May 28 (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 0.4 percent to 3,918.69. The gauge has lost 6.3 percent this month, heading for its first monthly drop since November.
Coal producers: PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of power-station coal, declined 2.3 percent to 1,730 rupiah. PT Indo Tambangraya Megah (ITMG IJ), a unit of Banpu Pcl, Thailand’s largest coal producer, declined 1.3 percent to 34,100 rupiah.
Power-station coal prices will stay under pressure until seasonal demand increases next quarter in China, where domestic stockpiles are high and imports are being deferred, Mark Pervan, the head of commodity research at Australia & New Zealand Banking Group Ltd. said in a note today.
PT Ace Hardware Indonesia (ACES IJ), which sells home-improvement products, rose 4.8 percent to 5,500 rupiah after CLSA Asia-Pacific Markets increased the company’s share-price estimate to 6,600 rupiah from 5,400 rupiah, citing Indonesia’s “robust middle-class buying power.”
PT Kimia Farma (KAEF IJ), a pharmaceutical producer and distributor, gained 2 percent to 520 rupiah, rebounding from a 7.3 percent plunge on May 25. Kimia Farma said today it will pay a cash dividend of 6,185 rupiah a share in July. That compares with 4,995 rupiah last year, according to data compiled by Bloomberg.
PT Petrosea (PTRO IJ), an oil and mining services company, climbed 2.7 percent to 3,875 rupiah after Bisnis Indonesia reported Petrosea was seeking a $399 million coal-mining contract from a new client with a deal expected in the third quarter. Petrosea Director T.G. Shankar couldn’t be reached when called at his office in Jakarta.
To contact the reporter on this story: Berni Moestafa in Jakarta at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com