Bloomberg News

Indonesia Stocks: Bank Negara Indonesia, Bumi Resources, Timah

September 29, 2011

Sept. 29 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index gained 24.01 points, or 0.7 percent, to 3,537.18, rising for a third day. The gauge has dropped 9 percent this quarter, set for the steepest three-month decline since the period ending December 2008.

Banks: PT Bank Mandiri (BMRI IJ), the nation’s biggest bank by assets, advanced 4 percent to 6,450 rupiah. PT Bank Negara Indonesia (BBNI IJ) rose 1.4 percent to 3,700 rupiah.

The two stocks may outperform the market in a recovery, Raymond Kosasih and Arinta Harsono, analysts at Deutsche Bank AG, said in a note yesterday.

PT Bumi Resources (BUMI IJ), Indonesia’s largest coal mining company, sank 5.9 percent to 1,930 rupiah, the lowest close since Sept. 16, 2010. CLSA Asia-Pacific Markets reduced the stock to “underperform” from “buy,” saying Bumi’s deleveraging progress was slower than expected.

PT Timah (TINS IJ), Indonesia’s biggest tin producer, fell 1.7 percent to 1,790 rupiah. Tin futures plunged 5.7 percent to $20,550 a metric ton in London yesterday.

--Editor: Richard Frost

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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