Indonesia Stocks: Bank Sinarmas, Bank Internasional Indonesia

Indonesia’s Jakarta Composite index fell 55.48 points, or 1.5 percent, to 3,692.23 at the 4 p.m. local-time close.

Energy companies: PT Benakat Petroleum Energy (BIPI IJ), an oil explorer, declined 1 percent to 104 rupiah. Crude oil rose in New York as China held off raising interest rates, helping to maintain consumption in the world’s largest energy user, and on forecasts for increased demand in 2011.

PT Bank Sinarmas (BSIM IJ): The commercial bank’s shares surged 70 percent to 255 rupiah on debut in Jakarta from their initial public offering price of 150 rupiah.

PT Bank Internasional Indonesia (BNII IJ): The bank’s shares plunged 14 percent to 870 rupiah, the most since Sept. 26, 2008. Investors may be shifting to new listings such as PT Bank Sinarmas as they may have better prospects for gains, said Muhammad Alfatih, an analyst at PT Samuel Sekuritas Indonesia.

To contact the reporter on this story: Greg Ahlstrand in Jakarta at gahlstrand@bloomberg.net

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

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