Bloomberg News

Indonesian Equity Movers: Bank Danamon Indonesia, Sampoerna Agro

May 25, 2012

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 (JCI) fell 2.1 percent to 3,902.51, the sharpest drop since Nov. 1. The gauge lost 2 percent this week, its third straight weekly decline.

PT Bank Danamon Indonesia (BDMN) , the acquisition target of Singapore’s DBS Group Holdings Ltd., sank 6.3 percent to 5,200 rupiah, the lowest close since March 30. The shares dropped amid concern a Bank Indonesia plan to tighten bank- ownership regulations will prevent DBS from buying Danamon shares through a tender offer, according to Arief Fahruri, a banking analyst at PT Mega Capital Indonesia in Jakarta.

PT Sampoerna Agro (SGRO) , a palm oil producer, rose 2.9 percent to 2,700 rupiah, the biggest gain since May 2. PT Samuel Sekuritas Indonesia reinitiated coverage on the stock with a buy rating and a share-price estimate of 3,200 rupiah, citing the company’s improving margins, healthy balance sheet and cheap valuation.

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


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus