July 12 (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 declined 57.57 points, or 1.4 percent, to 3,938.02, the steepest drop since May 23.
PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, retreated 2.3 percent to 4,350 rupiah, the lowest close since Sept. 7. Nickel for three-month delivery declined 2.8 percent to $23,225 a metric ton in London yesterday, the steepest drop since June 2.
PT Alkindo Naratama (ALDO IJ), a manufacturer of paper products, surged 11 percent to 250 rupiah on its first trading day after raising 33.8 billion rupiah ($4 million) selling 150 million shares in an initial public offering this month to buy land and to fund working capital.
PT Energi Mega Persada (ENRG IJ), Indonesia’s second-biggest listed oil company, advanced 1.5 percent to 200 rupiah, the most active stock by trading volume. PT Mandiri Sekuritas raised the company’s share-price estimate by 18 percent to 260 rupiah on increased production at its oil block.
The higher price estimate will provide “positive sentiment” for Energi Mega’s shares in the short term, PT Recapital Securities wrote in a note today.
PT Indo Straits (PTIS IJ), a marine-civil contracting company, climbed 5.3 percent to 1,000 rupiah on its first trading day after raising 95 billion rupiah selling 100 million shares in an initial public offering this month to buy equipment and repay debt.
PT Sidomulyo Selaras (SDMU IJ), a transporter of hazardous chemical materials, gained 6.7 percent to 240 rupiah on its first trading day after raising 53.3 billion rupiah selling 237 million shares in an initial public offering this month to buy trucks, trailers and improve infrastructure.
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