Borneo Lumbung Energi, Telekomunikasi: 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) rose 1.4 percent to 3,833.04.

Energy companies: Crude oil futures fell for the first time in three days, losing 0.9 percent to $98.14 a barrel in New York yesterday. Oil was last at $98.18 a barrel.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, gained 1.1 percent to 2,400 rupiah. PT Energi Mega Persada (ENRG IJ), the second largest, rose 4.5 percent to 162 rupiah.

PT Borneo Lumbung Energi & Metal (BORN IJ): The producer of coking coal said it plans to spend as much as 650 billion rupiah ($72 million) to buy back 707.7 million shares, or 4 percent of its stock within 18 months after obtaining shareholders’ approval. Borneo Lumbung will hold a shareholders’ meeting on the buy-back plan on Dec. 15, it said in a statement. The stock rose 1.2 percent to 860 rupiah.

PT Telekomunikasi Indonesia (TLKM IJ): Workers at the company’s mobile-phone unit PT Telekomunikasi Selular will temporarily end a strike today following reports the stoppage has disrupted cellular services to customers, Bisnis Indonesia reported, citing Yogi R. Bahar, secretary general at the company’s union. The workers haven’t decided when they will resume the strike, which started on Nov. 10, the report said. Telkom, as Indonesia’s biggest telephone company is known, rose 1.4 percent to 7,500 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