Bakrie & Brothers jumped as much as 29 percent to 98 rupiah at 3:11 p.m. local time, set for its highest since Nov. 20, while the Jakarta Composite index gained 0.3 percent. Shares of affiliates such as PT Bumi Resources also rose.
The stock had traded at 50 rupiah, the minimum price allowed by the bourse, for more than four months until April 16 on concerns Bakrie & Brothers couldn’t repay debt. The stock market rose 12 percent last week after peaceful legislative elections on April 9.
The gains in Bakrie are “highly speculative,” said John Teja, head of sales at Jakarta-based PT Ciptadana Securities. “The market’s rally after the smooth elections prompted people to buy Bakrie shares again.”
Bumi, Asia’s largest coal exporter, jumped 19 percent to 1,420 rupiah as the stock is also deemed undervalued, Teja said. PT Energi Mega Persada, the smaller of Indonesia’s two listed oil companies, added 20 percent, to 164 rupiah.
Bakrie & Brothers owns 35 percent and 40 percent of Bumi and Energi Mega, respectively, according to a company presentation sheet in October.
Other affiliates also rose. PT Bakrie Sumatera Plantations gained 14 percent to 520 rupiah and PT Bakrieland Development advanced 13 percent to 162 rupiah.
For Related News and Information:
Bakrie’s price-to-earning ratio: BNBR IJ
Stock index one-year price graph: JCI
Stories on Indonesia’s stock market: TNI INDO STK BN
Stories on Asia’s stock market: TNI ASIA STK BN
Search for Indonesia stories: NSE Indonesia
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