Indonesia Stock Movers: Medco Energi, Bumi Minerals, Sentul City
Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the close in Jakarta.
The Jakarta Composite index (JCI) rose 1.8 percent to 3,729.02, the highest close since Sept. 20.
Energy companies: PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, gained 2.2 percent to 2,375 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, advanced 2.4 percent to 171 rupiah. Crude-oil futures climbed to a three-week high on Oct. 14, adding 3.1 percent to $86.80 a barrel in New York. Prices climbed as much as 1.6 percent in after-hours trading today.
PT Bumi Resources Minerals (BRMS IJ), a mining company owned by Indonesia’s largest coal producer, dropped 6.2 percent to 610 rupiah, the most since Sept. 22. Bumi Plc said today it won’t proceed with the proposed acquisition of a 75 percent stake in the Indonesian mining company because of continuing market uncertainties.
PT International Nickel Indonesia (INCO IJ), the nation’s biggest nickel producer, surged 12 percent to 3,475 rupiah, the steepest increase since June 1, 2009. International Nickel will pay a 2011 interim dividend of $100 million on Nov. 21, the company said in an e-mailed statement.
PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the nation’s third-biggest listed plantation company by market value, climbed 3.7 percent to 2,100 rupiah. Deutsche Bank AG initiated coverage on the stock with a “buy” rating and a share price-estimate of 2,225 rupiah.
PT Sentul City (BKSL IJ), a property developer, jumped 23 percent to 290 rupiah, the most since Aug. 24, after PT Mandiri Sekuritas initiated coverage on the stock with a “buy” rating and a share-price estimate of 400 rupiah.
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