Bloomberg News

Indonesian Stocks: Alam Sutera Realty, Bank Danamon, Minna Padi

January 09, 2012

Jan. 9 (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 0.5 percent to 3,889.07, the first gain in three days.

PT Alam Sutera Realty (ASRI IJ), a property developer, gained 2 percent to 500 rupiah, extending its record close. The company plans to buy 300 hectares (741 acres) of land in Serpong in Banten province in the first quarter to boost its land bank, Kontan reported without saying where it obtained the information. Corporate Secretary Hendra Kurniawan couldn’t be reached when called at his office.

PT Bank Danamon Indonesia (BDMN IJ), owned by Singapore’s Temasek Holdings Pte and Deutsche Bank AG, jumped 10 percent to 4,800 rupiah, the most since Jan. 18. The stock rose after last year’s slide boosted its valuation appeal and on expectation lower interest rates will lift earnings, said Syaiful Adrian, an analyst at PT Ciptadana Securities. Danamon fell 26 percent last year compared with a 3.2 percent gain in the benchmark stock index. Finance Director Vera Eve Lim declined to comment.

PT Minna Padi Investama (PADI IJ), a financial services company, rose 39 percent to 550 rupiah on its first trading day after raising 118.5 billion rupiah in an initial public offering last week to strengthen its working capital structure and to fund expansion.

--Editors: Chan Tien Hin, Darren Boey

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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