Bloomberg News

Indonesian Stocks: Adaro Energy, Astra Agro Lestari, Bakrieland

June 04, 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) sank for a fourth day, losing 3.8 percent to 3,654.58, the lowest close since Nov. 28.

Bakrie Group-related companies: PT Bakrie Telecom (BTEL) , a mobile-phone operator, plunged 13 percent to 245 rupiah, the steepest drop since May 15, 2009. PT Bakrieland Development (ELTY) , a property developer, lost 13 percent to 84 rupiah, a three-year low. The Bakrie family has asked for more time to decide what to do about its $440 million loan from a group of international lenders, part of which has been due for more than a month, the Wall Street Journal reported. Three calls to PT Bakrie & Brothers’ office in Jakarta weren’t answered.

Coal producers: PT Adaro Energy (ADRO) , Indonesia’s second-largest coal producer, sank 13 percent to 1,200 rupiah. PT Bumi Resources (BUMI) , the biggest, tumbled 13 percent to 1,220 rupiah, the lowest close since April 2009. PT Tambang Batubara Bukit Asam (PTBA) , a state-owned coal mining company, fell 12 percent to 13,250 rupiah. Coal stocks dropped after China’s benchmark power-station coal price at Qinhuangdao port declined the most in five months, and after Indonesia’s Energy Minister Jero Wacik said today that the government plans to control exports of the fuel to ensure local supply.

Palm oil producers: PT Astra Agro Lestari (AALI) , the nation’s biggest listed plantation company by market value, fell 5.9 percent to 19,200 rupiah. PT Sinar Mas Agro Resources and Technology (SMAR I), the second largest, retreated 8.6 percent to 6,400 rupiah. Palm oil futures dropped as much as 2.7 percent to 2,925 ringgit ($914) a metric ton in Kuala Lumpur, extending a 3.1 percent drop on June 1.

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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