Alkindo, Petrochem, United Tractors: 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 1.4 percent to 3,938.02.
Energy companies: Crude oil futures rose 2.4 percent to $97.43 a barrel in New York yesterday, the steepest increase in two weeks. Oil was last at $96.89. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, dropped 1.1 percent to 2,225 rupiah and PT Energi Mega Persada (ENRG IJ), the second-largest, gained 1.5 percent to 200 rupiah.
PT Alkindo Naratama (ALDO IJ): The manufacturer of paper products that had its trading debut yesterday plans to expand exports to Vietnam and Australia in 2012, Kontan reported, citing President Director Herwanto Sutanto. Alkindo currently exports to Thailand, Malaysia, China and Bangladesh, the report said. The stock jumped 11 percent to 250 rupiah.
PT Star Petrochem (STAR IJ): The Indonesian petrochemical company will start trading today after raising 204 billion rupiah ($24 million) selling 2 billion shares in an initial public offering this month to repay debt and to inject capital in its units.
PT United Tractors (UNTR IJ): The company’s coal-mining unit, PT Tuah Turangga Agung, plans to acquire a 60 percent stake of coal-mining company PT Duta Sejahtera in central Kalimantan province, Investor Daily reported, citing United Tractors Corporate Secretary Sara Loebis. United Tractors, the nation’s biggest heavy equipment seller, declined 3.2 percent to 24,600 rupiah.
PT Wijaya Karya (WIKA IJ): The state construction company got 15 contracts worth a total of 5.8 trillion rupiah in the first six months of 2011, Investor Daily reported, citing Corporate Secretary Natal Argawan. The company is targeting 12.3 trillion rupiah of contracts for 2011, according to the report. Wijaya Karya was unchanged at 660 rupiah.
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