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Indonesia Stocks: International Nickel, Medco Energi, Renuka

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Dec. 13 (Bloomberg) -- 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 fell 0.8 percent to 3,763.58, the most since Nov. 25.

PT Citra Marga Nusaphala (CMNP IJ), a toll-road operator, jumped 7.6 percent to 1,710 rupiah, the steepest increase since Sept. 27. The shares gained on speculation parliament will approve this week a land acquisition bill that will accelerate toll-road projects, said Adrianus Bias Prasuryo, an analyst at Jakarta-based PT Samuel Sekuritas Indonesia.

PT International Nickel Indonesia (INCO IJ), the nation’s largest producer of the metal, declined 2.4 percent to 3,100 rupiah, the biggest loss since Nov. 25. Nickel futures dropped as much as 1.9 percent to $18,092 a metric ton in London.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, fell 2 percent to 2,425 rupiah. Crude oil futures in New York fell to a two-week low yesterday, dropping 1.7 percent to $97.77 a barrel. Oil last traded at $98.15 a barrel in after-hours trading.

PT Media Nusantara Citra (MNCN IJ), a media company, sank 5.2 percent to 1,290 rupiah, the most since Sept. 22. An “undisclosed shareholder” sold 350 million of the company’s shares at 1,270 rupiah apiece, said Richard Taylor, Hong Kong-based senior managing director at CLSA Asia-Pacific Markets, which helped arranged the sale. That’s below yesterday’s closing price of 1,360 rupiah.

PT Renuka Coalindo (SQMI IJ), a coal producer, jumped 25 percent to 455 rupiah. The stock extended yesterday’s 24 percent jump after the company said Dec. 9 it expects coal output at its PT Jambi Prima Coal unit to rise to at least 1 million metric tons next year.

To contact the reporter on this story: Berni Moestafa in Jakarta at

To contact the editor responsible for this story: Darren Boey at

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