Indonesia Stock Movers: Buana Finance, Garuda Indonesia, Medco
The Jakarta Composite index fell for a fourth day, dropping 0.9 percent to 3,861.02, the lowest close since Jan. 3.
PT Buana Finance (BBLD) , a leasing and consumer financing company, rose 5.6 percent to 570 rupiah, the steepest increase since Oct. 11. Buana Finance obtained a 150 billion rupiah loan ($16.4 million) from PT Bank Danamon Indonesia, Buana Finance said in a statement to the stock exchange.
PT Garuda Indonesia (GIAA) (GIAA IJ), the national flag carrier, dropped for a fourth day, losing 1.8 percent to 560 rupiah, the lowest close since Jan. 31. Crude oil futures closed above $109 a barrel for the first time in almost 10 months on Feb. 24. Fuel accounts for about 40 percent of the airline’s costs, Chief Executive Officer Emirsyah Satar said today. The oil-price gain is still manageable, Satar said.
PT Medco Energi Internasional (MEDC) rose 1.1 percent to 2,275 rupiah after crude futures gained, improving the revenue outlook for Indonesia’s biggest listed oil producer.
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