Category: Market

Market at New Record High

Indonesian stock market reached its record high on Wednesday (June 21) as investors accumulated the buying in local stocks ahead of the one-week holiday for celebrating Eid al-Fitr. Today is the last day of trading for stock market as the said holiday will start tomorrow (June 23), running until June 30 (Friday next week). The Eid al-Fitr is scheduled for June 25-26.

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Corporate Actions to Watch

PT Telekomunasi Indonesia (TLKM) plans to refinance its bank loan by the end of this year. Per March, its short term bank loan reached Rp914 billion—provided by Bank Negara Indonesia (BNI), UOB, Bank CIMB Niaga, Bank DBS Indonesia, Bank Danamon (BDMN). TLKM stopped issuing bonds in 2015 after raising Rp7 trillion from its bond program. The Company targets a double digit growth in profit for this year, surpassing the expected industry’s growth of 8-9%.

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Hary Tanoe: On the line?

Optimism was high when his friend and business partner Donald Trump was sworn in 45th president of the United States of America. Hary Tanoesoedibjo and Trump, however, have recently been under serious legal and public pressures. Yulianto, head of sub-directorate for special crime at Attorney General’s Office (AGO) claimedon Wednesday (June 21) that he has received a notification letter to behgin an investigation (SPDP) of businessman and politician Hary Tanoesoedibjo from the national police.

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Stronger Car Sales

National car sales went up 5.75% year-on-year to 93,661 units in May 2017 after rising by 5.68% in April, according to Indonesian Automotive Association (Gaikindo). On a monthly basis, car sales were also up 4.55%, following a 12.46% drop in the previous month. Considering the first five months of the year, automakers sold 467,067 cars, 6.13% more than in the same period a year earlier (440,639 units).

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Market Rally Continues

Domestic investors kept buying local stocks on Tuesday (June 20) as the one-week holiday for celebrating Eid al-Fitr is approaching. Foreign investors booked a net sell of Rp480.5 billion, cutting year-to-date net buy to Rp19.19 trillion. The composite index of the Indonesia Stock Exchange (IDX) gained 0.87% to close at 5,792 yesterday. The rupiah weakened back to Rp13,297 against the U.S. dollar.

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PLN to Acquire ADRO’s Coal Mine

The State-Owned Enterprise (BUMN) PT Perusahaan Listrik Negara is planning to acquire a coal mine to support national electrification goals. PLN’s President Director Sofyan Basir told the press yesterday (June 19) that PLN’s demand for coal had reached 86 million tons, which comes from the 60 percent of PLN’s power plant that are coal-fired plants.

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Update on Rokan Block

The Ministry of Energy and Mineral Resources (ESDM) dismissed the accusation that they’re giving PT Chevron Indonesia special privileges in the discussion of the extension of the contract for Rokan Block, after the SKK Migas told the press last week that Chevron’s contract for Rokan Block would be extended.

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Market Rally

Global stocks rallied on Monday (June 19) ahead of Brexit negotiations. U.S. stocks rose yesterday as technology shares rebounded from a recent bout of sharp weakness. Asia rallied across the board. Stocks in Hong Kong gained 1.2% to 25,925 on Monday, the highest close in more than a week and the steepest gain in 6 weeks. Investors anticipate better market conditions after liquidity tightening eased on the mainland when the central bank injected around 410 billion yuan into markets last week.

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Revised Budget

Finance Minister Sri Mulyani Indrawati said that the Government is now preparing a revision of the state budget and spending for 2017 (APBN-P). The Government will propose the amendment to the House of Representatives (DPR) with an additional Rp10 trillion for spending in programs such as the 2018 Asian Games, certification of land, and the upcoming general election.

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Investment Update

Indonesia collected more than US$1.6 billion worth of investment commitments in a follow-up meeting after the Belt and Road summit in Beijing (held on 14-15 May 2017). These investment commitments come from two Chinese companies—Delong Steel Ltd and Tsing San Group—that are set to build a carbon steel factory in the industrial zone of Morowali (Central Sulawesi). Both firms team up with Indonesian company Indonesia Morowali Industrial Park for the development of the factory.

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Market: Time to Panic?

The composite index of the Indonesia Stock Exchange (IDX) extended its fall on Friday last week (June 16) with the selling in local stocks dominating by domestic investors. Foreign investors booked a net buy of Rp200.1 billion...

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Expecting a ‘New’ Bumi Resources?

Main creditors of Bumi Resources (BUMI) have their representatives in the new board of commissioners and directors. China Investment Corporation (CIC), for example, is represented by Jinping Ma and Benjamin Mao in the board of commissioners. Thomas M Kearny from Argentum Fund (bondholder) has also been appointed new commissioner.

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