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UPDATE 1-Indonesia - Market Factors to watch - March 1
March 1, 2012 / 2:21 AM / 6 years ago

UPDATE 1-Indonesia - Market Factors to watch - March 1

(Adds press digest)

JAKARTA, March 1 (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

- BLUESCOPE STEEL AIMS TO TRIPLE OUTPUT IN 2012

Steel producer PT BlueScope Steel Indonesia, a unit of Australia’s BlueScope Steel Ltd, plans to triple its 2012 production to 300,000 tonnes from 100,000 tonnes last year with a total investment of up to $135 million, said CEO Cheong Ku Wei. (Investor Daily p.8 & Kontan p.13)

- BP MIGAS CUTS 2012 OIL TARGET

Indonesia’s oil and gas watchdog BP Migas has cut its 2012 budgeted oil output target to 910,000 barrels per day (bpd) from 930,000 bpd previously, as contractors could only produce oils of between 891,000-930,000 bpd this year, said Director Rudi Rubiandini. (Investor Daily p.9)

- DOMESTIC STEEL DEMAND SEEN UP 10 PCT-ASSOC

The Indonesian Iron and Steel Industry Association (IISIA) said it would be difficult to meet domestic steel demand this year-- seen at 10.68 million tonnes, or up 10 percent year on year -- as producers could only produce 8.5 million tonnes of steel due to shortages of electricity and gas supply, said Deputy Chairman Irvan Hakim. (Bisnis Indonesia .i1)

- TIMAH SCALES BACK INVESTMENT PLAN

State owned tin miner PT Timah will cut its capital expenditure by more than one third this year, in the wake of a decision to postpone some expansion plans, Corporate Secretary Abrun Abubakar, said. (Jakarta Globe p.B1)

MARKET SNAPSHOTS

* Jakarta’s Composite Index gained 2.1 percent on Wednesday, its biggest daily rise in almost four months, as a continued recovery in global stock markets lured bargain-hunters to riskier assets and as investors snapped up shares of firms with favourable quarterly earnings and positive outlooks.

* Asian shares mostly fell on Thursday as Federal Reserve Chairman Ben Bernanke put the brakes on a recent rally by not signalling any further monetary easing to stimulate growth, while investors shifted their focus to manufacturing data due later in the day.

* U.S. stocks slipped on Wednesday, snapping a four-day winning streak after comments from U.S. Federal Reserve Chairman Ben Bernanke disappointed investors hoping for a strong signal of more stimulus.

* Oil jumped back to positive territory in late trading on Wednesday, ending the month sharply higher as the Federal Reserve said that the U.S. economy expanded modestly in January through mid-February as hiring increased across several of its districts.

* Malaysian crude palm oil futures fell on Wednesday, pressured by concerns about slowing demand and the stronger ringgit currency, although hopes that the European Central Bank will offer cheap loans to European banks helped limit losses.

IN THE NEWS REUTERS INDONESIA (Click on )

* Singapore’s Indofood Agri eyes palm oil, rubber, sugar assets

* Bakrie Telecom says to repay debt with new dollar loan

* Freeport Indonesia stoppage to be resolved by next week -union

* Indonesia to delay raising electricity prices - energy minister

* FACTBOX-Indonesian mining and its new 2014 export law

* Global rubber output seen up 2.6 pct in 2012-ANRPC

* First Resources eyes 10 pct CPO output rise, rubber

* Australia to probe new Indonesia cattle cruelty video

----------------------MARKET SNAPSHOT @ 0019 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1365.68 -0.47% -6.500 USD/JPY 81.17 0.04% 0.030 10-YR US TSY YLD 1.9791 -- 0.005 SPOT GOLD 1705.29 0.59% 10.050 US CRUDE 107.1 0.03% 0.030 DOW JONES 12952.07 -0.41% -53.05 ASIA ADRS 130.61 -1.29% -1.71

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LATEST STORIES ON:

* Indonesia stocks........

* Southeast Asian stocks..

* Asian stocks preview....

* Asian currencies........

* U.S. stocks.............

* Oil prices..............

* Global markets..........

* Malaysian crude palm oil

* Indonesian palm oil.....

* Global economy..........

* Key Asian companies.....

* Key currencies..........

* Major deals of interest. ($1 = 9020.0000 Indonesian rupiahs) (Reporting by Jakarta Bureau and Rin Hindryati; Editing by xxxxxx)

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