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Indonesia Stocks: Medco Energi, Adaro, Indofood Sukses Makmur

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 rose 6.81 points or 0.2 percent to 3,729.12.

Energy companies: PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, sank 4.3 percent to 2,225 rupiah, the lowest close since March 31, 2009. PT Energi Mega Persada (ENRG IJ) tumbled 1.6 percent to 191 rupiah.

Oil fell to the lowest in four months in New York, heading for a bear market, on speculation a weakening global economy and Greece’s debt crisis will lead to reduced fuel demand. Crude for July delivery fell as much as $1.87 to $91.14 a barrel in electronic trading on the New York Mercantile Exchange. That’s the lowest intraday price since Feb. 22 and is below $91.38, the final settlement price of 2010. It was at $91.40 at 3.22 p.m. Singapore time.

Coal producers: PT Indika Energy (INDY IJ), the nation’s third-largest coal producer, retreated 3.9 percent to 3,675 rupiah. PT Berau Coal Energy (BRAU IJ) fell 1.8 percent to 540 rupiah.

Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, fell 0.1 percent to $119.19 a metric ton in the week ended June 17, according to the globalCOAL NEWC Index.

PT Adaro Energy (ADRO IJ), Indonesia’s second-biggest coal producer, rose 1.1 percent to 2,300 rupiah. The Indonesian coal producer, Itochu Corp. and Electric Power Development Co. won preferred negotiation rights for a coal-fired power plant project in Indonesia. Electric Power Development, known as J-Power, made the announcement today in a statement on its website.

PT Indofood Sukses Makmur (INDF IJ), the nation’s biggest maker of instant noodles, rose 2.9 percent to 5,350 rupiah, the steepest increase since March 30. Russia plans to return to global grain markets “for a long time” after it lifts an export ban on July 1. Russia’s First Deputy Prime Minister Viktor Zubkov made the export remarks June 18, which were broadcast by state television.

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