Indonesia Stocks: Global Mediacom, Kertas Basuki, Vale Indonesia

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 3,963.61, the sharpest drop since Jan. 6.

Commodity producers: PT Vale Indonesia (INCO IJ), the nation’s biggest nickel producer previously known as PT International Nickel Indonesia, declined 2.7 percent to 3,600 rupiah. PT Bumi Resources (BUMI IJ), Asia’s largest exporter of power-station coal, dropped 3 percent to 2,450 rupiah.

The shares fell after the International Monetary Fund yesterday forecast a 14 percent drop this year in non-oil commodity prices, said Edwin Sebayang, an analyst at PT MNC Securities.

PT Global Mediacom (BMTR IJ), Indonesia’s biggest media company, rose 4.9 percent to 1,080 rupiah, the steepest gain since Jan. 3. Global Mediacom plans to sell 1 trillion rupiah ($111 million) of bonds in the second quarter to buy back shares, Bisnis Indonesia reported, citing an unidentified executive. Corporate Secretary Budi Rustanto couldn’t be reached when called at his office.

PT Kertas Basuki Rachmat Indonesia (KBRI IJ), a paper producer, jumped 17 percent to 62 rupiah, the steepest increase since July 1, 2010. The shares rose amid speculation Kertas plans to diversify its business to run fuel stations, MNC’s Sebayang said. Kertas has no plans to enter the fuel station business, Corporate Secretary Tiur Simamora said by telephone.

PT Radiant Utama Interinsco (RUIS IJ), a service provider to the energy, oil and gas industries, increased 4.2 percent to 250 rupiah, its highest close since Jan. 3. The company plans to sell about 300 billion rupiah to 400 billion rupiah of bonds in the second quarter for debt refinancing, working capital and capital expenditures, Bisnis Indonesia reported, citing Arsyad Lubis, a director at the company. Lubis couldn’t be reached when called at his office.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE