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Oct. 12 (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 rose 3 percent to 3,635.93.
Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, rose 3.1 percent to 6,650 rupiah, the highest close since Sept. 16. PT Bank Rakyat Indonesia (BBRI IJ), the second largest by market value, gained 3.2 percent to 6,450 rupiah.
Bank Indonesia’s decision to cut its benchmark interest rate yesterday for the first time in more than two years is unlikely to be a one-time policy move, Deyi Tan and Seen Meng Chew, analysts at Morgan Stanley, wrote in a note today. The central bank cut the benchmark rate to 6.5 percent from 6.75 percent to spur economic growth.
Palm oil producers: PT Astra Agro Lestari (AALI IJ), the nation’s largest listed plantation company by market value, jumped 6.5 percent to 18,100 rupiah, the steepest gain since Jan. 25. PT Sampoerna Agro (SGRO IJ) rallied 3.7 percent to 2,825 rupiah.
Palm oil futures advanced as much as 2.6 percent to 2,874 ringgit ($917) a metric ton in Kuala Lumpur, rising for a third consecutive day.
PT Dian Swastatika Sentosa (DSSA IJ), a power producer, climbed 3.9 percent to 13,500 rupiah, closing at the highest level since Sept. 21. Dian Swastatika provided a $100 million, one-year loan to a unit for the development of a power plant in South Sumatra, Kontan reported, citing Corporate Secretary Hermawan Tarjono. Three calls to the company’s office in Jakarta weren’t answered.
--Editor: Shiyin Chen
To contact the reporters on this story: Femi Adi in Jakarta at firstname.lastname@example.org; Berni Moestafa in Jakarta at email@example.com
To contact the editor responsible for this story: Shiyin Chen at firstname.lastname@example.org