Medco, Sorini Agro, Telkom Indonesia: Indonesia 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 (JCI) rose 1 percent to 3,678.67.
Energy companies: Crude oil for May delivery advanced 2.4 percent to $106.72 a barrel in New York yesterday, the highest close since Sept. 26, 2008. The contract was at $107.21 a barrel in after-hours trading as of 8:39 a.m. Jakarta time.
PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, climbed 1.8 percent to 2,875 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, fell 1.5 percent to 128 rupiah.
PT Sorini Agro Asia Corporindo (SOBI IJ): Cargill Inc. has offered to buy the remaining shares of Sorini it doesn’t already own at 3,500 rupiah each through a tender offer starting today until April 29, Cargill said in a statement published in Bisnis Indonesia. Sorini, a sorbitol producer, was unchanged at 3,375 rupiah.
PT Telekomunikasi Indonesia (TLKM IJ): Indonesia’s biggest telephone company is targeting a net income increase of 5 percent to 9 percent this year, bolstered by growth in its mobile telephone and internet business, Bisnis Indonesia reported, citing President Director Rinaldi Firmansyah. Telkom, as the company is also known, rose 2.1 percent to 7,350 rupiah.
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