Indonesian Stock Movers: Bakrie & Brothers, Indo Tambangraya
09/12/2011 (Bloomberg) - 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 0.3 percent to 3,781.76.
Coal producers: PT Indo Tambangraya Megah (ITMG IJ), a unit of Thailand’s biggest coal producer, Banpu Pcl, fell 2.2 percent to 38,350 rupiah. PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of power-station coal, slipped 1.1 percent to 2,175 rupiah. Investors avoided commodity-related stocks pending the outcome of Europe’s summit this week on the region’s sovereign debt-crisis, said Lanang Trihardian, an analyst at Jakarta-based PT Syailendra Capital.
PT Astra Agro Lestari (AALI IJ), Indonesia’s largest listed plantation company by market value, fell 1.8 percent to 22,050 rupiah. Palm-oil futures lost as much as 1 percent to 3,088 ringgit ($986) a metric ton in Kuala Lumpur. Astra Agro plants only oil-palm trees.
PT Bakrie & Brothers (BNBR IJ), an investment company with stakes in palm oil, coal, property, and telecommunication businesses, rose 4 percent to 52 rupiah, the steepest increase since Aug. 18. Bakrie said its reorganization has been completed and the company will write-off a deficit of 34.9 trillion rupiah ($3.85 billion).