Indonesia Stocks: Adaro Energy, International Nickel, Matahari
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) fell 2.9 percent to 3,622.03, the sharpest drop since Oct. 3.
Mining companies: PT International Nickel Indonesia (INCO IJ), the nation’s biggest producer of the metal, sank 7.2 percent to 3,225 rupiah, the steepest loss since Oct. 3. PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal miner, fell 4.1 percent to 1,880 rupiah.
Mining stocks fell after China’s economy expanded at the slowest pace in two years, reducing the demand outlook for commodities, said Armand Dharmasana, head of research at PT Phillip Securities Indonesia. Shares also fell as metal prices declined, Dharmasana said. Nickel lost as much as 2.3 percent to $18,549 a metric ton on the London Metal Exchange, while tin declined as much as 3.7 percent to $20,700 a ton.
Palm oil producers: PT Bakrie Sumatera Plantations (UNSP IJ) slumped 7.9 percent to 290 rupiah and PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ) declined 4.8 percent to 2,000 rupiah. Palm oil futures dropped as much as 1.9 percent to 2,817 ringgit ($898) a ton in Kuala Lumpur, falling for a second day.
PT Matahari Putra Prima (MPPA IJ), Indonesia’s biggest retailer by market value, slid 2.2 percent to 900 rupiah, the first loss since Oct. 7. South Korea’s Lotte Shopping Co., which expressed interest in Matahari in February, said it’s no longer looking to buy an Indonesian retail chain. Matahari said in January it will seek a “global partner” to help develop its Hypermart.
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