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Indonesian shares recoup losses after Dec trade surplus data
February 3, 2014 / 6:08 AM / 4 years ago

Indonesian shares recoup losses after Dec trade surplus data

JAKARTA, Feb 3 (Reuters) - Indonesian shares were down 0.38 percent at midday on Monday, having recovered partly from a 0.93 percent drop earlier, after government data showed higher-than-expected December trade surplus.

Indonesia posted a trade surplus of $1.52 billion in December, putting the trade balance in the black for a third straight month and relieving pressure on the ailing rupiah .

The agriculture and trading indexes led the recovery, rising 0.81 percent and 0.21 percent respectively. Blue chips fell 0.53 percent, dragging down the broader index.

Palm oil producers London Sumatra and Astra Agro Lestari were up 2.1 and 1.3 percent respectively, while mobile phone producer Erajaya Swasembada rose 4.2 percent.

“CPO price is up by 1.5 percent, supported by USDA’s report on Indonesia 2013/2014 CPO with slightly lower estimate on supply of 32.76 million tons, while production estimate is maintained at 31 million tons. At this stage, two of our top picks in the plantation sectors are AALI and LSIP,” Jakarta-based Bahana Securities said in a note on Monday. (Reporting by Andjarsari Paramaditha; Editing by Anupama Dwivedi)

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