BCA has lacklustre trading debut

Despite the lacklustre debut of BCA, a wave of capital-raising among Indonesia''s banks is expected to continue.

The initial public offering of Indonesian PT Bank Central Asia got off to a lacklustre start on JakartaÆs stock exchange, with the shares getting bid up no higher than Rp 50 rupiah or 3.6% higher than its 1,400 rupiah $1.64 initial share price. Analysts described its trading debut as ôencouragingö though, saying despite the performance, more banks would head to the equity markets to raise new funds.

BCA appears undervalued. The response today was muted, said Don Hartman, regional banking analyst at Salomon Smith Barney in Bangkok. But you can't blame the market given such a tough trading environment. Despite BCA's strength in its own market,investors really couldn't be bothered to wade through...

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