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Indonesian Equity Movers: Benakat Petroleum, Ratu Prabu, Timah

May 16 (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 1.6 percent to 3,980.50, the steepest decline since April 4. The market will be closed for a public holiday tomorrow and May 18.

Energy-related companies: PT Energi Mega Persada (ENRG IJ), the nation’s second-largest listed oil company, declined 4.2 percent to 161 rupiah, the lowest close since Dec. 19. PT Benakat Petroleum Energy (BIPI IJ) lost 3 percent to 192 rupiah. Crude oil futures fell as much as 2.3 percent to $91.81 a barrel in New York today, extending losses for a fourth day.

PT Ratu Prabu Energi (ARTI IJ), an oil and gas exploration company, sank 7.3 percent to 320 rupiah, the most since Jan. 4. Ratu Prabu plans to raise 500 billion rupiah ($53 million) selling new shares in a rights offer to fund projects this year, Bisnis Indonesia reported, citing President Director Burhanuddin Bur Maras. The company is still studying the plan, Bur Maras said in an e-mail today in response to the Bisnis report.

PT Timah (TINS IJ), Indonesia’s biggest tin producer, fell 4.5 percent to 1,500 rupiah, the lowest close since May 4, 2009. Tin futures fell 1.2 percent to $19,810 a metric ton in London yesterday, the lowest settlement since Jan. 9.

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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