May 4 (Bloomberg) -- Shares of the following companies may have unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the previous close.
The Jakarta Composite index rose 0.1 percent to 4,224.00.
Coal producers: The price of thermal coal for shipments at the Australian port of Newcastle, the physical benchmark contract for Asia, may drop to $95 a ton in June-July on higher supply, Bob Kamandanu, chairman of the Indonesia Coal Mining Association, said.
PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal producer, fell 1.6 percent to 1,840 rupiah. PT Indo Tambangraya Megah (ITMG IJ), a unit of Banpu Pcl, Thailand’s biggest coal miner, advanced 1.4 percent to 39,600 rupiah.
Energy companies: Crude oil futures declined 2.6 percent to $102.54 a barrel in New York yesterday, the most since Dec. 14. Oil was last at $102.58. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, advanced 3.4 percent to 2,300 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, fell 1.1 percent to 186 rupiah.
PT Bumi Resources (BUMI IJ): Indonesia’s largest coal producer plans to raise at least $400 million selling a 20 percent stake in unit PT Bumi Resources Minerals (BRMS IJ) in the third quarter, Bisnis Indonesia reported, citing an unidentified person. The proceeds from the sale will be used to pay debt to China Investment Corp., the report said. Bumi fell 2.2 percent to 1,980 rupiah and Bumi Resources was unchanged at 560 rupiah.
PT Tambang Batubara Bukit Asam (PTBA IJ): The state-owned coal producer may spend 5 trillion rupiah ($542.6 million) to acquire two coal mines in East Kalimantan province this year, Investor Daily Indonesia reported, citing President Director Milawarma. Bukit Asam rose 0.8 percent to 18,300 rupiah.
To contact the reporter on this story: Berni Moestafa in Jakarta at email@example.com
To contact the editor responsible for this story: Richard Frost at @bloomberg.net