Indonesian Equity Movers: Astra, Bumi Resources, Gas Negara
The Jakarta Composite index fell 1.8 percent to 3,791.62.
Energy producers: PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, declined 3.8 percent to 1,760 rupiah and PT Energi Mega Persada (ENRG) , the second largest, fell 3.7 percent to 129 rupiah. Crude oil for July delivery fell to an eight-month low, losing 0.8 percent to $82.62 a barrel in New York yesterday. The contract was last at $82.52 in after-hours trading.
PT Astra International (ASII) , Indonesia’s largest automotive retailer, fell 2.9 percent to 6,650 rupiah, the steepest drop since April 4. The company said yesterday Indonesia’s domestic motorcycle sales in May fell to 611,251 units from 617,508 units a month earlier. Astra sells Honda Motor Co. motorcycles.
PT Bumi Resources (BUMI) , Asia’s biggest thermal-coal exporter, sank 8.9 percent to 1,030 rupiah amid concerns lower coal prices will cut into Bumi’s earnings, according to Jeffrosenberg Tan, who helps manage $529 million at PT Sinarmas Asset Management in Jakarta. Bumi Director Dileep Srivastava said the company is a low-cost coal producer that should be less affected by declines in prices.
PT Perusahaan Gas Negara (PGAS) , Indonesia’s largest gas distributor, sank 5.7 percent to 3,325 rupiah, the sharpest drop since Sept. 22. Gas Negara was cut to sell at UBS AG, which said the company is likely to lose its competitive advantage in West Java as supply shifts to liquefied natural gas.
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