Indonesian Stock Movers: Adaro Energy, Central Omega Resources
The Jakarta Composite Index (JCI) rose 0.6 percent to 3,881.40, the first gain in four days. The gauge has fallen 5.8 percent since the start of April, poised for the steepest quarterly drop since the three months ended Sept. 30. The index has gained 1.6 percent this year.
Mining companies: PT Bumi Resources (BUMI) , Indonesia’s biggest coal producer, advanced 1.8 percent to 1,120 rupiah, rebounding from a 9.1 percent plunge yesterday. PT Adaro Energy (ADRO) , the second largest, rose 4.5 percent to 1,390 rupiah after dropping 6.3 percent over the past two days.
Investors deemed the shares’ recent declines excessive, according to Leonardo Henry Gavaza, an analyst at PT Bahana Securities in Jakarta. The shares fell over the past few days amid concern the debt crisis in Europe will slow demand for commodities such as coal, Gavaza said.
PT Central Omega Resources (DKFT) , a nickel producer, rose 2.3 percent to 1,750 rupiah, the highest close since May 10. The company’s units obtained permits to export 1.175 million metric tons of nickel ore over three months, it said in a stock- exchange filing.
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