Indonesia Stock Movers: Bumi Resources, London Sumatra, Petrosea

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 fell 1 percent to 3,974.79, declining for a second day.

Palm oil producers: PT Astra Agro Lestari (AALI) , the nation’s largest plantation stock by market value, gained 2.1 percent to 21,950 rupiah. PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP) , the second-biggest, advanced 2 percent to 2,500 rupiah. Palm oil futures climbed as much as 1 percent to 3,085 ringgit ($1,024) a metric ton in Kuala Lumpur on Feb. 3.

PT Bumi Resources (BUMI) , Indonesia’s biggest coal producer, which is partly owned by London-listed Bumi Plc, fell 2.9 percent to 2,525 rupiah. Bumi Plc, the company founded by Nathaniel Rothschild, said shareholder Borneo Bumi Energi & Metal Ltd. has called a meeting as it seeks to remove Rothschild and Chief Executive Officer Ari Hudaya.

PT Medco Energi Internasional (MEDC) , Indonesia’s largest listed oil company, rose 1.1 rupiah to 2,300 rupiah, the biggest gain since Jan. 13. Crude futures in New York rose for the first time in six days on Feb. 3, adding 1.5 percent to $97.84 a barrel. Oil last traded at $96.77 in New York.

PT Petroseo (PTRO) , a service provider to the oil and gas and mining industries, sank 20 percent to 36,100 rupiah, the sharpest drop since Sept. 30, 2002. The stock fell after Bisnis Indonesia reported parent company PT Indika Energy (INDY) sold 28.99 million Petrosea shares at 36,000 rupiah each, 20 percent less than the closing price on Feb. 3. Indika, a coal producer, declined 4.1 percent to 2,350 rupiah. Two calls to Indika’s office in Jakarta weren’t answered.

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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