Bank Kesawan, Gapuraprima, Indofood: Indonesia Equity Preview

The following stocks may have unusual price changes in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the last close.

The Jakarta Composite index fell 0.5 percent to 3,658.78.

Energy companies: Crude oil for January jumped the most in four months, rising 3.2 percent to $83.86 a barrel in New York yesterday. The contract rose to $83.97 a barrel in after-hours trading as of 7:26 a.m. Jakarta time.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, slid 0.7 percent to 3,500 rupiah and PT Benakat Petroleum Energy (BIPI IJ), an oil and gas producer, declined 1 percent to 101 rupiah.

PT Bank Kesawan (BKSW IJ): The lender said it plans to sell as many as 2.94 billion new shares to raise 733.9 billion rupiah ($82 million) through a rights offer in January. Proceeds from the share sale will be used to expand lending, Bank Kesawan said in a statement published in Investor Daily Indonesia. The stock was unchanged at 900 rupiah.

PT Indofood CBP Sukses Makmur (ICBP IJ): Indonesia’s biggest instant-noodle maker was rated “buy” in a new coverage at BNP Paribas SA, which said the company will be able to maintain profitability with its “strong” brand and pricing power. BNP has a share-price estimate of 6,600 rupiah for the company, according to the report by analysts including Elvira Tjandrawinata. Indofood CBP fell 1 percent to 5,100 rupiah.

PT Japfa Comfeed Indonesia (JPFA IJ): The animal-feed producer got a 1 trillion rupiah loan from PT Bank Central Asia (BBCA IJ) to fund investments and for working capital, Investor Daily Indonesia reported, citing Japfa Corporate Secretary Christine Wibisono. Japfa lost 1.4 percent to 3,575 rupiah and Bank Central Asia, the nation’s biggest bank by market value, was unchanged at 6,600 rupiah.

PT Perdana Gapuraprima (GPRA IJ): The property developer plans to raise 700 billion rupiah through a rights offer in the second quarter of next year to buy five shopping malls, Bisnis Indonesia reported, citing Director Arief Aryanto. Gapuraprima was unchanged at 125 rupiah.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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