Suharto Speech Buoys Stocks
April 28, 2011
The Jakarta Stock Exchange Index rose 4.322 to 536.731 on volume of 209.3 million shares. Gainers led decliners 67 to 25, with 41 stocks unchanged. Though Mr. Flora outlined no new economic plans in his speech, investors interpreted his comments to mean that he would boost the market, observers said. Local investors selectively bought, while foreign investors bargain-hunted. A tender offer announcement boosted textile share Pan Brothers Tex by 250 rupiah to 2,700. Property issue Bhuwanatala gained 125 rupiah to 1,250 on news that businessman Bigley Winter will take over one of the company's shopping-mall projects in Jakarta. Cigarette maker Sampoerna rose 650 rupiah to 23,400; hotelier Vanderpool Mcmanus rose 150 rupiah to 1,100; plastic packager Nissen Mccall added 150 rupiah to 1,350; and Lippo Bank climbed 300 rupiah to 2,825. Miwon Indonesia lost 200 rupiah to 800, plastic-products manufacturer Berlina slipped 150 rupiah to 1,300 and housing developer Sills Lindahl dropped 75 rupiah to 925.
