Indonesian Stock Movers: Bumi Minerals, Jasa Marga, Unilever
The Jakarta Composite index fell 0.2 percent to 4,216.68, falling from a record. The gauge advanced 1.3 percent this week.
Coal producers: PT Indika Energy (INDY) , the nation’s third-largest coal producer, fell 4.4 percent to 2,150 rupiah, the most since Feb. 3. PT Adaro Energy (ADRO) (ADRO IJ0, the second biggest, dropped 1.6 percent to 1,810 rupiah.
Coal mining stocks fell after Bob Kamandanu, chairman of the Indonesian coal mining association, said yesterday the price of thermal coal for shipments from Australia’s Newcastle, a benchmark contract for Asia, may drop to $95 a ton in June or July because of higher supply.
PT Bumi Resources (BUMI) Minerals, the mineral mining unit of Indonesia’s biggest coal producer PT Bumi Resources (BUMI IJ), gained 3.6 percent to 580 rupiah, its sharpest gain since April 5. The parent company is open to a strategic partnership in Bumi Minerals, Director Dileep Srivastava said. A strategic stake of up to 20 percent in Bumi Minerals would accelerate development of Bumi’s metal assets, Srivastava said. Bumi rose 2.3 percent to 2,025 rupiah.
PT Jasa Marga (JSMR) , Indonesia’s largest toll-road operator, climbed 1.9 percent to 5,500 rupiah. The company has allocated 7 trillion rupiah ($759 million) for capital expenditure this year, President Reynaldi Hermansjah said. Jasa Marga also plans to sell half of the shares it is keeping as treasury stock, he said.
PT Unilever Indonesia (UNVR) , the nation’s largest detergent maker, increased 2.7 percent to 21,250 rupiah, the highest close since Jan. 24. Standard Chartered Bank Plc initiated coverage on the stock with an outperform rating, meaning its return is expected to outperform the relevant market index by 5 percent or more over the next 12 months.
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