Bloomberg News

Indonesian Equity Movers: Elnusa, Medco Energi, Vale Indonesia

May 21, 2012

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 (JCI) fell 1 percent to 3,940.11, declining for a fifth day. The market was closed May 17 and May 18 for a public holiday.

Energy-related companies: PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, dropped 2 percent to 1,920 rupiah. PT Elnusa (ELSA) , an oil services provider, fell 3.4 percent to 198 rupiah. Crude oil for June delivery fell 1.2 percent to $91.48 a barrel in New York on May 18, the lowest settlement since Oct. 26. The contract was last at $91.84.

PT Perusahaan Gas Negara (PGAS) , Indonesia’s largest gas distributor, declined 5.7 percent to 3,750 rupiah, the sharpest drop since Sept. 22. The nation’s anti-monopoly agency will seek an explanation from the company and oil-and-gas regulator BPMigas on their decision to increase the gas selling price for industrial users, Kontan reported, citing Tadjuddin Noer Said, head of the agency.

Two calls to the agency’s office weren’t answered. Gas Negara Corporate Secretary Heri Yusup couldn’t be reached when called at his office.

PT Vale Indonesia (INCO) , the nation’s biggest nickel producer, sank 4 percent to 2,375 rupiah, the lowest close since April 2, 2009. Nickel for three-month delivery fell 2.2 percent to $16,825 a metric ton in London on May 18, the lowest settlement since Dec. 1.

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

To contact the editor responsible for this story: Darren Boey at

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