March 8 (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. Jakarta-time close.
The Jakarta Composite index advanced 18.60 points, or 0.5 percent, to 3,580.31, the highest close since Jan. 7.
Coal producers: PT Borneo Lumbung Energi & Metal (BORN IJ), a producer of coking coal, jumped 6.1 percent to 1,570 rupiah, the most since Jan. 12 PT Tambang Batubara Bukit Asam (PTBA IJ), a state-owned coal producer, climbed 2.8 percent to 20,550 rupiah. Mining shares provided the biggest boost to the composite index today.
The shares rose as investors expect coal producers to sell the fuel at a higher price than last year and report stronger first-quarter earnings, Yusuf Ade Winoto, a mining analyst at PT OSK Nusadana Securities Indonesia, said.
PT International Nickel Indonesia (INCO IJ), or PT Inco as the nation’s largest producer of the metal is known, lost 3.4 percent to 4,975 rupiah, the sharpest drop since Jan. 31. Nickel for three-month delivery sank 4.6 percent to $27,475 a metric ton in London yesterday, the biggest decline since Nov. 16.
PT Summarecon Agung (SMRA IJ), a property developer, gained 3 percent to 1,030 rupiah. Summarecon has allocated 500 billion rupiah to 600 billion rupiah to acquire 300 hectares of land in Jakarta and Bandung, West Java, Investor Daily Indonesia reported, citing Johanes Mardjuki, president director at the company. Mardjuki couldn’t be reached when called at his office.
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