Bloomberg News

Indonesia Stocks: Adaro Energy, Astra, Clipan Finance, Garuda

September 28, 2011

Sept. 28 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index gained 39.23 points, or 1.1 percent, to 3,513.17, rising for a second day. The gauge has dropped 9.7 percent this quarter, set for the steepest three- month fall since the period ending December 2008.

PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal producer, rose 3.7 percent to 1,690 rupiah, the biggest boost to the Jakarta Mining Index. Adaro plans to acquire a majority stake in PT Bhakti Energi Persada this year, Corporate Secretary Devindra Ratzarwin said.

PT Astra International (ASII IJ), the nation’s largest auto retailer, climbed 2.7 percent to 62,200 rupiah, the biggest boost to the composite index. Credit Suisse Group AG raised Astra’s rating to “outperform” from “neutral” with a share- price estimate of 74,000 rupiah.

PT Clipan Finance Indonesia (CFIN IJ), which provides leasing and consumer-financing services, advanced 7.2 percent to 445 rupiah. PT Kim Eng Securities said in a note today it initiated coverage on the company with a “buy” rating, citing its “bargain valuations.”

PT Garuda Indonesia (GIAA IJ), the nation’s largest airline, fell 1.1 percent to 450 rupiah. Crude oil futures in New York surged the most in four months yesterday, advancing 5.3 percent to $84.45 a barrel. Gains in oil increase the risk of higher fuel costs for airlines.

--Editor: Shiyin Chen

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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