Indonesia Stocks: Adaro Energy, Bank Tabungan, BFI Finance
Stock Chart for Bank Tabungan Negara Persero Tbk PT (BBTN)
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) advanced 10.83 points, or 0.3 percent, to 3,836.97. The benchmark index climbed 0.4 percent this month, extending a three-month rally.
PT Adaro Energy (ADRO IJ), Indonesia’s second-biggest coal producer, rose 3.2 percent to 2,450 rupiah, the highest close since Feb. 28. Adaro’s coal production may reach close to 50 million tons next year from an estimated 46 million tons to 48 million tons this year, Edwin Tsang, a director at the company said today.
PT Bank Tabungan Negara (BBTN IJ), the state-owned mortgage lender, rose 1.8 percent to 1,660 rupiah, the steepest increase since May 5. Bank Tabungan plans to sell 2 trillion rupiah ($234 million) of 10-year bonds at the end of June, to support lending, Vice President Director Evi Firmansyah said.
PT BFI Finance Indonesia (BFIN IJ), a financing company, advanced 3.2 percent to 4,850 rupiah, the highest close since at least March 1992. The company plans to sell 200 billion rupiah of bonds in July to support its consumer financing business, BFI Finance said in a statement published in Investor Daily Indonesia today.
PT Bumi Resources (BUMI IJ), Indonesia’s biggest coal mining company, dropped 2.2 percent to 3,300 rupiah, the lowest close since April 20. Indonesia produced an average 30 million metric tons of the fuel a month from January to April, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association. Rain disrupted output last year and continues to hamper mining in 2011, leaving production almost unchanged from a year earlier, he said.
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