Astra, Bakrie & Brothers, Energi Mega: 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) fell 0.5 percent to 3,955.45.

Energy companies: Crude oil futures rose the most in three weeks, adding 1.6 percent to $98.41 a barrel in New York yesterday. Oil was last at $98.67. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, declined 2.2 percent to 2,250 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, advanced 1.6 percent to 191 rupiah.

PT Astra International (ASII IJ): Indonesia’s biggest automotive retailer will seek approval from shareholders for a stock split, Kontan reported, citing President Director Prijono Sugiarto. Astra plans a shareholders’ meeting in April, the report said. The stock fell 1.8 percent to 75,650 rupiah.

PT Bakrie & Brothers (BNBR IJ): The investment company plans to sell one of its two units that make steel pipes in June and use the proceeds to fund infrastructure projects and repay debt, Kontan reported, citing Finance Director Eddy Soeparno. Bakrie & Brothers fell 2 percent to 50 rupiah.

PT Timah (TINS IJ): Tin futures rose 4.1 percent to $25,500 a metric ton in London yesterday, the highest close since Aug. 4. Timah, Indonesia’s largest tin mining company, slid 0.5 percent to 1,900 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

Bloomberg reserves the right to 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.