Indonesian Stock Movers: Elnusa, Energi Mega, Ratu Prabu Energi

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) fell 2.5 percent to 3,945.68, heading for the steepest decline since Nov. 1. The market will be closed for a public holiday tomorrow and May 18.

Energy-related companies: PT Energi Mega Persada (ENRG) , the nation’s second-largest listed oil company, declined 4.2 percent to 161 rupiah, poised for the lowest close since Dec. 19. PT Benakat Petroleum Energy (BIPI) lost 3.5 percent to 191 rupiah. Crude oil futures fell as much as 1.5 percent to $92.55 a barrel in New York today, extending losses for a fourth day.

PT Ratu Prabu Energi (ARTI) , an oil and gas exploration company, sank 7.3 percent to 320 rupiah, poised for the biggest drop since Jan. 4. Ratu Prabu plans to raise 500 billion rupiah ($53 million) selling new shares in a rights offer to fund projects this year, Bisnis Indonesia reported, citing President Director Burhanuddin Bur Maras. The company is still studying the plan, Bur Maras said in an e-mail today in response to the Bisnis report.

PT Timah (TINS) , Indonesia’s biggest tin producer, fell 3.8 percent to 1,510 rupiah, poised for the lowest close since May 4, 2009. Tin futures fell 1.2 percent to $19,810 a metric ton in London yesterday, the lowest settlement since Jan. 9.

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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