Indonesia Stocks: Ciputra Development, Garuda, Multistrada Arah

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index (JCI) declined 4.25 points, or 0.1 percent, to 3,602.86. The gauge is on course for a 2.7 percent quarterly drop, the first decline since the three months ended Dec. 31, 2008.

PT Astra Agro Lestari (AALI IJ), Indonesia’s biggest listed plantation company by market value, climbed 2 percent to 22,850 rupiah. The company said crude palm oil sales volume as of February rose 12 percent from a year earlier to 175,390 tons. Astra Agro plants only oil palm trees.

PT Ciputra Development (CTRA IJ), an Indonesian property developer, gained 1.4 percent to 355 rupiah, the highest close since March 10. The company said 2010 net income almost doubled from a year earlier to 258 billion rupiah ($30 million).

PT Garuda Indonesia (GIAA IJ), the nation’s biggest carrier, rose 1.9 percent to 530 rupiah, the sharpest gain since March 14. Crude oil futures fell as much as 0.8 percent to $104.54 a barrel in after-hours trading in New York, dropping for a third day. A lower oil price may help reduce the airline’s fuel costs.

PT Multistrada Arah Sarana (MASA IJ), an Indonesian tire producer, jumped 6.5 percent to 330 rupiah. Rubber futures in Tokyo fell for a second day, helping ease production costs at the Indonesian tire manufacturer. The August-delivery contract in Tokyo slumped as much as 5.3 percent to 407 yen per kilogram ($4,985 a metric ton) and ended at 413.80 yen.

PT Timah (TINS IJ), Indonesia’s biggest tin producer, fell 1.9 percent to 2,600 rupiah. Tin fell 0.6 percent to $31,625 a metric ton in London, set for the first drop in nine days.

To contact the reporter on this story: Berni Moestafa in Jakarta at; Femi Adi in Jakarta at

To contact the editor responsible for this story: Darren Boey at

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