Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Telkom Indonesia rises after profit jump

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STOCKS NEWS INDONESIA-Telkom Indonesia rises after profit jump Oct 23rd 2012, 05:41 Tue Oct 23, 2012 1:41am EDT Shares in Indonesia's biggest telecommunications company PT Telkom Indonesia rose 1.58 percent on Tuesday after it reported an over 19 percent increase in its nine-month earnings. Revenue rose 7.63 percent to 56.86 trillion rupiah ($5.92 billion) and net profit jumped 19.47 percent to 10.01 trillion rupiah in January-September compared with the same period in the previous year, the state-owned telco provider said in a statement to the stock exchange. At 12.11pm (0511 GMT), the stock was up 0.52 percent at 9,600 rupiah with the second highest turnover of 90.8 million shares traded, while the broader Jakarta Composite Index was up 0.07 percent. 1211 (0512 GMT) ($1 = 9,605 rupiah) (Reporting by Andjarsari Paramaditha, Editing by Anupama Dwivedi **************************************************************** 12:18 STOCKS NEWS INDONESIA-Nomura positive on Indonesian market Nomura Equity Research said it expects the Indonesian market to perform "relatively well" amid a global economic slowdown on the back of strong macroeconomic fundamentals, prudent monetary policy and tough fiscal discipline. Nomura's head of equity Wilianto Ie said a rise in purchasing power and economic growth will lead to enlarged market size and an increase in foreign direct investment will be followed by rising competition. "We anticipate competition to intensify in the coming years and prefer companies with strong brand equity, upcoming market share winners, and industries with high entry barriers," he said. Nomura is bullish on the infrastructure and discretionary consumer sectors, while it is 'neutral' on banks, telecom and property sectors. However, it is 'underweight' on consumer staples, metal and mining sectors. The research house's top picks include automotive producer Astra International Tbk, state-controlled lenders Bank Rakyat Indonesia Tbk and Bank Mandiri Tbk, cigarette maker Gudang Garam Tbk and toll operator Jasa Marga. "We expect resilient domestic consumption, subdued inflation and good results will send the Jakarta Composite Index into another upward rally in coming years," the brokerage said. The Indonesian index was up 0.07 percent. 1209 (0509 GMT) (Reporting by Andjarsari Paramaditha, Editing by Anand Basu) Link this Share this Digg this Email Reprints

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