Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Eterindo surges on investment plan

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STOCKS NEWS INDONESIA-Eterindo surges on investment plan Oct 22nd 2012, 04:48 Mon Oct 22, 2012 12:48am EDT Shares in Indonesian biodiesel producer PT Eterindo Wahanatama Tbk jumped as much as 18.33 percent on Monday after the company said it planned to invest up to 1.5 trillion rupiah ($156.37 million) in the next 3 years. Eterindo will invest in 24,000 hectares of oil palm plantation till 2015, sourced from loans and internal cash, said Immanuel Sutarto, the company's chief executive. The palm plantation company will write-off 308.7 billion rupiah of bad debt from currency loss, it said in a statement to the stock exchange on Monday. At 11.27 am (0427 GMT), the stock was up 13.33 percent at 340 rupiah, while the broader Jakarta Composite Index was down 0.13 percent. 1128 (0428 GMT) ($1 = 9,592.5 rupiah) (Reporting by Andjarsari Paramaditha,; Editing by Anupama Dwivedi) **************************************************************** 11:24 STOCKS NEWS INDONESIA-BNI Securities cuts Astra Agro to hold BNI Securities Research downgraded PT Astra Agro Lestari Tbk to 'hold' from 'buy' and kept its target price at 22,500 rupiah, citing lower demand from European markets and a fall in crude palm oil (CPO) prices. The plantation company's shares stayed at 20,700 rupiah, while the broader index was down 0.19 percent. "Weakening demand in global market, especially Europe, has dragged down CPO prices," analyst Viviet S Putri wrote in a note on Monday. Putri expects a 25 percent fall in Astra Agro's third-quarter net profit due to weak global demand. The research house also lowered CPO commodity sector rating to 'underweight' from 'neutral', citing higher CPO supply amid weak global demand. 1052 (0352 GMT) (Reporting by Andjarsari Paramaditha, Editing by Anand Basu) Link this Share this Digg this Email Reprints

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