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Indonesian Stock Movers: Adaro, Bukit Asam, Global Mediacom

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 0.6 percent to 4,075.92, the highest close since May 11.

Energy-related shares: PT Energi Mega Persada (ENRG IJ), the nation’s second-largest listed oil company, advanced 1.4 percent to 150 rupiah and PT Adaro Energy (ADRO IJ), Indonesia’s second-biggest coal producer, rose 4.5 percent to 1,620 rupiah. Crude futures added 4.7 percent to $87.66 a barrel in New York yesterday, the highest settlement since May 30. A higher oil price improves the appeal of alternative fuels such as coal.

PT Global Mediacom (BMTR IJ), a media company, increased 3.1 percent to 1,650 rupiah. The company’s pay-television unit, PT MNC Sky Vision, said it has set the price for its planned initial public offering at 1,520 rupiah a share following strong interest from potential investors during a roadshow.

PT Tambang Batubara Bukit Asam (PTBA IJ), a state-owned coal-mining company, rose 6.2 percent to 16,350 rupiah, the highest close since May 24. Bukit Asam spent 141 billion rupiah ($15 million) buying back its shares at an average price of 14,618 rupiah each on May 21, it said in a stock-exchange filing. The company has 1.9 trillion rupiah left for buybacks, it said. PT Indo Premier Securities wrote in a note today that Bukit Asam is its top pick in the coal sector.

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