Indonesia Stock: Bumi, Indo Tambangraya, International Nickel
Shares of the following companies had unusual (JCI) moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the close in Jakarta.
The Jakarta Composite index fell 1.6 percent to 3,637.19, the lowest close since Oct. 21. The gauge has dropped 3.1 percent this week, a fourth straight weekly decline.
Coal producers: PT Bumi Resources (BUMI) , Indonesia’s biggest producer of the fuel, fell 3.6 percent to 2,000 rupiah. PT Indo Tambangraya Megah (ITMG) , a unit of Thailand’s biggest coal miner, Banpu Pcl, sank 6.5 percent to 38,700 rupiah. Mining stocks were the biggest decliners among the composite index’s nine industry groups.
Coal prices in Asia are unlikely to recover in 2012 from the first decline in three years as electricity-price controls prompt Chinese and Indian utilities to limit purchases of the fuel. Power-station coal at the Australian port of Newcastle, a benchmark price for Asia, will average about $118 a metric ton next year, according to the median estimate of six analysts and traders surveyed by Bloomberg News. Prices have averaged $122 so far in 2011.
PT International Nickel Indonesia (INCO) , the nation’s biggest producer of the metal, dropped 3.2 percent to 3,050 rupiah. Nickel for three-month delivery fell as much as 1.3 percent to $16,855 a metric ton in London, set for the lowest close since Dec. 11, 2009.
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