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Oct. 19 (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 1.8 percent to 3,685.31.
Palm oil producers: PT Astra Agro Lestari (AALI IJ), the nation’s biggest listed plantation company by market value, gained 3.2 percent to 19,600 rupiah. PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the third-largest, rose 3.8 percent to 2,075 rupiah.
Palm oil futures climbed as much as 1.7 percent to 2,882 ringgit ($927) a metric ton in Kuala Lumpur, gaining for the first time in three days.
PT Adaro Energy (ADRO IJ), Indonesia’s second-biggest coal producer, advanced 5.3 percent to 1,980 rupiah, the highest close since Sept. 16. A unit of the company bought a further 46 percent stake in PT Bukit Enim Energi for $46 million, raising its ownership in the coal producer to 61 percent, Adaro said in an e-mailed statement.
PT Alam Sutera Realty (ASRI IJ), a property developer, jumped 10 percent to 475 rupiah. Macquarie Group Ltd. upgraded Alam Sutera’s share-price estimate by 18 percent to 560 rupiah in a note yesterday, saying earnings will almost double next year and that the company is the cheapest among housing stocks.
PT Astra International (ASII IJ), Indonesia’s largest automotive retailer, rose 1.8 percent to 69,300 rupiah, the highest close since Sept. 12. The nation’s domestic vehicle sales in September rose to 79,835 units from 73,279 units a month earlier, Astra said in an e-mailed statement, citing data from the Indonesian automotive industries association.
PT Perusahaan Gas Negara (PGAS IJ), Indonesia’s largest distributor of the fuel, gained 5.6 percent to 2,825 rupiah, the sharpest increase since Sept. 27. Gas Negara plans to boost its stake in the Lematang gas block, said Riza Pahlevi Tabrani, finance director at the company.
PT Timah (TINS IJ), Indonesia’s biggest tin mining company, climbed 1.6 percent to 1,860 rupiah. Tin producers in Indonesia, the largest exporter, will meet on Oct. 23 in Bangka to discuss further measures to support prices, Johan Murod, a director at PT Bangka Belitung Timah Sejahtera, said in a mobile-phone text message. Bangka Belitung remains committed to uphold a ban on tin exports, Murod said.
--Editor: Matthew Oakley
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