Bloomberg News

Indonesian Stocks: Aneka, Bumi Resources, Kobexindo Tractors

July 05, 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 0.2 percent to 4,069.84, its first drop in five days.

Nickel producers: PT Vale Indonesia (INCO) , Indonesia’s biggest nickel producer, declined 1.8 percent to 2,800 rupiah, while PT Aneka Tambang (ANTM) , a nickel and gold-mining company, retreated 1.4 percent to 1,400 rupiah. Nickel futures fell 2.1 percent to $16,930 a metric ton in London yesterday, the sharpest drop since June 21.

PT Bumi Resources (BUMI) , Indonesia’s largest coal producer, declined 3.3 percent to 1,170 rupiah, its first drop in five days. Bumi reported a first-quarter net loss of $100.36 million, compared with net income of $108.2 million a year ago.

“We believe consensus will move to lower earnings on disappointing first-quarter results,” Irwan Budiarto, an analyst at PT Bahana Securities, wrote in a note today.

PT Kobexindo Tractors (KOBX) , a heavy-equipment distributor, rose 15 percent to 460 rupiah on its trading debut after raising 109 billion rupiah ($11.6 million) in an initial public offering to purchase land and property and to raise working capital.

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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