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Indonesian Stocks: Bank Central Asia, Medco, Nusantara, Vale

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April 5 (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 rose 0.8 percent to 4,166.37. The market will be closed tomorrow for a public holiday.

Coal producers: PT Bumi Resources (BUMI IJ), Indonesia’s biggest coal producer, rose 1.1 percent to 2,350 rupiah. PT Indo Tambangraya Megah (ITMG IJ), a unit of Banpu Plc, Thailand’s largest coal producer, gained 1.3 percent to 44,250 rupiah. PT Berau Coal Energy (BRAU IJ), a unit of London-listed Bumi Plc, jumped 7.6 percent to 570 rupiah, the highest close since June 10.

Indonesia isn’t formally discussing a suggestion from the Industry Ministry to tax exports of coal and minerals, according to government and industry officials. The suggestion for a tax hasn’t been officially proposed to the cabinet, Harya Adityawarman, secretary at the Directorate General of Coal and Minerals at the Energy and Mineral Resources Ministry, said in response to a Reuters report.

PT Bank Central Asia (BBCA IJ), Indonesia’s largest bank by market value, climbed 2.6 percent to 7,950 rupiah. Bank Central Asia saw “positive” first-quarter lending growth, President Director Jahja Setiaatmadja said.

PT Gudang Garam (GGRM IJ), a cigarette producer, rose 1.4 percent to 58,050 rupiah. A U.S. ban on clove cigarettes, designed to prevent teenagers from starting to smoke, is discriminatory, World Trade Organization judges said as they upheld an earlier ruling backing a complaint by Indonesia. The nation is the world’s biggest producer of clove cigarettes, or kreteks, made by companies such as Gudang Garam.

PT Matahari Putra Prima (MPPA IJ), an operator of hypermarkets, rose 2.3 percent to 910 rupiah. Matahari plans to open 17 hypermarkets this year and has allocated 1 trillion rupiah ($109.1 million) for capital expenditure to fund expansion, Director Danny Kojongian said.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, dropped 2.4 percent to 2,000 rupiah, the lowest close since Oct. 6. Crude futures declined 2.4 percent to $101.47 a barrel in New York yesterday, the lowest settlement since Feb. 14. Oil was last at $101.88.

PT Metropolitan Land (MTLA IJ), a property developer, jumped 18 percent to 530 rupiah, a record close. CIMB Group Holdings Bhd. initiated coverage on the company with an outperform rating, meaning the stock is expected to exceed a relevant benchmark’s total return by 5 percent or more over the next 12 months.

PT Vale Indonesia (INCO IJ), the nation’s largest producer of nickel, declined 1.5 percent to 3,250 rupiah. Nickel futures dropped 0.9 percent to $17,690 a metric ton in London, extending yesterday’s 3.2 percent slump.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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