Indonesia Stock Movers: Adhi Karya, Bumi Resources, Energi Mega
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 24.70 points, or 0.7 percent to 3,774.33, dropping for a fifth straight day.
Energy companies: PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of power-station coal, declined 1 percent to 2,600 rupiah and PT Energi Mega Persada (ENRG IJ), the nation’s second-biggest listed oil company, declined 3.3 percent to 178 rupiah.
Crude oil for October delivery fell as much as 1 percent to $88.01 a barrel in after-hours trading in New York, extending yesterday’s 1.4 percent slide. A lower oil price reduces the appeal of alternative fuels such as coal.
PT Adhi Karya (ADHI IJ), a state-owned construction company, jumped 7.3 percent to 590 rupiah, the most since Dec. 14. Adhi Karya and its partner, Goldstar Co. Ltd., won a tender from PT Pertamina to build a residual fluid catalytic cracker plant valued at $1.5 billion, Mochamad Harun, a spokesman at Pertamina, said, confirming a report today by Investor Daily Indonesia.
PT Bank Danamon Indonesia (BDMN IJ), which is owned by Singapore’s Temasek Holdings Pte and Deutsche Bank AG, fell 4.8 percent to 4,950 rupiah. Danamon declined as overseas investors realized gains in the stock, according to Michael Handisurya, an analyst at PT Valbury Asia Securities in Jakarta.
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