Indonesia Stocks: Energi Mega, Indofood Sukses, Indocement
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) fell 9.55 points or, 0.2 percent, to 4,023.41.
Oil companies: Crude oil futures rose 1.1 percent to $97.03 a barrel in after-hours trading as of 4:13 p.m. Jakarta time. Prices dropped 1.3 percent yesterday.
PT Energi Mega Persada (ENRG IJ), the nation’s second- largest listed oil company, rose 2.5 percent to 205 rupiah. PT Benakat Petroleum Energy (BIPI IJ) gained 4 percent to 105 rupiah.
PT Bakrie Sumatera Plantations (UNSP IJ), the Indonesian palm oil and rubber producer, rose 3.6 percent to 430 rupiah. The shares rose as the Thai Rubber Association said prices may remain “strong” until next year as persistent rains in key producing countries limit an increase in output, while demand remains robust.
PT Indofood Sukses Makmur (INDF IJ), the nation’s biggest instant-noodle maker, which uses wheat for producing the food, sank 1.7 percent to 5,900 rupiah, the steepest decrease since July 6. Indofood was downgraded to “underperform” from “neutral” at Macquarie Research by equity analyst Lyall Taylor. The 12-month target price is IDR 5,400 per share.
PT Indocement Tunggal Prakarsa (INTP IJ), Indonesia’s second-biggest cement maker, dropped 1.2 percent to 16,050 rupiah. The shares slipped amid speculation the investors are switching to other stocks “as the cement industry is facing many challenges this year,” according to Octavius Oky Prakarsa, an analyst at PT Mandiri Sekuritas in Jakarta.
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