Aneka Tambang, Garuda, Medco Energi: Indonesia Equity Preview
Shares of the following companies may have unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the previous close.
The Jakarta Composite index (JCI) fell 0.9 percent to 3,813.87.
Energy companies: Crude oil for June delivery dropped to a two-week low yesterday, losing 2.2 percent to $111.05 a barrel in New York. The contract dropped 0.7 percent to $110.28 a barrel in after-hours trading as of 8:45 a.m. Jakarta time.
PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, slipped 0.9 percent to 2,750 rupiah. PT Benakat Petroleum Energy (BIPI IJ) declined 3.6 percent to 133 rupiah.
Nickel producers: Nickel for three-month delivery rose 1.7 percent to $27,305 a metric ton in London yesterday, the highest close since April 11. PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, fell 2 percent to 4,875 rupiah. PT Aneka Tambang (ANTM IJ), the second biggest, slipped 1.1 percent to 2,250 rupiah.
PT Garuda Indonesia (GIAA IJ): The nation’s largest airline posted a first-quarter loss of 183.6 billion rupiah ($21.5 million), the Jakarta Post reported, citing a company financial statement. The loss was due to higher fuel prices and a decline in passengers in the first quarter, the Post reported, citing Garuda Chief Financial Officer Elisa Lumbantoruan. The stock advanced 1.9 percent to 540 rupiah.
PT Indonesia Air Transport (IATA IJ): The aviation services provider plans to buy 10 airplanes this year, Kontan reported, citing Corporate Secretary Ganis Arman Zuvianto. Indonesia Air has allocated as much as $20 million to buy the planes, the newspaper reported, citing Zuvianto. The stock was unchanged at 50 rupiah when it last traded April 13.
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