Indonesia Stocks: Astra Agro Lestari, Bukopin, Bumi Resources
Stock Chart for Bank Bukopin Tbk PT (BBKP)
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.
The Jakarta Composite index (JCI) fell 7.44 points, or 0.2 percent, to 3,700.05, the first decline in four days.
Palm oil producers: PT Astra Agro Lestari (AALI IJ), the nation’s biggest listed plantation company by market value, fell 1.8 percent to 22,500 rupiah. PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the second-largest, retreated 1.1 percent to 2,325 rupiah and PT BW Plantation (BWPT IJ) fell 1.7 percent to 1,170 rupiah.
Southeast Asia’s plantation industry was cut to “underweight” from “market weight” at UOB-Kay Hian Holdings Ltd. because palm oil prices are expected to peak in the first half of 2011 and weaken in the second half, according to a report.
PT Bank Bukopin (BBKP IJ), the bank that is owned by cooperatives, rose 2.9 percent to 700 rupiah, the highest close since Oct. 26. Bukopin may sell as much as 1 trillion rupiah ($115 million) of subordinated debt in the first half of this year to boost capital, Finance Director Tri Joko Prihanto said in Jakarta today.
PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of power-station coal, declined 2.3 percent to 3,250 rupiah, the sharpest drop since Feb. 22. Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, fell 2.2 percent to $121.13 a metric ton in the week ended April 1, according to the globalCOAL NEWC Index.
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