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Indonesian Stock Movers: Bukit Asam, Gas Negara, Medco 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) rose 0.8 percent to 4,081.55, bound for the highest close since May 11.

PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, advanced 1.1 percent to 1,850 rupiah, heading for the highest close since June 12. Crude futures added 4.7 percent to $87.66 a barrel in New York yesterday, the highest settlement since May 30.

PT Perusahaan Gas Negara (PGAS) , the nation’s largest distributor of the fuel, rose 2.1 percent to 3,625 rupiah. The government may reduce the price Gas Negara pays for fuel purchased from domestic producers, Kontan reported, citing Deputy Energy & Mineral Resources Minister Rudi Rubiandini. Gas Negara Corporate Secretary Heri Yusup couldn’t be reached when called at his office.

PT Tambang Batubara Bukit Asam (PTBA) , a state-owned coal-mining company, rose 4.9 percent to 16,150 rupiah, heading for the highest close since May 29. Bukit Asam spent 141 billion rupiah ($15 million) buying back its shares at an average price of 14,618 rupiah each on May 21, it said in a stock-exchange filing. The company has 1.9 trillion rupiah left for buybacks, it said. PT Indo Premier Securities wrote in a note today that Bukit Asam its top pick in the coal sector.

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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