Matahari, Medco, Perusahaan Gas Negara: 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 2.8 percent to 3,631.45.

Energy companies: Crude oil for February delivery in New York rose for the first time in three days, gaining as much as 2.2 percent to $89.98 a barrel in after-hours trading. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, was unchanged at 3,275 rupiah. PT Energi Mega Persada (ENRG IJ), the second largest, fell 2.4 percent to 124 rupiah.

PT Matahari Putra Prima (MPPA IJ): The Indonesian retail company will “invite strategic partners” to invest or buy a majority stake in the company, Danny Kojongian, director of corporate communications, said today. Matahari rose 2.5 percent to 1,670 rupiah.

PT Perusahaan Gas Negara (PGAS IJ): Indonesia’s biggest distributor of the fuel was raised to “overweight” from “underweight” with a share-price estimate of 5,500 rupiah by Stevanus Juanda, an analyst at JPMorgan Chase & Co. Gas Negara declined 2.8 to 4,300 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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