Benakat, Bukit Asam, Krakatau Steel: 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 2.1 percent to 3,755.05.

Energy companies: Crude oil futures declined 2.6 percent to $85.70 a barrel in New York yesterday, the lowest settlement in three weeks. Oil was last traded at $86.05 a barrel.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, slid 1 percent to 2,500 rupiah, PT Benakat Petroleum Energy (BIPI IJ) lost 2 percent to 98 rupiah.

PT Krakatau Steel (KRAS IJ): Indonesia’s biggest steel producer plans to set up a mining unit to handle its expansion into the iron-ore and coking-coal businesses, Bisnis Indonesia reported, citing President Director Fazwar Bujang. The company will form the unit PT Krakatau Natural Resources by the end of the year, the report said. Krakatau Steel retreated 3.1 percent to 930 rupiah.

PT Tambang Batubara Bukit Asam (PTBA IJ): The state-owned coal producer will pay about 400 billion rupiah ($44.6 million) to raise its stake in PT Bukit Asam Transpacific Railway to 30 percent from 10 percent in the fourth quarter, Investor Daily Indonesia reported, citing President Director Sukrisno. Bukit Asam dropped 2 percent to 17,600 rupiah.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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