Bloomberg News

Indonesia Stocks: Kimia Farma, London Sumatra, Medco Energi

October 25, 2011

Oct. 25 (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 rose 0.1 percent to 3,710.48 gaining for a second day.

PT Kimia Farma (KAEF IJ), a state-owned pharmaceutical company, jumped 13 percent to 295 rupiah, the steepest increase since June 23. The company plans to raise 901.9 billion rupiah ($102 million) by selling new shares in the second quarter next year, Investor Daily Indonesia reported, citing President Director Muhammad Sjamsul Arifin. The funds will be used to develop its pharmacy business and set up a joint venture, the newspaper said. Arifin couldn’t be reached when called at his office in Jakarta.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s largest listed oil company, advanced 1.2 percent to 2,175 rupiah. Crude oil for December delivery rose to a two-month high, adding 4.4 percent to $91.27 a barrel in New York yesterday. The contract was last at $92.45.

PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the nation’s third-biggest listed plantation company by market value, fell 1.2 percent to 2,050 rupiah after CIMB Investment Bank Bhd. cut the stock’s rating to “underperform” from “neutral.”

--Editor: Matthew Oakley

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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