Indonesia Stocks: Energi Mega, Medco Energi, Multistrada, Timah

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

The Jakarta Composite index (JCI) fell 1.5 percent to 3,705.81.

Energy companies: PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, slid 1.1 percent to 2,300 rupiah, a second day of declines. PT Energi Mega Persada (ENRG IJ), the second-largest, lost 3.1 percent to 156 rupiah.

Oil futures sank as much as 1.8 percent to $90.87 a barrel in New York.

PT Multistrada Arah Sarana (MASA IJ), a tire producer, retreated 2.9 percent to 495 rupiah, the lowest close since Oct. 7. The company plans to raise 1.53 trillion rupiah ($170 million) selling new shares in a rights offer in December for expansion and working capital, it said in a statement published in Bisnis Indonesia today.

PT Pakuwon Jati (PWON IJ), a property developer, slid 1.1 percent to 900 rupiah. The company plans to raise as much as 1.36 trillion rupiah selling new shares in a rights offer in December, it said in a statement published in Bisnis Indonesia. The company will sell the shares at about 650 rupiah to 680 rupiah each, it said.

PT Timah (TINS IJ), Indonesia’s largest tin producer, decreased 3 percent to 1,920 rupiah. Timah needs to extend a halt on spot sales, said Eko Maulana Ali, governor of Bangka Belitung. The company will be allowed to export contractual tin sales, Ali said.

Twenty-five Indonesian tin companies agreed to extend their export ban until the end of the year, said Ismiyardi, head of the provincial parliament in Bangka Belitung, the biggest producing region.

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

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