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Indonesia Stocks: Bukit Asam, Indo Tambangraya, United Tractors

Jan. 24 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. local-time close in Jakarta.

The Jakarta Composite index slipped 33.48 points, or 1 percent, to 3,346.06, dropping for a fourth day.

Coal producers: PT Tambang Batubara Bukit Asam (PTBA IJ), a state-owned coal mining company, retreated 4.1 percent to 19,700 rupiah, the lowest close since Nov. 30. PT Indo Tambangraya Megah (ITMG IJ), the local unit of Thailand’s largest coal miner Banpu Pcl, fell 3.9 percent to 46,050 rupiah. Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, dropped 4 percent to $130.77 a metric ton in the week ended Jan. 21, according to the globalCOAL NEWC Index.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s largest listed oil company, jumped 5.1 percent to 3,075 rupiah, the steepest increase since Dec. 30. Mitsubishi Corp. said it will strengthen control over an Indonesian liquefied-natural-gas venture by forming an alliance with Korea Gas Corp.

Mitsubishi and Korea Gas will hold 59.9 percent of the venture after the investment and Medco’s stake will decline to 11.1 percent from 20 percent, Mitsubishi said on its website. The news improves confidence that the LNG project will go ahead, according to Raditya Christian Artono, an analyst at PT Mandiri Sekuritas in Jakarta.

PT Timah (TINS IJ), Indonesia’s biggest tin producer, rose 1 percent to 2,525 rupiah. Tin for three-month delivery jumped 2.9 percent to $27,745 a metric ton in London on Jan. 21, settling at a record high.

PT United Tractors (UNTR IJ), Indonesia’s biggest heavy equipment seller, slipped 1.2 percent to 20,200 rupiah, the lowest close since Sept. 24. United Tractors said sales fell to 313 units in December from 420 units in November. The figure compares with 278 units a year earlier.

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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