http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTTomBBCU1GI
Indonesia's Stock Index Drops to 17-Month Low; Bumi Leads Slide By Berni Moestafa Sept. 10 (Bloomberg) -- Indonesia's benchmark stock index <http://www.bloomberg.com/apps/quote?ticker=JCI%3AIND> dropped to a 17-month low, led by PT Bumi Resources on speculation investors are selling shares of commodity producers to cut losses in margin trades as raw-material prices slump. Bumi, Asia's largest supplier of power-station coal, fell 11.4 percent. PT Indo Tambangraya Megah <http://www.bloomberg.com/apps/quote?ticker=ITMG%3AIJ> had a record slide of 16 percent as prices of coal dropped after China, the world's biggest user and producer of the fuel, reopened mines shut during the Olympics. PT Trada Maritime <http://www.bloomberg.com/apps/quote?ticker=TRAM%3AIJ> jumped 27 percent on its trading debut after forecasting profit may more than double next year. ``Commodity prices are falling, people are panicking,'' Kelvin Long <http://search.bloomberg.com/search?q=Kelvin+Long&site=wnews&client=wnew\ s&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&get\ fields=wnnis&sort=date:D:S:d1> , director of sales at PT Samuel Sekuritas Indonesia, said today. ``Those who got margin calls have to cut losses.'' Margin calls refer to requests from brokers to customers to top up accounts when prices of shares that are purchased using borrowed funds fall. The Jakarta Composite index <http://www.bloomberg.com/apps/quote?ticker=JCI%3AIND> declined 73.71, or 3.8 percent, to 1,885.04, the lowest since April 2, 2007. About eight shares fell for each that rose. Bumi lost 11.4 percent to 3,500 rupiah. Bumi's biggest shareholder, PT Bakrie & Brothers <http://www.bloomberg.com/apps/quote?ticker=BNBR%3AIJ> , an investment company with interests in mining, telecommunication and real estate, plunged 21 percent to 205 rupiah, its biggest drop since March 10, 2005. Indo Tambangraya, the Indonesian unit of Thailand's largest coal miner, Banpu Pcl, fell 16 percent to 20,050 rupiah. Coal prices at Australia's Newcastle port, the world's largest coal-export harbor, have fallen from a record $194.79 a metric ton reached on July 4, according to globalCOAL NEWC Index. Mines that were shut during last month's Beijing Olympics to curb pollution will resume output, Wu Chenghou, adviser to the China Coal Transport and Distribution Association, said today. Palm Oil Slumps PT Timah <http://www.bloomberg.com/apps/quote?ticker=TINS%3AIJ> , the world's second-biggest tin miner, fell 14 percent to 1,800, set for its lowest since Oct. 23. Tin for three-month delivery declined 3.1 percent to $18,500 a metric ton in London yesterday. PT Astra Agro Lestari <http://www.bloomberg.com/apps/quote?ticker=AALI%3AIJ> , Indonesia's largest publicly traded plantation company, fell 9.5 percent to 12,900 rupiah, closing at its lowest since Aug. 16, 2007. PT Bakrie Sumatera Plantations, the third largest, plunged 17 percent to 770 rupiah. Palm-oil prices in Malaysia fell 1.1 percent, taking their declines this week to 5.7 percent. Elsewhere PT Trada Maritime <http://www.bloomberg.com/apps/quote?ticker=TRAM%3AIJ> , an Indonesian provider of shipping-related services for oil companies, jumped 27 percent to 159 rupiah at its trading debut. Trada Maritime expects profit to more than double to $30 million next year after a $316 million expansion to buy ships. To contact the reporter on this story: Berni Moestafa <http://search.bloomberg.com/search?q=Berni+Moestafa&site=wnews&client=w\ news&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&\ getfields=wnnis&sort=date:D:S:d1> in Jakarta at [EMAIL PROTECTED] <mailto:[EMAIL PROTECTED]> Last Updated: September 10, 2008 06:20 EDT
