Bloomberg News

Indonesia Stock Movers: Bukit Asam, Medco Energi, Solusi Tunas

October 11, 2011

Oct. 11 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the close in Jakarta.

The Jakarta Composite Index advanced 2.3 percent to 3,531.75, rising for a second day.

Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest lender by assets, increased 3.2 percent to 6,450 rupiah and PT Bank Rakyat Indonesia (BBRI IJ), the largest by revenue, climbed 3.3 percent to 6,250 rupiah.

The Indonesian central bank unexpectedly cut today its benchmark interest rate for the first time in more than two years to spur economic growth as the global recovery weakens and inflation slows.

Energy companies: PT Energi Mega Persada (ENRG IJ), the nation’s second-largest listed oil company, rallied 3.2 percent to 129 rupiah. PT Medco Energi Internasional (MEDC IJ), the biggest, rose 4.8 percent to 2,200 rupiah. Oil futures climbed to a two-week high, advancing 2.9 percent to $85.41 a barrel in New York yesterday. Crude last traded at $84.58 a barrel.

PT Bumi Resources (BUMI IJ), Indonesia’s biggest coal producer, climbed 3.1 percent to 1,980 rupiah, the highest close this month. The company said it sold coal to an East Asian buyer at $133 a metric ton. Bumi said on Oct. 6 that it sold coal at an average price of $93 a ton in the third quarter.

PT Solusi Tunas Pratama (SUPR IJ), a developer and builder of telecommunication towers, surged 7.4 percent to 3,650 rupiah on its trading debut. The company raised 340 billion rupiah ($38 million) in an initial public offering this month to invest in new towers and acquisitions.

PT Tambang Batubara Bukit Asam (PTBA IJ), the state-owned coal producer, jumped 9 percent to 15,100 rupiah, the biggest rally since June 1, 2009. The shares rebounded from an 18 percent drop this month through yesterday after gains in oil prices raised speculation the plunge was excessive, according to Andrian Tanuwijaya, an analyst at Jakarta-based PT Trimegah Securities. A higher oil price increases the appeal of alternative fuels such as coal.

--Editor: Shiyin Chen

To contact the reporter on this story: Berni Moestafa in Jakarta at

To contact the editor responsible for this story: Shiyin Chen at

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