Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the close in Jakarta.
The Jakarta Composite index rose 0.7 percent to 3,805.65.
Energy companies: PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, advanced 5.3 percent to 2,475 rupiah, the highest close since Sept. 20, and PT Energi Mega Persada (ENRG IJ), the second-largest, gained 3.9 percent to 159 rupiah. Crude futures rose for a fifth day in New York, adding 1 percent to $96.46 a barrel at 5:18 p.m. Singapore time.
PT Atlas Resources (ARII IJ), a coal producer, rose 2.7 percent to 1,540 rupiah on its trading debut after raising 975 billion rupiah ($109 million) in an initial public offering to fund capital expenditure and acquisition plans.
PT Borneo Lumbung Energi & Metal (BORN IJ), a coking-coal producer, increased 3.5 percent to 880 rupiah, the steepest gain since Oct. 27. Borneo Lumbung plans to buy back 5 percent of its shares to bolster the price, Kontan reported, citing Corporate Secretary Geroad Panji Alamsyah Jusuf. The company will use its own cash for the buyback and will ask for shareholders approval on Dec. 15, according to the report. Jusuf couldn’t be reached when called at his office in Jakarta.
PT Bumi Resources (BUMI IJ), Indonesia’s largest coal producer, added 3.3 percent to 2,375 rupiah. Bumi will repay the first tranche of a loan to China Investment Corp. two years early, Bumi Director Dileep Srivastava said by phone today.
PT Krakatau Steel (KRAS IJ), Indonesia’s biggest steel producer, jumped 7.3 percent to 880 rupiah, the highest close since Sept. 21. Krakatau Steel expects to obtain a $450 million loan commitment from local and foreign banks this month to help fund the construction of a blast furnace, Investor Daily Indonesia reported, citing Sukandar, finance director at the company. Sukandar couldn’t be reached when called at his office in Jakarta.