Indonesian Stocks: Bank Central Asia, Medco, Nusantara, Vale

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the noon Jakarta-time break.

The Jakarta Composite Index (JCI) rose 0.5 percent to 4,156.17. The market will be closed tomorrow for a public holiday.

Energy companies: PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, dropped 1.2 percent to 2,025 rupiah. PT Elnusa (ELSA) , an oil services company, lost 2.3 percent to 215 rupiah. Crude futures declined 2.4 percent to $101.47 a barrel in New York yesterday, the lowest settlement since Feb. 14. Oil was last at $102.28.

Coal producers: PT Bumi Resources (BUMI) , Indonesia’s largest coal producer, rose 1.1 percent to 2,350 rupiah. PT Indo Tambangraya Megah (ITMG) , a unit of Banpu Plc, Thailand’s largest coal producer, gained 1.4 percent to 44,300 rupiah. PT Berau Coal Energy (BRAU), a unit of London-listed Bumi Plc, jumped 5.7 percent to 560 rupiah.

Indonesia isn’t formally discussing a suggestion from the Industry Ministry to tax exports of coal and minerals, according to government and industry officials. The suggestion for a tax hasn’t been officially proposed to the cabinet, Harya Adityawarman, secretary at the Directorate General of Coal and Minerals at the Energy and Mineral Resources Ministry, said in response to a Reuters report.

PT Bank Central Asia (BBCA) , Indonesia’s largest bank by market value, climbed 3.2 percent to 8,000 rupiah, the biggest boost to the benchmark stock index. Bank Central Asia saw “positive” first-quarter lending growth, President Director Jahja Setiaatmadja said.

PT Metropolitan Land (MTLA) , a property developer, jumped 20 percent to 540 rupiah, poised for a record close. CIMB Group Holdings Bhd. initiated coverage on the company with an outperform rating, meaning the stock is expected to exceed a relevant benchmark’s total return by 5 percent or more over the next 12 months.

PT Vale Indonesia (INCO) , the nation’s largest producer of the metal, fell 1.5 percent to 3,250 rupiah. Nickel futures dropped 3.2 percent to $17,855 a metric ton in London yesterday, the biggest loss since Feb. 10.

To contact the reporter on this story: Berni Moestafa in Jakarta at

To contact the editor responsible for this story: Darren Boey at

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