PT Bakrie Sumatera Plantations, Indonesia’s third-largest listed agriculture company, had the biggest gain among estate stocks in Jakarta after palm oil rose and Kontan daily reported the company plans to expand.
Bakrie Sumatera rose 15 rupiah, or 5.3 percent, to 300 at 10:54 a.m. local time, leading gains among the 14 members in the Jakarta Agricultural Index. The benchmark Jakarta Composite Index fell 1.1 percent to 1,327.40.
Palm oil futures in Kuala Lumpur gained as much as 3.6 percent to 1,947 ringgit ($542) a metric ton on speculation demand for the crop may increase after drought damaged the soybean harvest in South America. Soybeans are crushed to produce soybean oil, which like palm oil, may be used in foods and alternative fuels.
Bakrie Sumatera plans to invest about $37 million to plant 20,000 hectares (49,421 acres) of oil palms on its Sumatran estates, Kontan reported, citing President Director Ambono Janurianto.
Janurianto couldn’t be reached at his office today for comment
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