Bloomberg News

Indonesia Stock Movers: Bank Negara, Summarecon Agung, Renuka

December 12, 2011

Dec. 12 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the close in Jakarta.

The Jakarta Composite Index rose 0.9 percent to 3,792.15.

Coal producers: PT Bumi Resources (BUMI IJ), Asia’s largest exporter of power-station coal, gained 1.1 percent to 2,225 rupiah. PT Adaro Energy (ADRO IJ), the second-largest producer, rose 5 percent to 1,930 rupiah. PT Tambang Batubara Bukit Asam (PTBA IJ), a state-owned coal producer, gained 1.8 percent to 17,200 rupiah.

Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, rose 0.2 percent in the week ended Dec. 9, according to the globalCOAL NEWC Index.

PT Bank Negara Indonesia (BBNI IJ), the third-biggest state-owned bank by market value, rose 1.3 percent to 3,975 rupiah. Bank Indonesia Governor Darmin Nasution told the nation’s commercial lenders to lower borrowing costs as Southeast Asia’s biggest economy looks to domestic consumption to drive growth amid a global slowdown.

PT Renuka Coalindo (SQMI IJ), an Indonesian coal producer jumped 23.7 percent to 365 rupiah, the highest close since Nov. 30, 2004. Renuka expects to boost annual coal output at its wholly-owned unit, PT Jambi Prima Coal, to at least 1 million metric tons next year, Renuka President Director Ganesh Mane said by telephone in Jakarta on Dec. 9. Jambi Prima, which has begun operating a mine in Jambi province in Sumatra, is producing 50,000 tons to 60,000 tons of coal a month, Mane said.

PT Summarecon Agung (SMRA IJ), a property developer, gained 4.5 percent to 1,170 rupiah, set for the highest close since Nov. 4. Summarecon may spend 1.3 trillion rupiah ($143 million) in 2012 to fund projects such as a shopping mall, a convention center and a sports club, Investor Daily Indonesia reported, citing President Director Johanes Mardjuki. Mardjuki couldn’t be reached when called at his office.

--Editor: Matthew Oakley

To contact the reporter on this story: Femi Adi in Jakarta at fadi1@bloomberg.net

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


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