The Jakarta Composite index fell 2.1 percent to 3,902.51.
Energy companies: Crude-oil futures climbed for a third day, gaining as much as 1 percent to $91.79 a barrel in New York in after-hours trading. PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, declined 2.1 percent to 1,860 rupiah and PT Energi Mega Persada (ENRG) , the second largest, dropped 2.5 percent to 157 rupiah.
Property companies: A weaker rupiah should boost property demand as people will try to borrow and buy properties to hedge against potentially rising inflation, Andy Lesmana, a Jakarta- based analyst at Nomura Holdings Inc., wrote in a report. The rupiah fell on May 25 to the weakest level since December 2009 at 9,495 per U.S. dollar. PT Lippo Karawaci (LPKR) , the nation’s biggest property developer, was unchanged at 800 rupiah and PT Ciputra Development (CTRA) retreated 1.4 percent to 690 rupiah.
PT Indosat (ISAT) : Indonesia’s second-biggest telephone company plans to offer as much as 2.5 trillion rupiah ($265 million) of bonds and sukuk, the company said in a prospectus published in Bisnis Indonesia today. The proceeds will be used to pay for network licenses and buy a base station sub-system and to repurchase early its 200 billion rupiah bonds due in November 2032, it said. Indosat sank 5 percent to 4,250 rupiah.
PT Petrosea (PTRO) : The oil and mining services provider is seeking a $399 million coal-mining contract from a client and expects to complete a deal in the third quarter, Bisnis Indonesia reported, citing Director T.G. Shankar. Petrosea declined 5.6 percent to 3,775 rupiah.
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