Indonesia Stocks: Bank Mandiri, Indofarma, Wintermar Offshore
Shares of the following companies had unusual (JCI) moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the close in Jakarta.
The Jakarta Composite index fell 0.5 percent to 3,769.21, the most since Dec. 15. The benchmark gauge has risen 1.8 percent this year.
Banking stocks: PT Bank Mandiri (BMRI) , Indonesia’s biggest bank by assets, declined 2.2 percent to 6,600 rupiah. PT Bank Rakyat Indonesia (BBRI) , the second-largest by market value, dropped 2.2 percent to 6,700 rupiah. Financial stocks were the biggest drag on the composite index.
The shares fell on concern a weaker rupiah and a stronger oil price will accelerate inflation and prompt an increase in interest rates, according to Edwin Sebayang, an analyst at PT MNC Securities. The rupiah slid to 9,200 against the dollar yesterday, the weakest level since Dec. 15.
PT Indofarma (INAF) , an Indonesian pharmaceutical company, gained 2.9 percent to 175 rupiah, the highest close since Feb. 29, 2008. Bisnis Indonesia reported Indofarma plans to sell radiopharmaceutical products and has obtained a purchase commitment from a Japanese buyer worth as much as 50 billion rupiah ($5.44 million). Corporate Secretary Ahida Amini couldn’t be reached when called at her office.
PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, climbed 1 percent to 2,475 rupiah. Crude-oil futures rose 1.7 percent to $101.34 a barrel in New York yesterday, gaining for a sixth straight day, the longest rally since November 2010. Oil last traded at $101.06.
PT Wintermar Offshore Marine (WINS) , a shipping services company, jumped 7.9 percent to 340 rupiah, the highest close since Dec. 8. Two units of the company signed a $45 million loan agreement with the International Finance Corp. yesterday to fund fleet expansion, Wintermar said.
To contact the reporter on this story: Berni Moestafa in Jakarta at firstname.lastname@example.org
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