Bloomberg News

Indonesian Stocks: Adaro, Bank Pembangunan Daerah Jawa, Bisi

July 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 (JCI) fell 0.9 percent to 3,984.12, the lowest close since June 29.

PT Adaro Energy (ADRO) , Indonesia’s second-biggest coal producer, retreated for a sixth day, losing 3.5 percent to 1,370 rupiah. PT Kim Eng Securities initiated coverage on the stock with a hold rating, saying the company’s margins will fall on “lower coal quality and more challenging operations.”

PT Bank Pembangunan Daerah Jawa Timur (BJTM) , the lender owned by the East Java province administration, rose 2.3 percent to 440 rupiah on its debut. The company raised 1.28 trillion rupiah ($135 million) in an initial public offering last week to expand its micro financing business, add branch offices and for the development of information technology.

PT Bisi International (BISI) , the corn and rice seed producer, jumped 13 percent to 1,080 rupiah, the steepest gain since Sept. 17, 2010. Corn for December delivery rose as much as 1.9 percent to $7.1725 a bushel on the Chicago Board of Trade today after the U.S. Department of Agriculture reduced its forecast for this year’s domestic crop by 12 percent.

Goldman Sachs Group Inc. raised its three and 12-month corn prediction to $6.90 a bushel from $6.30 following the supply and demand outlook from the U.S.

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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