Fajar Surya, Tunas Ridean, PT Inco: 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 1.34 points, or less than 0.1 percent, to 3,816.27.
Energy companies: Crude oil for June delivery plunged 8.6 percent to $99.80 a barrel in New York yesterday, the lowest settlement since March 16. Futures have tumbled 12 percent over the past four days and had the biggest one-day decline since April 20, 2009.
PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, rose 0.9 percent to 2,750 rupiah. PT Energi Mega Persada (ENRG IJ), the second largest, sank 1.8 percent to 163 rupiah.
Metal producers: Nickel futures fell 5 percent to $24,525 a metric ton in London yesterday. Tin lost 6.6 percent to $28,900 a metric ton. PT International Nickel Indonesia (INCO IJ), or PT Inco as the nation’s largest producer of the metal is known, slipped 0.5 percent to 4,875 rupiah. PT Timah (TINS IJ), the biggest tin producer, declined 0.9 percent to 2,800 rupiah.
PT Fajar Surya Wisesa (FASW IJ): The manufacturer of industrial paper is seeking a $70 million bank loan to modify its paper machines, Bisnis Indonesia reported, citing Hadi Rebowo Ongkowidjojo, a director at the company. Fajar Surya was unchanged at 2,900 rupiah.
PT Tunas Ridean (TURI IJ): The automotive dealer allocated 504.4 billion rupiah ($59 million) for capital expenditure this year, 61 percent of which will be used for investment in rental transportation, Bisnis Indonesia reported, citing Finance Director Kish Gill. Tunas Ridean rose 5.3 percent to 600 rupiah.
PT Wijaya Karya (WIKA IJ): The company’s unit, PT Wika Beton, delayed its initial share sale to 2012 from the second half of this year, Bisnis Indonesia reported, citing Wijaya Karya Corporate Secretary Natal Argawan Pardede. Wijaya Karya, a state construction company, was unchanged at 700 rupiah.
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