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Indonesia Stocks: Adaro Energy, Bumi Resources, Indika Energy

Dec. 6 (Bloomberg) -- Indonesia’s Jakarta Composite index rose 26.09 points, or 0.7 percent, to 3,722.35 as of the 4 p.m. local-tome close, advancing for a fourth straight day.

Coal producers: PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal mining company, gained 4.2 percent to 2,475 rupiah. PT Indika Energy (INDY IJ) jumped 3.4 percent to 4,625 rupiah, a record close. Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, rose 5.2 percent to $111.24 a metric ton in the week ended Dec. 3, according to the globalCOAL NEWC Index.

PT Astra Agro Lestari (AALI IJ), Indonesia’s largest listed plantation company by market value, gained 3.7 percent to 26,350 rupiah. Palm oil for February-delivery rose as much as 2.9 percent to 3,618 ringgit ($1,150) a metric ton on the Malaysia Derivatives Exchange. Astra Agro plants only oil palm trees.

PT Bumi Resources (BUMI IJ), Indonesia’s biggest coal producer, climbed 3.4 percent to 3,075 rupiah, the highest close since Oct. 6, 2009. The initial public offering of the company’s unit, PT Bumi Resources Minerals, attracted orders of almost 30 times more than the amount of shares offered, the unit said. Bumi Minerals sold 3.3 billion shares at 635 rupiah apiece in an initial share sale from Nov. 30 to Dec. 2, it said.

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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