[Kabar-indonesia] 18 RI Biz/Econ Reports: Bond Swap; 3G; Basel ll; NISP; JSX Up; Rupiah Down

[JoyoNews at aol.com]

18 Reports:

- Indonesia to swap 2007-09 bonds
  with 19-year paper
- Indonesia Shares End Slightly 
  Up; Rate-Cut Hopes Boost Bks
- Indonesia Rupiah Ends 
  Lower On Emerging Market 
  Currency Woes
- WEF ranks Indonesia 
  50th in terms of global 
  competitiveness
- JP: 3G operators warned 
  to meet deadline 
- Indonesia Basel II 
  Implementation To 
  Boost Rtg Firms Ops
- Bank Indonesia To Use 
  Intl Accounting Standard 
  In 2008
- Interview-Indonesia NISP 
  eyes 30 pct yearly growth
- Rabobank to complete 
  acquisition of Indonesian 
  banks
- Indonesia's Bank BTPN 
  to raise US$44.4 mln 
  from IPO
- Bank Negara Indonsia 
  to lead grp  to finance 
  toll road project
- Indonesia offers toll road 
  projects to Australian investors
- Indonesia's Bakrie Sumatra 
  proposed 110 mln usd notes 
  rated 'B' - S&P
- Indonesia's Mobile-8 gets 
  70 mln usd loan from 
  Lehman Brothers
- Indonesia's Excelcomindo 
  launches 3G cellphone service
  [previously sent]
- Agri development must not 
  come at expense of farmers: 
  Yudhoyono
- Indonesia should develop 
  CPO into other products: 
  Academician
- Indonesia cooking oil 
  prices firm, CPO trading 
  dull

Indonesia to swap 2007-09 bonds with 19-year paper

JAKARTA, September 22 (Reuters) - Indonesia will swap government
rupiah bonds maturing in 2007-2009 with longer term paper on Sept. 26
as part of efforts to smooth out repayment schedules, a finance
ministry official said on Friday.

The finance ministry's head of debt management unit, Rahmat Waluyanto,
told Reuters investors will be able to switch bonds maturing between
2007-2009 into 19-year paper debt FR0040 <IDGBFR0040=SU>.

The government has recently stepped up efforts to ease the cost of
servicing its debt burden, which is expected to peak in the next three
years, partly by taking advantage of strong foreign demand for the
bonds.

Analysts say demand from investors is likely to remain strong due to
expected further cuts in domestic interest rates.

Indonesia's central bank senior deputy governor, Miranda Goeltom, said
on Thursday she expected interest rates will continue to fall until
the end of this year as inflation is likely to ease.

Bank Indonesia cut its key interest rate <BIPG> early this month by 50
basis points to 11.25 percent, the fourth cut this year.

Foreign investors have bought a substantial amount of Indonesian
government bonds this year, attracted by one of Asia's highest bond
yields and the prospect of lower domestic interest rates.

Rating agencies, however, still rate Indonesian bonds below investment
grade, or junk status. Standard and Poor's ratings Services, for
example, rates long-term Indonesian local currency government bonds
"BB+" - one notch below investment grade.

----------------------------------------

Indonesia Shares End Slightly Up; Rate-Cut Hopes Boost Bks

JAKARTA, September 22 (Dow Jones)--Indonesian shares ended slightly
higher Friday on gains in most bank blue chips, but declines across
most Asian markets limited the main index's gains, dealers said.

"Expectations of a lower interest rate outlook for this year helped
overall sentiment here, making the Jakarta bourse the only market that
gained in Asia," said a trader with BNI Securities.

The central bank is expected to cut its benchmark interest rate next
month to reflect a decline in inflation, dealers said.

Lower interest rates should increase banks' net interest margins and
help reduce debt burdens of many companies, analysts said.

The Jakarta Stock Exchange Composite index ended up 3.460 points, or
0.2%, at 1510.825.

Decliners, however, led gainers 67 to 56, with 69 stocks unchanged.

Volume was 1.5 billion shares valued at IDR2.0 trillion, compared with
2.45 billion shares valued at IDR2.6 trillion Thursday.

Bank Mandiri, the nation's largest bank by assets, rose 3.3% to
IDR2,375, Bank Negara, the second largest, jumped 6.3% to IDR1,690 and
Bank Central Asia, the third largest, rose 3.7% to IDR4,850.

Gas and oil producer Medco Energi rose 5.2% to IDR3,525 on hopes of
strong nine-month earnings due to an increase in the commodity prices.

On the downside, bellwether Telkom succumbed to profit taking, falling
1.2% to IDR8,200.

Looking ahead, traders expect shares to continue to trade higher
Monday led by bank blue chips.

--------------------------------------------------------

Indonesia Rupiah Ends Lower On Emerging Mkt Currency Woes

JAKARTA, September 22 (Dow Jones)--The Indonesian rupiah ended lower
Friday on a surge in offshore dollar purchases due partly to a drop in
Latin American and other emerging market currencies, dealers said.

'There was a lot of buying interest from foreign names (and) some
short-covering by offshore players,' a dealer said.

The dollar ended at IDR9,165 compared with Thursday's close of
IDR9,146. It hit an intraday high of IDR9,205 before dollar buying
interest peaked in the afternoon.

'Rupiah buying by state banks helped bring the dollar down a bit lower
in the afternoon session,' a dealer said.

Dealers said the dollar's rise was due to market participants' jitters
over an overnight tumble in emerging market currencies from Latin
America to Turkey.

Players will be closely watching developments in emerging markets
overnight to determine their dollar positions in Asian trade next
week, dealers said.

Dealers expect the dollar to trade higher to around the IDR9,200 level
on Monday, depending on emerging market behavior later Friday.

----------------------------------------

WEF ranks Indonesia 50th in terms of global competitiveness

JAKARTA, September 22 (Asia Pulse/Antara) - The World Economic Forum
(WEF) has ranked Indonesia 50th among 125 countries surveyed in its
Global Competitiveness Index 2006-2007. The ranking represents an
improvement from 69th place among 107 countries in a survey done the
previous year.

"The report on the survey will be officially announced on Sept 29,
2006," Dr Tulus Tambunan, an adviser to the chairman of the Indonesian
Chamber of Commerce and Industry (Kadin), said while presenting the
results of the survey here Thursday.

The results of WEF's survey, which was conducted in Indonesia in
collaboration with Kadin, were contained in a report entitled "The
Global Competitiveness Report 2006-2007."

The report put Switzerland in 1st place, Finland in 2nd and Sweden in 3rd 
place.

Other countries such as Denmark, Singapore, the US, Japan, Germany,
Netherlands and Britain were ranked lower. Among the ASEAN member
countries, Malaysia and Thailand ranked 26th and 35th respectively.

According to Tulus, the survey in Indonesia was carried out in 2005
and its respondents were executives of 200 companies across the
country from all lines of business.

He said businessmen considered limited infrastructure the main problem
in Indonesia.

"About 20 percent of the 123 businessmen said the quality of roads,
transportation, railways, telecommunication and electricity was
average or bad," Tulus said.

They also said that the government bureaucracy was inefficient,
causing high costs, political instability, counterproductive tax
regulations and inconsistent policies.

On Sept 9, 2006, the World Bank and the International Finance
Corporation ranked Indonesia 135th in their survey, while last year
the country ranked 131st in terms of business climate preferred by
investors.

"The main reason for the decline is not that Indonesia's reforms were
poor but because those carried out by other countries are better," IFC
General Manager Chris Richards said here recently.

There were 20 new countries covered by the 2006 survey which gave
Singapore first rank for business facility index in 2006, followed by
Thailand (18th), Malaysia (25th), Vietnam (104th), Cambodia (143rd)
and Laos (159th) in ASEAN.

The World Bank and IFC conducted the survey in 176 countries.

In determining a ranking for safe business, IFC uses 10 indicators,
including licensing, work force, property, credits, investor
protection, tax payment, interstate trade, contracts and business
closures.

In the survey, one of the reforms for which Indonesia was credited was
the reduction in time needed to establish a new business from 151 to
97 days.

--------------------------------

The Jakarta Post
September 22, 2006

3G operators warned to meet deadline 

The Jakarta Post, Jakarta

The government has threatened to penalize all telecommunication operators 
holding licenses for third generation cellular technology or 3G if they violate 
the commencement deadline for the new mobile phone services.

"If by the end of the year they have not begun their 3G services then they 
will be fined," Communications and Information Ministry Post and 
Telecommunications Director General Basuki Yusuf Iskandar said after the launch Thursday of 
PT Excelcomindo Pratama 3G services in Jakarta. 

3G technology enables cellular subscribers to enjoy video streaming and video 
conferencing through cellular phones, in addition to a much faster data 
transfer rate. 

Basuki stressed out that the government would issue a regulation for the 
implementation of the sanction shortly but he did no mention how much firms would 
be fined. 

So far, cellular operators that have been given licenses for 3G services are 
PT Telkomsel, PT Indosat, PT Natrindo Telepon Sulalar, PT Hutchison CP 
Telecommunication and PT Excelcomindo. 

All the companies are required eventually to provide a 3G service to at least 
10 percent of their coverage capacity in at least two provinces. To be able 
to begin commercial operations, they must conduct trial operations supervised 
by the government. The trial operations should be carried out before the end of 
this year. 

PT Telkomsel launched its 3G commercial operation last week, while another 
three operators hope to begin the services next year. 

Excelcomindo President Director Hasnul Suhaimi told reporters during the 
launch of the 3G service Thursday that the new service would initially cover 
Jakarta, Surabaya in East Java and Denpasar in Bali. 

More than 400 towers have been built and another 600 will be added by 
December for the service, he said. 

-------------------------------

Indonesia Basel II Implementation To Boost Rtg Firms Ops

By I Made Sentana
Of DOW JONES NEWSWIRES

JIMBARAN, Indonesia, September 22 (Dow Jones)--The Indonesian banking
sector's adoption of Basel II banking principles in 2008 will likely
spur a boom in related business for ratings agencies firms, central
bank and ratings company executives said Friday.

"The implementation (of Basel II) will need the participation of
rating agencies in measuring the risks of (banks') assets, namely the
loans to debtors," said Baradita Katoppo, the president director of PT
Fitch Ratings Indonesia, the local unit of Fitch Ratings.

"This will likely open business opportunity as debtors will need ratings."

Katoppo spoke on the sidelines of an international conference on the
tourist resort island of Bali about the implications of Basel II.

Indonesian banks may use ratings assigned to debtors by rating
agencies such as Standard & Poor's, Fitch Ratings and Moody's
Investors Service, or apply internal ratings mechanisms, said Bank
Indonesia Deputy Governor Maman Sumantri.

But banks' internal ratings methodologies must be validated by Bank
Indonesia if they opt to assign their own ratings, Sumantri said.

The new Basel Capital Accord, or Basel II, is a successor to the Bank
for International Settlement's 1988 accord on capital adequacy for G10
country banks. That accord has since become an international standard
for bank solvency.

Basel II is a three-pillar extension of the original agreement that
mandates changes in banking behavior in fields including risk and
disclosure. The new accord is scheduled to take effect in G10
countries in 2007 and many other countries, including Indonesia, are
striving to meet Basel II criteria shortly after that.

Indonesia is particularly interested in meeting the standards due to
the role massive nonperforming loan burdens played in devastating the
Indonesian banking system during and after the 1997-98 Asian financial
crisis.

The government had to spend nearly $60 billion to bail out the banking
system, the cost of which continues to restrain the government's
capability to finance desperately needed development projects.

With nearly 85% of Indonesia's total financial sector assets under the
control of domestic banks, the central bank has prioritized risk
management capability upgrades of the banking sector as a key
foundation of financial sector reform.

Although Bank Indonesia won't require banks to get their debtors
rated, it will encourage banks to channel lending to rated clients.

Banks won't be required to provision for loans to debtors having AAA
ratings, while provisions of 100% will be required on loans to unrated
debtors, said Muliaman Hadad, Bank Indonesia director for bank
supervision and research.

"For the borrowers, in the end, the higher the ratings, the lower the
interest rates they may be charged," Hadad said.

Imamat Dalimunthe, the head of PT Kasnic Credit Rating Indonesia, said
more local companies will likely seek ratings by agencies after the
implementation of Basel II to reduce the costs of borrowing.

Only a fraction of Indonesian domestic firms currently have credit
ratings, Dalimunthe said.

-----------------------------------

Bank Indonesia To Use Intl Accounting Standard In 2008

JIMBARAN, Indonesia, September 22 (Dow Jones)-Bank Indonesia plans to
begin using international accounting standards in 2008 to assess all
domestic banks' balance sheets, an official with the central bank said
Friday.

"This will show the real value of banks' assets and liabilities," said
Wimboh Santoso, executive researcher at Bank Indonesia, speaking to
reporters on the sideline of a banking conference in Jimbaran, Bali.

Currently, Indonesian banks are free to chose their own accounting methods.

However, Bank Indonesia intends to standardize accounting practices as
part of its plans to implement the Basel II accords on capital
adequacy by 2008.

Santoso said that by using the international standards, a banks'
capital will be based on market value and prospective investors will
be able to better judge its fiscal health.

---------------------------------

Interview-Indonesia NISP eyes 30 pct yearly growth

By Harry Suhartono and Nury Sybli

JAKARTA, September 22 (Reuters) - Indonesian medium-sized lender PT
Bank NISP Tbk is aiming for 30 percent growth in its business each
year until 2010, its president director said on Friday.

The bank, controlled by Singapore's Oversea-Chinese Banking Corp. Ltd.
, is aiming to increase its capital base to 10 trillion rupiah ($1.09
billion) from under 3 trillion to meet a central bank requirement to
qualify as a national bank, Pramukti Surjaudaja told Reuters in an
interview.

"We are relying on organic growth as well as (some) capital raising
exercises. It can be a rights issue or increasing our tier 2 capital,
depending on market conditions," U.S. graduate Surjaudaja said.

"We want to become a national bank. National banks must have 10
trillion rupiah as capital, ours is only 2.8 trillion right now, so
this is our main focus," he said.

Surjaudaja has also been a non-executive director at OCBC since
November 2004, the year that OCBC increased its stake at the lender to
51 percent from 22.5 percent.

The Singaporean lender increased its share in the lender again to
around 70 percent last year.

Surjaudaja said the bank had lowered its net non-performing loan (NPL)
ratio to around 2.5 percent from 3.08 percent at the end of the first
half, partly due to an improvement in economic conditions and
restructuring of its loans.

NISP's net NPL ratio climbed following a sharp increase in interest rates.

Bank Indonesia increased the benchmark rate to control inflation,
which hit an around six-year high last year following a government
decision to more than double domestic fuel prices.

But with inflation easing, the central bank has slashed its key
interest rate, the BI rate <BIPG>, by 150 basis points so far this
year to 11.25 percent and Bank Indonesia says the rate could come down
further to around 10 percent by the end of 2006.

NISP's share price has declined more than 5 percent since the start of
the year, while the Jakarta Composite Index <.JKSE> has climbed by
nearly 30 percent.

------------------------------------------------------------

Rabobank to complete acquisition of Indonesian banks

JAKARTA, September 22 (Asia Pulse/Antara) - Dutch Bank, Rabobank, will
finish the process of acquisition of PT Bank Haga and Bank Hagakita
this month after completing due diligence, a banker said.

The new owner will then merge the two Indonesian banks into one,
President of Bank Haga Danny Hartono said.

Danny said currently Bank Indonesia still holds fit and proper test of
the prospective owner of the two banks expected to be completed before
the end of this month.

Rabobank acquired the two banks from the same owner PT Aditirta
Suryasentosa, PT Antarindo Optima and PT Antariksabuana Citanagara.

The two banks have offered credits mainly to small and medium enterprises.

By acquiring the bank, Rabobank will have access to small and medium
enterprises sector in the country.

-------------------------------------------------------------

Indonesia's Bank BTPN to raise US$44.4 mln from IPO

JAKARTA, September 22 (Asia Pulse/Antara) - Bank BTPN said it hopes to
raise Rp400 billion (US$44.4 million) from a planned initial public
offering (IPO) later this year.

Chief commissioner of the bank Dorodjatun Kuntjoro Jakti said the fund
will be used to finance its regional expansion.

The bank, which already has 368 branches in 14 provinces will open a
number of new branches in the regions, Dorodjatun said.

A bank director Gandhi G. Putra said the bank will open 10 to 15 new
branches next year in eastern Indonesia - Bali, Sulawesi, Maluku and
Kalimantan.

-------------------------------------------------------------

Bank Negara Indonsia to lead GRP to finance toll road project

JAKARTA, September 22 (Asia Pulse/Antara) - State-owned Bank Negara
Indonesia (BNI) (JSX:BBNI) said it will lead a bank syndicate to
finance a 36.5 kilometer toll road project between Surabaya and
Mojokerto in East Java.

The toll road project to be built by contractor PT Marga Nujyasmo
Agung (MNA) is estimated to cost Rp2.5 trillion (US$273 million) and
65 per cent of the fund will be provided by the syndicate, which will
also include state-owned Bank Rakyat Indonesia (JSX:BBRI) and Bank
Bukopin (JSX:BBKP).

BRI and Bukopin have agreed to join the syndicate led by BNI, which
will put up Rp800 billion, a BNI Director Achmad Baiquni said.

Achmad said the loan carrying an annual interest rate of 14 per
cent-15 per cent will reach maturity in 10 years.

-------------------------------------------------------------

Indonesia offers toll road projects to Australian investors

JAKARTA, September 22 (Asia Pulse/Antara) - Public Works Minister
Djoko Kirmanto has offered a number of toll road and drinking water
supply projects to Australian investors.

Djoko made the offer in Melbourne when attending an Indonesian
Festival on Sept 14-15.

He said he offered three toll road projects in Java totaling 169
kilometers involving a total investment of about Rp7.5 trillion
(US$833 million).

The three toll road projects are now in the process of tender.

Djoko said Australia investors are interested in toll road and
drinking water supply projects, but they have also asked for legal
certainty guarantee.

---------------------------------------------------------------

Indonesia's Bakrie Sumatra proposed 110 mln usd notes rated 'B' - S&P

JAKARTA, September 22 (XFN-ASIA) - Standard & Poor's Ratings Services
said it has assigned its "B" issue rating to the proposed 110 mln usd
senior secured notes issued by PT Bakrie Sumatra Plantations
wholly-owned subsidiary, BSP Finance B.V.

The rating on the notes is subject to final documentation.

At the same time, S&P said it has assigned a 'B' corporate credit
rating to Bakrie Sumatra, with a stable outlook.

It said the ratings reflect the expected deterioration in Bakrie
Sumatra's financial risk profile, forecast decline in operating
margin, its small size and revenue, and its vulnerable business
profile.

"The stable outlook reflects our expectation that Bakrie Sumatra's
financial measures will remain consistent with the current rating
level despite an expected deterioration in its financial profile,"
S&P's credit analyst Yasmin Wirjawan said.

"We also expect no significant diversion of financial resources from
Bakrie Sumatra to its parent, Bakrie & Brothers, and related
companies, and that the company has the capacity to promptly and
smoothly execute the capital expenditure program in its core
businesses."

Bakrie Sumatra operates about 51,000 hectares of palm and rubber
plantations and processing facilities mainly in the islands of Sumatra
and Kalimantan.

----------------------------------------------------------

Indonesia's Mobile-8 gets 70 mln usd loan from Lehman Brothers

JAKARTA, September 22 (XFN-ASIA) - Lehman Brothers has given Cellphone
carrier PT Mobile-8 Telecom, a 76.01 pct-owned unit of PT Bimantara
Citra, a 70 mln-usd loan facility, Mobile-8 said.

The rate of interest is the LIBOR plus 6 pct, the company said.

The loan facility is secured against 70 mln Mobile-8 warrants.
However, the terms for conversion of the warrants will depend on the
pricing of Mobile-8's initial public offering (IPO), which is slated
for November.

Bimantara president Hary Tanoesoedibjo said Mobile-8 would use the
greater part of the loan and the proceeds of its IPO to expand its
cellphone network in Sumatra and Kalimantan.

He said Mobile-8 aimed to expand the capacity of its network to 4 mln
subscribers by the end of next year and to 7 mln by the end of 2008,
from the estimated 2.2 mln at the end of this year.

"Mobile-8 has gone through its most difficult time as a new operator.
It is now entering a new stage where its subscriber base, revenue and
profit can grow significantly," Tanoesoedibjo said.

Mobile-8 had 1.4 mln subscribers at the end of last month.

-----------------------------------------------------------

Indonesia's Excelcomindo launches 3G cellphone service

JAKARTA, September 22 (XFN-ASIA) - PT Excelcomindo Pratama, a 60
pct-owned unit of Telekom Malaysia Bhd, launched its third generation
(3G) cellphone service yesterday, Excelcomindo said.

The company said in a written statement that initially, the service
would be available in only six cities -- Jakarta and its environs,
Medan, Batam, Bandung, Surabaya and Denpasar.

Excelcomindo president Hasnul Suhaimi said that, to allow
international roaming, his company was cooperating with Celcom in
Malaysia, MobileOne in Singapore, Telstra in Australia and Hong Kong
CSL in Hong Kong.

He said that from next month, other carriers such as SmarTone and
Hutchison 3G in Hong Kong and Hutchison 3G in Australia would would
also allow international roaming for Excelcomindo 3G subscribers.

Suhaimi said Excelcomindo had invested 50-100 mln usd in developing
its 3G service.

-----------------------------------------------------------

Agri development must not come at expense of farmers: Yudhoyono

PADANG, W Sumatra, September 22 (Asia Pulse/Antara) - President Susilo
Bambang Yudhoyono said Indonesia truly had to develop its agriculture
but this should not occur at the expense of the nation's farmers.

"Let us avoid a situation where our agriculture is advaned but our
farmers have stagnated," the President said after receiving a honorary
doctorate from the University of Andals here on Thursday.

The president's title was in the field of sustainable agricultural 
development.

The head of state who was accompanied by Mme Ani Yudhoyono said
agricultural development was very important because most of the
country's 39.1 million poor people were farmers.

Furthermore, most of the nation's 11.9 million unemployed citizens
were originally involved in farming. In order to protect farmers, the
government had adopted a policy of price fixing for unhulled rice and
subsidizing fertilizer, he said.

He said the government set prices and provided subsidized fertilizer
in order not to help farmers lower their costs.

"We can no longer use conventional ways in agricultural development
because it they are no longer suitable," the president said.

Yudhoyono urged universities to play an active role in the development
of the agricultural sector.

He also said experience had shown that the agricultural sector should
undergo basic revitalization as many provinces had faced harvest
failures due to natural disasters.

The function was also attended by State Audit Board Chairman Prof Dr
Anwar Nasution, Regional Representatives Coucil Deputy Chairman Irman
Gusman, Coordinating Minister for People's Welfare Aburizal Bakrie,
Religious Minister Maftuh Basyuni and State Minister for Women's
Empowerment Prof. Dr Mutia Swasono Hatta.

------------------------------------------------------------

Indonesia should develop CPO into other products: Academician

JAKARTA, September 22 (Asia Pulse/Antara) - Indonesia should have
institutes to train scientists to develop crude palm oil (CPO) into
other products like in developed countries, an academician said.

"Indonesia produces less CPO than Malaysia although the former has a
larger area of forests. Indonesia will produce the same volume of CPO
as Malaysia by 2010 provided the government and private sector
seriously develop education on CPO and increase its oil palm
plantation area consistently," RB Iskandar Kristanto, president
director of oil palm polytechnic Citra Widya Education, said here
Thursday.

Malaysia produced 13.4 million tons of CPO in 2005 and is projected to
turn out 15.1 million tons in 2010. Indonesia produced 8.30 million
ton of CPO in 2005 and would yield 14.2 million tons in 2010.

World CPO production reached 24.2 million tons in 2005 and will
increase to 34.6 million tons in 2010.

The government is continuing to increase the oil palm plantation area.

"There is a good climate for developing CPO products in the future and
hopefully Indonesia can become a world player again like 10 years
ago," Iskandar said.

-------------------------------------------------------------

Indonesia cooking oil prices firm, CPO trading dull

JAKARTA, September 22 (Reuters) - Indonesia's cooking oil prices were
steady on Friday because of demand ahead of the Muslim holy month of
Ramadan, but trading for crude palm oil was quiet as players waited
for Malaysian prices to stabilise.

RBD palm olein was marginaly unchanged at between 4,670 and 4,700
rupiah ($0.512-$0.487) a kg, with some 600 tonnes of cooking oil
changing hands.

"Demand is there but it's hard to expect higher prices as brokers are
selling cheap for some profit," a dealer in Jakarta said.

Indonesia is the world's most populous Muslim nation. During the
Muslim fasting month of Ramadan more oil is used to cook for evening
feasts when followers break their fasts.

Gains in Malaysia crude palm oil futures stirred little trading
interest for the commodities with no local auctions both at the state
marketing centre in Jakarta and in Medan.

"The market was very, very quiet. There were no offers today, sellers
preferred to wait and see until prices are really stable," a
Medan-based trader said.

The benchmark third-month December <KPOZ6> <0#KPO:> contract on the
Bursa Malaysia Derivatives exchange rose 11 ringgit to 1,546 ringgit
($421) a tonne and later closed at 1,545 ringgit in the evening.

On the exports front, sellers offered October shipments at $422.5 a
tonne free on board Belawan port, while bids were seen at $420.

November and December shipments were offered at $425 a tonne, while
bids stood at $420.

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Joyo Indonesia News Service
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