Bloomberg News

Indonesian Stocks: Bumi, Krakatau, Medco Energi, United Tractors

June 12, 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 fell 0.4 percent to 3,852.58.

Coal-related companies: PT Bumi Resources (BUMI) , Asia’s biggest exporter of power-station coal, sank 4 percent to 1,190 rupiah. PT Adaro Energy (ADRO) , Indonesia’s second-largest coal producer, declined 3.2 percent to 1,230 rupiah. PT United Tractors (UNTR) , Indonesia’s biggest heavy-equipment seller and which owns a coal-mining contractor, dropped 5.8 percent to 23,450 rupiah.

Societe Generale SA reduced its 2012 coal-price forecast while thermal coal at Australia’s Newcastle port, a regional benchmark, dropped to $86.70 a ton for the week ended June 8, the lowest in at least a year. “We expect coal price to further decrease to $80 a ton in the second half as we believe thermal- coal supply growth would surpass demand growth from China and India,” Frederick Daniel Tanggela, an analyst at PT Trimegah Securities, said today.

Energy companies: PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, declined 3.6 percent to 1,870 rupiah. PT Energi Mega Persada (ENRG) , the second largest, dropped 2.8 percent to 141 rupiah. Crude oil for July delivery fell for a fourth day, losing as much as 2 percent to $81.07 a barrel in after-hours trading in New York.

PT Krakatau Steel (KRAS) , Indonesia’s biggest steel producer, rose 1.4 percent to 750 rupiah, the highest close since May 15. Krakatau Steel plans to invest 1.1 trillion rupiah ($116 million) to expand the loading and unloading capacity at its Cigading port to 25 million tons a year from 10 million tons, Investor Daily Indonesia reported, citing President Director Fazwar Bujang. Three calls to the company’s head office in Cilegon, Banten province, weren’t answered.

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


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus