Indonesia Stock Movers: Bakrie & Brothers, Bank Tabungan, Medco
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 65.82 points, or 1.8 percent, to 3,794.94, the steepest increase since Feb. 18.
PT Bakrie & Brothers (BNBR IJ), an Indonesian investment company, jumped 6.2 percent to 69 rupiah, the most since May 10. The stock rebounded amid speculation its 18 percent, two-week plunge was excessive, according to Ryan Ariadi Suwarno, an analyst at PT Kiwoom Securities Indonesia. The stock’s 14-day relative-strength index, which measures how rapidly prices have risen or dropped during a specified period, dropped to 29 yesterday. A reading of below 30 suggests to some analysts that a stock is poised to gain.
PT Bank Tabungan Pensiunan Nasional (BTPN IJ), which specializes in pension loans, rose 1.7 percent to 3,000 rupiah, the sharpest increase since May 27. The company will sell two series of fixed-rate bonds for a total of 500 billion rupiah ($58 million) on June 22 and June 23, it said in a statement published in Bisnis Indonesia today.
PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil producer, rose 2.3 percent to 2,275 rupiah, the largest gain since Feb. 17. Medco said it’s in talks with Exxon Mobil Corp.’s Indonesian unit to supply gas from its Block-A natural-gas project to Exxon’s Arun liquefied natural- gas plant in Aceh province.
PT Metro Realty (MTSM IJ), a supermarket operator, jumped 23 percent to 1,850 rupiah, the highest close since Jan. 12, 1995. The company’s shareholders approved a plan for a four-for- one stock split, Metro Realty said in a statement to the Indonesia Stock Exchange today.
To contact the reporter on this story: Berni Moestafa in Jakarta at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org