Indonesia Stocks: Adaro Energy, Bank Agroniaga, Krakatau Steel
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.
The Jakarta Composite index (JCI) rose 1.34 points, or less than 0.1 percent, to 3,816.27.
Coal producers: PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal producer, gained 3.3 percent to 2,325 rupiah, the biggest advance since April 1. PT Bumi Resources (BUMI IJ), the biggest, added 1.4 percent to 3,625 rupiah.
China, which relies on coal to produce more than 70 percent of its electricity, may increase imports of the fuel by 1 million metric tons a week as drought conditions cut hydropower output, according to UBS AG. Hydropower capacity has fallen as much as 20 percent, UBS analysts led by Sydney-based Tom Price wrote in a note dated yesterday.
PT Bank Agroniaga (AGRO IJ), an Indonesian lender, jumped 14 percent to 180 rupiah, the biggest gain since March 10. PT Bank Rakyat Indonesia said today it is offering to buy as many as 341.99 million shares of the company at 182 rupiah each through a tender offer.
PT Krakatau Steel (KRAS IJ), Indonesia’s largest steel producer, climbed 0.9 percent to 1,140 rupiah, the steepest increase since April 15. Krakatau Steel plans to build an iron mill with a capacity of 1.2 million tons a year at a cost of 5.9 trillion rupiah ($688.6 million), the company said in a statement in Bisnis Indonesia.
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