JAKARTA, Nov 20 (Reuters) - The following Jakarta stock was on the move on Wednesday.
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ASTRA JUMPS 9.59 PCT ON FOREIGN BUYING
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Indonesia auto giant PT Astra International jumped 150 rupiah to 2,000 rupiah ($0.22) in early trading, with some dealers attributing the gain to aggressive foreign brokerage buying.
Dealers said the share trading would be volatile amid uncertainty over the company's planned rights issue. Many had expected the price to remain under pressure.
"JP Morgan buys the stocks actively again today. So far it has bought around six million shares from the total 17 million traded," said a dealer from a foreign securities firm.
Dealers said some other foreign brokerage firms also bought Astra but JP Morgan was the biggest single buyer.
On Tuesday the firm bought about 40 percent of the 32.8 million Astra shares traded and helped boost the stock by almost six percent.
Astra has said it has invited four brokerage firms to discuss the rights issue plan but so far did not reveal if it has appointed any of them to handle it. They were JP Morgan, ING Barings, ABN Amro Asia Securities and UBS Warburg.
"We are in the process of the appointment," Astra's spokesman Yulian Warman told Reuters.
Astra said on Monday it plans to issue a maximum of three billion new shares through a rights issue that will be offered in a price range of 500 to 2,000 rupiah to raise up to 1.5 trillion rupiah to help repay its hefty debts.
Astra is 32 percent owned by Singapore's Cycle & Carriage which in turn is part of Jardine Strategic . ($1=8,967 rupiah)