Indonesia Stocks: Adaro Energy, Ciputra Development, Energi Mega

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) slipped 5.78 points, or 0.2 percent, to 3,780.16.

PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal producer, gained 2.2 percent to 2,375 rupiah. A group comprising PT Adaro Energy, Electric Power Development Co. and Itochu Corp. is the likely winner of a $3.2 billion coal-fired power plant project in Indonesia’s Central Java province, Bambang Dwiyanto, a spokesman at PT Perusahaan Listrik Negara, said by phone from Jakarta today.

PT Ciputra Development (CTRA IJ), an Indonesian property developer, rose 2.5 percent to 410 rupiah. The stock was rated “buy” in new coverage at OSK (Asia) Securities by equity analyst Lydia Suwandi. The 12-month target price is IDR 580 per share.

PT Energi Mega Persada (ENRG IJ), Indonesia’s second- largest oil producer, dropped 1 percent to 192 rupiah. Energi Mega is “seeking opportunities to refinance its $200 million debt with a maturity date of November 2013,” Herwin Hidayat, Energi Mega’s vice president of investor relations, said by phone in Jakarta today.

To contact the reporter on this story: Femi Adi in Jakarta at

To contact the editor responsible for this story: Darren Boey at

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