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Indonesia Stocks: Bakrie Sumatera, Matahari, Midi Utama, Timah

Nov. 30 (Bloomberg) -- Indonesia’s Jakarta Composite index dropped 62.51 points, or 1.7 percent, to 3,568.13 as of the noon local-time break, set for the steepest drop since Nov. 12. The gauge is on course for a 1.8 percent drop this month, the first decline in six months.

PT Bakrie Sumatera Plantations (UNSP IJ), a rubber and palm oil producer, fell 5.1 percent to 375 rupiah, on course for the sharpest drop since Sept. 23. Rubber futures in Shanghai tumbled as much as 3.7 percent, erasing an earlier gain.

PT Matahari Putra Prima (MPPA IJ), an Indonesian retailer, gained 1.4 percent to 1,460 rupiah. Lotte Group, the parent of South Korea’s biggest retailer, will make a final offer for Matahari’s hypermarkets to compete with Carrefour SA in Indonesia.

“We’ve come a long way and we’ll make a final bid,” Hwang Kag Gyu, executive vice president of international and new business planning at Lotte, said.

PT Midi Utama Indonesia (MIDI IJ), an Indonesian operator of retail stores, jumped 22 percent to 335 rupiah in its first trading day after a 118.9 billion rupiah ($13 million) initial public offering this month.

PT Timah (TINS IJ), the nation’s biggest tin producer, fell 2.8 percent to 2,625 rupiah. Tin futures declined 1.2 percent to $23,900 a metric ton in London yesterday. The contract was trading at $23,975 a ton in after-hours trading in London.

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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