Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of 10:00 a.m. in Jakarta.
The Jakarta Composite index rose 0.1 percent to 4,027.31.
Coal producers: PT Bumi Resources (BUMI IJ), Indonesia’s largest coal producer, fell 1 percent to 2,400 rupiah and PT Tambang Batubara Bukit Asam (PTBA IJ), a state-coal producer, slid 0.2 percent to 20,500 rupiah.
Indonesia needs to further study a plan to ban the sale of lower-quality coal from 2014, according to Edi Prasodjo, the coal business director at the ministry. The government hasn’t set a target for when the ban will be applied or which type of coal it will affect because it’s still seeking feedback from miners, Prasodjo said.
PT Indofood Sukses Makmur (INDF IJ), the parent of the nation’s biggest instant-noodle maker gained 0.5 percent to 4,925 rupiah. Indofood’s 2011 net income rose to 3.08 trillion rupiah from 2.95 trillion rupiah a year earlier, the company said in a statement published in Bisnis Indonesia.
PT Indofood CBP Sukses Makmur (ICBP IJ), Indonesia’s largest instant-noodle maker gained 1 percent to 5,250 rupiah. Indofood CBP’s 2011 net income gained to 1.97 trillion rupiah from 1.7 trillion rupiah a year earlier, the company said in a statement published today in Bisnis Indonesia.
PT Kalbe Farma (KLBF IJ), the pharmaceutical company rose 0.7 percent to 3,450 rupiah. Kalbe is in talks with five to eight firms in the region for acquisitions as the cash-rich firm looks to profit growing health demand, Reuters reported, citing Vidjongtius, a director at the company. A call to Vidjongtius’s office wasn’t answered.