajawali Citra Indonesia, has planned a public offering that couldn't go on because of government regulations. Bimantara rose 250 rupiah to 2,425 rupiah on a heavy volume of 21.8 million shares.
