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Indonesia Stocks: Benakat, Berlian Laju, Surabaya Agung, Timah

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 declined 53.78 points, or 1.4 percent to 3,740.47, the steepest drop since May 23.

Energy companies: PT Energi Mega Persada (ENRG IJ), the nation’s second-largest listed oil company, fell 2.1 percent to 189 rupiah, declining for a fifth-straight day. PT Benakat Petroleum Energy (BIPI IJ) retreated 3.6 percent to 108 rupiah, the most since May 23.

Oil for July delivery sank 4.6 percent to $94.81 a barrel in New York yesterday, settling at less than $95 for the first time since February. The contract was last at $95.28.

Metal producers: PT Timah (TINS IJ), Indonesia’s largest tin producer, fell 2 percent to 2,450 rupiah, the lowest close since Sept. 7. PT Aneka Tambang (ANTM IJ), the second-biggest nickel-mining company, retreated 3.5 percent to 2,050 rupiah, the sharpest decline since Jan. 17.

Tin for three-month delivery in London dropped 1.1 percent to $24,875 a metric ton, extending yesterday’s 2 percent slump. Nickel futures lost 0.7 percent to $21,870 after declining 1.3 percent yesterday.

PT Berlian Laju Tanker (BLTA IJ), Indonesia’s biggest shipping company by revenue, plunged 7.4 percent to 315 rupiah, the lowest close since Dec. 29. The company reported yesterday a 2010 net loss of $150 million.

PT Surabaya Agung Industri Pulp & Kertas (SAIP IJ), which produces a variety of paper products, jumped 24 percent to 305 rupiah. Brokerage PT Sucorinvest Central Gani said Surabaya Agung’s debt-to-equity deal was positive for the stock because of the higher share-price conversion. The company plans to issue new shares under the debt-to-equity-deal at 1,000 rupiah apiece, four times its last closing price, Sucorinvest said in its report today.

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