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Ciputra Development, Indosat, Medco: Indonesian Equity Preview

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 fell 2.1 percent to 3,902.51.

Energy companies: Crude-oil futures climbed for a third day, gaining as much as 1 percent to $91.79 a barrel in New York in after-hours trading. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, declined 2.1 percent to 1,860 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, dropped 2.5 percent to 157 rupiah.

Property companies: A weaker rupiah should boost property demand as people will try to borrow and buy properties to hedge against potentially rising inflation, Andy Lesmana, a Jakarta-based analyst at Nomura Holdings Inc., wrote in a report. The rupiah fell on May 25 to the weakest level since December 2009 at 9,495 per U.S. dollar. PT Lippo Karawaci (LPKR IJ), the nation’s biggest property developer, was unchanged at 800 rupiah and PT Ciputra Development (CTRA IJ) retreated 1.4 percent to 690 rupiah.

PT Indosat (ISAT IJ): Indonesia’s second-biggest telephone company plans to offer as much as 2.5 trillion rupiah ($265 million) of bonds and sukuk, the company said in a prospectus published in Bisnis Indonesia today. The proceeds will be used to pay for network licenses and buy a base station sub-system and to repurchase early its 200 billion rupiah bonds due in November 2032, it said. Indosat sank 5 percent to 4,250 rupiah.

PT Petrosea (PTRO IJ): The oil and mining services provider is seeking a $399 million coal-mining contract from a client and expects to complete a deal in the third quarter, Bisnis Indonesia reported, citing Director T.G. Shankar. Petrosea declined 5.6 percent to 3,775 rupiah.

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