JAKARTA: Shares of car assembler PT Indomobil Sukses Internasional Tbk closed 4.57% higher yesterday, helped by an increased trade volume following its recent rights issue, and expectations that it probably had good first-half earnings.Its share price rose to as high as IDR10,950 before it pared gains and closed at IDR10,300 yesterday, recording a IDR14.24 trillion rupiah market capitalization.Indomobil's price to earnings ratio (PER) was 25.06 times or significantly higher than PT Astra International Tbk that reached 17.58 times yesterday. Astra, in the meantime, climbed by 0.29% to IDR68,000 yesterday.Indomobil rights issue was twice oversubscribed as demands reached 691.3 million shares from the offered 345.65 million shares, said Indomobil Corporate Secretary CR. Susilowasti.There are several factors, triggering Indomobils jump (yesterday). One of them is the better financial performance as well as its recent rights issue, which was twice oversubscribed, she said yesterday.Indomobils net income in the first half probably soared 10% at the very least. In the first half 2010, the company booked IDR209.28 billion of net income. Indomobil will soon announce its first-half resutls.Most investors are quite optimistic with our rights issue as the net proceeds (IDR2.5 trillion) will be used for the companys development and to reduce debt, Susilowati added.Around 60% or IDR1.5 trillion of the proceeds will be used to settle the companys debt while 40%, or IDR1 trillion, will be earmarked for the companys development particularly its unit, PT Indomobil Finance Indonesia.Indomobils fundamental performance also successfully boosted its stock movement, said an analyst at PT Samuel Sekuritas Joseph Pangaribuan. The publicly-listed company relies its revenue mainly on the automotive sector. (t02/msw)

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