Indonesian Stocks: Astra Agro Lestari, Bakrieland, Medco Energi
The Jakarta Composite Index (JCI) sank for a fourth day, losing 3.2 percent to 3,678.41, poised for the lowest close since Nov. 28.
Bakrie Group-related companies: PT Bumi Resources (BUMI) , the nation’s biggest coal producer, tumbled 11 percent to 1,260 rupiah, bound for the lowest close since April 2009. PT Bakrieland Development (ELTY IJ), a property developer, lost 7.3 percent to 89 rupiah, also headed for a three-year low. The Bakrie family has asked for more time to decide what to do about its $440 million loan from a group of international lenders, part of which has been due for more than a month, the Wall Street Journal reported. Three calls to PT Bakrie & Brothers’ office in Jakarta weren’t answered.
Energy companies: PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, slipped 5.7 percent to 1,630 rupiah, poised for the lowest close since February 2009. PT Energi Mega Persada (ENRG) , the second largest, sank 9.4 percent to 125 rupiah. Crude oil for July delivery declined 3.8 percent to $83.23 a barrel in New York on June 1, the lowest settlement price since Oct. 7. The contract dropped as much as 2 percent today.
Palm oil producers: PT Astra Agro Lestari (AALI) , the nation’s biggest listed plantation company by market value, fell 4.9 percent to 19,400 rupiah. PT Sampoerna Agro (SGRO) lost 5.6 percent to 2,550 rupiah. Palm oil futures dropped as much as 2.2 percent to 2,939 ringgit ($918) a metric ton in Kuala Lumpur, extending a 3.1 percent drop on June 1.
To contact the reporter on this story: Berni Moestafa in Jakarta at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org