Bloomberg News

Indonesia Stock Movers: Jasa Marga, London Sumatra, Medco Energi

October 20, 2011

Oct. 20 (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 fell 1.7 percent to 3,622.78.

Energy companies: PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, dropped 5.5 percent to 2,150 rupiah, the steepest slump since Oct. 3. PT Energi Mega Persada (ENRG IJ), the second-largest, lost 4.2 percent to 160 rupiah. Crude oil for November delivery fell 2.5 percent to $86.11 a barrel in New York yesterday and last traded at $85.48.

Plantation companies: PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the nation’s third-biggest listed plantation company by market value, slipped 3.6 percent to 2,000 rupiah. PT Astra Agro Lestari (AALI IJ), the largest, sank 2.8 percent to 19,050 rupiah.

Rubber fell to a 14-month low. The March-delivery contract dropped 6.6 percent to close at 281.5 yen a kilogram ($3,669 a metric ton) in Tokyo, the lowest level since August 2010. Palm oil futures fell as much as 2.4 percent to 2,822 ringgit ($902) a metric ton in Kuala Lumpur.

PT Jasa Marga (JSMR IJ), Indonesia’s biggest toll-road operator, rose 4.1 percent to 3,825 rupiah, the largest increase since Sept. 28. CLSA Asia-Pacific Markets raised the share-price estimate by 14 percent to 4,800 rupiah in a note yesterday, saying the stock provides the “best defensive play in Indonesia as a pure domestic play and an inflation hedge.”

--Editor: Shiyin Chen

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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