Breaking News

Tweet TWEET

Indonesian Stocks: Adaro, Medco Energi, London Sumatra Indonesia

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 1.4 percent to 4,158.86, the sharpest drop since April 4.

Coal producers: PT Bumi Resources (BUMI) , Asia’s biggest exporter of power-station coal, retreated 2.7 percent to 1,970 rupiah, the lowest close since Oct. 10. PT Adaro Energy (ADRO) , Indonesia’s second-largest coal miner, lost 2.2 percent to 1,770 rupiah.

The government cut the benchmark price for May coal sales to $102.12 a metric ton from $105.61 in April, the directorate general of coal and minerals said in a statement on its website. That’s the lowest level since November 2010.

Energy companies: PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, sank 5.5 percent to 2,150 rupiah, the steepest drop since Oct. 20. PT Energi Mega Persada (ENRG) , the second largest, slid 1.6 percent to 183 rupiah. Crude-oil futures slumped as much as 3.2 percent to the lowest intraday price since Dec. 20, extending a 4 percent drop on May 4.

Rubber producers: PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP) , the nation’s second-biggest listed plantation company by market value, fell 3.8 percent to 2,525 rupiah. PT Bakrie Sumatera Plantations (UNSP) declined 3.4 percent to 285 rupiah.

October-delivery rubber fell 3.5 percent to settle at 304.7 yen a kilogram ($3,817 a metric ton) on the Tokyo Commodity Exchange. It was the biggest one-day loss since April 11, trimming this year’s advance to 16 percent.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Richard Frost in Hong Kong at rfrost4@bloomberg.net

Bloomberg reserves the right to edit or 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.