PT Adaro Energy jumped 6.1 percent after crude oil rose to a one-week high, improving the appeal of alternative fuels such as coal. PT Energi Mega Persada climbed 5.2 percent after it began production at an oil field. PT Bank Rakyat Indonesia, the second biggest bank by assets, added 4.2 percent as Citigroup Inc. predicted the nation’s economic growth will accelerate.
The Jakarta Composite index climbed 2.9 percent to 3,554.77 as of the 4 p.m. local-time close, posting the biggest gain among Asian markets today. It plunged 8.7 percent in the past four days, the sharpest drop since November 2008, amid concern faster inflation will spur interest-rate increases. Stocks are trading at 14.45 times 2011 estimated earnings, the lowest level since June, according to data compiled by Bloomberg.
“The index level at below 3,500 presents a good buying opportunity,” said Arfan Karniody who helps manage $1.1 billion in assets at Jakarta-based PT Batavia Prosperindo Aset Manajemen. “Valuation looks attractive again.”
Crude oil for February delivery rose 2.1 percent to $91.11 a barrel in New York yesterday, the highest settlement since Jan. 3. The London Metal Exchange Index of prices for six industrial metals including nickel jumped 1.7 percent yesterday, ending four straight days of losses. Rubber advanced to a record with the June delivery contract rising as high as 451 yen a kilogram ($5,433 a metric ton) in after-hours trading in Tokyo.
Adaro, Aneka Tambang
Adaro, Indonesia’s second-largest coal producer, jumped 6.1 percent to 2,625 rupiah, the biggest boost to the Jakarta Mining Index. PT Aneka Tambang, a state-owned nickel and gold producer, rallied 6.7 percent to 2,400 rupiah and PT Perusahaan Perkebunan London Sumatra Indonesia, which plants rubber trees, gained 4.3 percent to 12,050 rupiah.
Energi Mega, Indonesia’s second-largest listed oil company, increased 5.2 percent to 121 rupiah after saying it has begun production at its Pagerungan Utara oil field, offshore of east Java. The oil field will have an estimated output of 6,000 barrels a day.
Bank Rakyat added 4.2 percent to 5,000 rupiah. PT Bank Negara Indonesia, the third-largest state-owned bank, climbed 5.5 percent to 3,375 rupiah.
Indonesia’s economic growth may accelerate to 6.3 percent this year as domestic demand and investment picks up, Johanna Chua, the Hong Kong-based head of Asian economic research at Citigroup, wrote in a note to clients today. Southeast Asia’s biggest economy may have expanded 6 percent last year compared with 4.5 percent in 2009, the central bank said Jan. 5.
To contact the reporter on this story: Berni Moestafa in Jakarta
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