Indonesia - Market Factors to watch - July 5
JAKARTA, July 5 (Reuters) - Following is a list of events in Indonesia as well as business highlights from newspapers and factors that may influence financial markets.
PRESS DIGEST (Reuters has not confirmed these stories)
GOVT SAYS 2012 TARGET PROJECTS UNDER MP3EI CORRIDOR DIFFICULT TO ACHIEVE
The government says it will only be able to launch 20 projects under its economic development master plan (MP3EI) this year, or 23 percent of its total 84 projects worth 536 trillion rupiah, said Lucky Eko Wuryanto, deputy coordinating minister for economic affairs. (Investor Daily p.6, Kontan p.2 & Bisnis Indonesia p.3)
ELECTRONIC SALES IN JAN-MAY RISE 20 PCT - ASSOC
Indonesian Electronics Association (Gabel) and the Electronic Marketers Club (EMC) said electronics goods sales rose 20 percent in the first five months year-on-year to 11.1-11.2 trillion rupiah. (Investor Daily p.8)
INDO TAMBANGRAYA SECURES $1.8 BLN COAL CONTRACT
Coal miner PT Indo Tambangraya Megah secured coal sale contracts of 19 million tonnes, or 70 percent of its 2012 total sales target of 27 million tonnes, with an average selling price of up to $98 per tonne, according to a report published by securities firm PT Trimegah Securities. (Investor Daily p.13)
SURYA SEMESTA TO EXPAND INTO LOW-COST HOTEL BUSINESS
Property and construction firm PT Surya Semesta Internusa plans to develop 30 budget hotels within the next five years and expects to start operation in 2013, said corporate secretary Utari Sulistiowati. (Investor Daily p.13)
BI SAYS 2012 CREDIT DISTRIBUTION TO GROW 25 PCT
Bank Indonesia is optimistic that national banks' loan growth in 2012 will still grow at 24-25 percent, said the central bank's deputy governor, Muliaman Darmansyah Hadad. (Investor Daily p.21)
ELNUSA SEES $338.3 MLN NEW CONTRACTS IN 2012
Oil and gas firm PT Elnusa expects to book new contracts worth $338.3 in 2012, higher than its earlier target of $321 million, said corporate secretary Heru Samoedra, adding that the firm is currently eyeing a contract worth $111.8 million consisting of geosciences project, oilfield service and drilling. (Kontan p.4)
HANKOOK TYRE FACTORY TO START OPERATION IN 2012
South Korea's tyre manufacturer Hankook Tire Co Ltd. expects its new factory in Cikarang, West Java, will start operation at the end of this year. Deputy CEO Jae Bum Parkas said the firm has completed 84 percent of the plant, adding that the initial production of 30,000 units will be exported to the US next year. (Bisnis Indonesia p.i8)
* Jakarta composite index rose 0.64 percent on Wednesday with coal miners leading the way, while most of Southeast Asian markets retreated from their day's high as investors took profits after recent rallies.
* Asian shares eased on Thursday as markets awaited the European Central Bank's policy decision later in the day, while the euro was pressured by widespread expectations of a rate cut to support fragile euro zone growth.
* U.S. markets were closed on Wednesday for the Independence Day holiday.
* Malaysian crude palm oil futures edged lower on Thursday, off a five-week high, as traders booked profits from a weather-fuelled rally that had boosted prices by more than 3 percent this week.
* Relentless heat in the key U.S. corn- and soybean-growing areas drove benchmark Chicago corn futures higher on Tuesday, marking the golden grain's biggest eight-day advance in 3-1/2 years as drought brought worries about world grain supplies.
* Benchmark oil prices fell back below $100 a barrel on Wednesday, after a sharp gain the previous day, as new evidence of grim economic conditions in Europe offset expectations of fresh stimulus measures.
-----------------MARKET SNAPSHOT AT 0011 GMT ---------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1374.02 0.62 8.51 USD/JPY 79.88 0.05 0.04 US 10YR 1.61 -1.28 -0.02 SPOT GOLD 1614.40 -0.05 -0.73 US CRUDE 86.88 -0.90 -0.78 DOW JONES 12943.82 0.56 72.43 ASIA ADRS 121.09 1.53 1.82 FTSE 100 5684.47 -0.06 -3.26 ------------------------------------------------------------
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* Major deals of interest. ($1 = 9,157.5 rupiah) (Reporting by Rin Hindryati, Writing by Andjarsari Paramaditha; Editing by Jijo Jacob)
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