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NEWS UPDATES 29 September 2010

Indonesia market has another record close

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Indonesia's Jakarta Composite Index climbed 34.02 points, or 1 percent, to 3,506.73 as of 10:33 a.m. local time on Wednesday, set to close at a record for a fourth straight day.

Bakrieland Development, Indonesia's second-biggest property developer by assets, gained 2.6 percent to Rp 158. The company, through its unit Bakrie Toll Road, plans to sell Rp 1.5 trillion ($168 million) of bonds in the first half of 2011 to refinance debt and to develop toll roads, Investor Daily Indonesia reported, citing Bakrieland President Director Hiramsyah S. Thaib.

Medco Energi Internasional, Indonesia's biggest listed oil company, jumped 8.1 percent to Rp 3,350, set for its steepest gain since Aug. 6. State-owned Pertamina plans to acquire Medco, Ferederick Siahaan, a director at Pertamina, said today. The state-owned oil producer may buy a stake in Medco's parent company, Encore Energy Ltd., Siahaan said.

Timah, the nation's largest tin mining company, gained 2.7 percent to Rp 2,850 rupiah. Tin for three-month delivery advanced 1.5 percent to $24,000 a metric ton in London yesterday, the highest close since May 27, 2008.

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