Feb. 24 (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 fell for a third day, dropping 1.6 percent to 3,894.56. The gauge has declined 2.1 percent this week.
Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, fell 3.2 percent to 6,100 rupiah and PT Bank Danamon Indonesia (BDMN IJ), owned by Singapore’s Temasek Holdings Pte and Deutsche Bank AG, retreated 3.4 percent to 4,250 rupiah.
Higher fuel costs may boost inflation and prompt investors to switch out of interest-rate sensitive stocks, said Akbar Syarief, who helps manage about $154 million in assets at PT MNC Asset Management in Jakarta. Crude-oil futures rose for a seventh day to as much as $108.70 a barrel, adding pressure on the government to raise subsidized fuel prices.
PT Astra Otoparts (AUTO IJ), a car and motorcycle parts maker, slid 1.5 percent to 3,400 rupiah. The company’s net income fell to 1.01 trillion rupiah ($111 million) in 2011 from 1.14 trillion rupiah in the previous year, Astra Otoparts said in a statement published in Bisnis Indonesia.
PT Bakrie Telecom (BTEL IJ), a mobile-phone operator, lost 1.8 percent to 270 rupiah, the lowest close since Feb. 6. Bakrie Telecom is seeking at least 650 billion rupiah of loans to refinance debt that will mature in September, Bisnis Indonesia reported, citing Finance Director Jastiro Abi. Two calls to the company’s office weren’t answered.
--Editor: Chan Tien Hin
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