Indonesian Equity Movers: Bumi Minerals, Dian Swastatika, Vale
The Jakarta Composite Index (JCI) fell 0.3 percent to 3,889.52, paring this week’s gain to 1.9 percent, the biggest weekly advance since March.
PT Bumi Resources Minerals (BRMS) , a mining company, rose 8.3 percent to 455 rupiah, the largest jump since March 1. The shares gained on speculation the company will be acquired by a group of investors that include businessman Rachmat Gobel, according to Hariyanto Wijaya, an analyst at PT Mandiri Sekuritas in Jakarta. The rumor isn’t true, said Dileep Srivastava, a director at PT Bumi Resources, which owns the company.
PT Dian Swastatika Sentosa (DSSA) , a power producer, rose 7.7 percent to 14,000 rupiah, the most since May 22, after Kontan reported the company increased its spending target on capital expenditure this year to $120 million from $80 million as it plans to build a steam power plant in South Sumatra province. Corporate Secretary Hermawan Tarjono couldn’t be reached when called at his office.
PT Vale Indonesia (INCO) , the nation’s biggest nickel producer, fell 4.8 percent to 2,500 rupiah, the sharpest drop since June 1. The stock fell after commodity prices declined, said Ananita Mieke Kusumaningsih, an analyst at PT Danareksa Sekuritas. Nickel futures in London lost 4.4 percent to $16,450 a metric ton yesterday, the steepest drop since April 16.
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