Indonesian Stock Movers: Bumi Resources, Telkom, Vale Indonesia
The Jakarta Composite Index (JCI) rose 0.7 percent to 3,818.11. The gauge lost 0.2 percent this week.
Bakrie-related shares: PT Bakrie Sumatera Plantations (UNSP) , a palm oil and rubber producer, tumbled 13 percent to 150 rupiah, the most since May 2010. PT Bakrieland Development (ELTY) fell 5.6 percent to 68 rupiah. The shares declined amid speculation about debt problems at the Bakrie Group, said John Teja, a director at PT Ciptadana Securities in Jakarta. PT Bakrie & Brothers (BNBR) hasn’t defaulted on its debt and rumors of a default are not true, Siddharta Moersjid, a spokesman at the company, said by phone today.
PT Bumi Resources (BUMI) , Asia’s biggest thermal coal exporter, rose 4.9 percent to 1,080 rupiah, rebounding from a three-day, 17 percent plunge. Bumi is seeking to cut debt at one of its Indonesian units by at least $600 million and intends to announce further details in August or September, Bumi Plc Chairman Samin Tan said at the first annual shareholders’ meeting of the coal producer in London yesterday. Bumi Resources, in which London-listed Bumi owns a 29 percent stake, owes $1.3 billion to China Investment Corp., due in two tranches in October 2014 and 2015.
PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, rose 3.4 percent to 1,820 rupiah. Crude oil for July delivery advanced as much as 1.1 percent to $84.80 a barrel in New York today.
PT Telekomunikasi Indonesia (TLKM) , the nation’s largest telephone company, advanced 2.6 percent to 7,900 rupiah after Daiwa Securities Group Inc. increased the company’s share-price estimate to 8,497 rupiah from 7,948 rupiah.
PT Vale Indonesia (INCO) , the nation’s biggest nickel producer, dropped 2.1 percent to 2,325 rupiah. Nickel futures fell 2 percent to $16,635 a metric ton in London yesterday, the most since May 29.
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