The Jakarta Composite Index (JCI) fell 2.2 percent to 3,832.82, the sharpest drop since Nov. 1. The gauge dropped 8.3 percent this month, the first monthly decline since November.
Energy-related companies: PT Bumi Resources (BUMI) , Asia’s biggest power-station coal exporter, plunged 12 percent to 1,420 rupiah, the most since Sept. 22. PT Adaro Energy (ADRO) , Indonesia’s second-largest coal producer, lost 7.6 percent to 1,470 rupiah. Crude oil for July delivery tumbled 3.2 percent to $87.82 a barrel in New York yesterday, the lowest settlement since Oct. 21. A lower oil price reduces the appeal of alternative fuels such as coal.
PT Aneka Tambang (ANTM) , a nickel and gold producer, sank 12 percent to 1,150 rupiah. Aneka will be removed from the MSCI Indonesia Index as of today’s trading close, reducing its appeal as some investors track the gauge.
PT Timah (TINS) , Indonesia’s largest tin producer, fell 4.9 percent to 1,370 rupiah, closing at the lowest level since May 1, 2009. Tin futures fell 2.1 percent to $19,770 a metric ton in London yesterday, the most since May 17.
PT Erajaya Swasembada (ERAA) , a mobile phone retailer, rose 3.3 percent to 1,590 rupiah. Erajaya’s unit bought the iBox Store brand for $18 million with the purchase to be completed July 1, Investor Daily Indonesia reported, citing President Director Budiarto Halim. Ibox Store sells Apple Inc. products, the report said. Halim couldn’t be reached when called at his office.
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