Thursday, July 16, 2009

IDX rally ends, commodities mixed

IDX ends two days of substantial gains and closed lower by 0.3% today while most regional markets continued the rally on Wall Street revival. 
Bakrie-related stocks which led the rally in the past few days ended in negative territory, led by Energi Mega Persada which lost 4.2% and Bakrieland -1.6%. Banking stocks ended mixed with two major banks---BRI and NISP---lost grounds by 5.4% and 8.3% respectively. Smaller banks, Bukopin and Kesawan, were top gainers in the sector with 6% and 12% gain respectively.
Bank Danamon and BNI have announced their first half performance. Danamon reported substantial drop of net profit by 24.8% to Rp870 billion, but second quarter posted significantly better results than Q1. On the other hand, BNI reported strong 176% growth in profit after tax to Rp1.2 trillion on higher net interest income of 21% and non-interest income (fee-based income) by 24%. 
Commodities ended mixed with Indika lost 3.3%, while Indo Tambangraya gained 2.1%. Bumi Resources and Adaro Energy also declined by 2.1% and 1.7% respectively. Their peers in the region mainly closed higher, led by Rio Tinto's 4.6% gain. Plantation stocks closed mainly lower with only PP London Sumatra gained 3.4%.
Palm oil prices in Malaysia Derivative Exchanges retreated and closed lower at RM2020 per ton today, while physical auctions organized by state-plantations and Astra Agro Lestari (AALI) ended higher.
Oil and gas stocks were mainly in red, led by Elnusa which slashed 4.5%, and ENRG -4.2%, and Medco -1.7%, while their peers in the region closed in higher grounds. Metals also returned to negative territory, led by Aneka Tambang which lost 2%. (th/ya)

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