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Chandra Asri, Summarecon Agung, Timah: Indonesia Equity Preview

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March 8 (Bloomberg) -- Shares of the following companies may have unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the previous close.

The Jakarta Composite index gained 0.5 percent to 3,561.72.

Metal producers: Nickel for three-month delivery sank 4.6 percent to $27,475 a metric ton in London yesterday, the biggest drop since Nov. 16. Tin plunged 3.5 percent to $30,750 a ton, the most since Nov. 16.

PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, was unchanged at 5,150 rupiah and PT Timah (TINS IJ), Indonesia’s biggest tin producer, was unchanged at 2,725 rupiah.

PT Chandra Asri Petrochemical (TPIA IJ): The ethylene maker may sell as much as a 20 percent stake in a rights offer to boost share trading, Bisnis Indonesia reported, citing Suryandi, a director at the company. Chandra Asri expects to raise as much as $400 million from the stake sale and it hasn’t decided the timing of the offer, the report said. The stock slid 0.7 percent to 3,725 rupiah.

PT Summarecon Agung (SMRA IJ): The Indonesian property developer has allocated 500 billion rupiah ($56.9 million) to 600 billion rupiah from internal cash to acquire 300 hectares of land in Jakarta and Bandung, West Java, Investor Daily Indonesia reported, citing President Director Johanes Mardjuki. Summarecon gained 1 percent to 1,000 rupiah.

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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