Indonesia Stocks: Borneo Lumbung, Indofood Sukses, Unilever

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and share prices are as of the close in Jakarta.

The Jakarta Composite index (JCI) fell 2.8 percent to 3,685.01, its second day of losses and the biggest drop since Oct. 18. The measure climbed 6.8 percent in October, the steepest monthly gain since September 2010.

PT Borneo Lumbung Energi & Metal (BORN IJ), a coking coal producer, tumbled 16 percent to 870 rupiah, a record drop. PT Bakrie & Brothers TbK, controlled by Aburizal Bakrie, Indonesia’s fourth-richest man, agreed to sell a 23.8 percent stake in coal producer Bumi Plc to Borneo Lumbung for $1 billion in cash.

PT Indofood Sukses Makmur (INDF IJ), the nation’s biggest instant-noodle maker, sank 4.8 percent to 5,000 rupiah, the biggest loss since Oct. 4. Indofood was cut to “fully valued” from “hold” by Ben Santoso, an analyst at DBS Vickers, with a 12-month target price of 4,875 rupiah a share.

PT International Nickel Indonesia (INCO IJ), the nation’s biggest producer of the metal, dropped 4.1 percent to 3,500 rupiah, its steepest slide since Oct. 18. The company reported nine-month net income of $319.9 million, down from $328.5 million a year earlier, it said in an exchange filing.

To contact the reporter on this story: Femi Adi in Jakarta at fadi1@bloomberg.net; Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.