Indonesia Stock Movers: Adhi Karya, Gudang Garam, Jasa Marga

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) advanced 24.52 points, or 0.7 percent, to 3,773.27, the biggest increase since May 26.

PT Adhi Karya (ADHI IJ), a state-owned construction company, rose 1.3 percent to 760 rupiah, the steepest increase since May 26. PT Kim Eng Securities wrote in a note the company had obtained 3 trillion rupiah ($351 million) of new contracts as of the end of May. Corporate Secretary Kurnadi Gularso couldn’t be reached when called at his office.

PT Gudang Garam (GGRM IJ), an Indonesian cigarette producer, rose 3.9 percent to 45,450 rupiah, the steepest advance since May 13. Gudang Garam’s share-price estimate was raised to 54,600 rupiah from 53,500 rupiah, Bonny Setiawan and Joshua Tanja, analysts at UBS AG, wrote in a note yesterday, saying they expect “continued double-digit earnings growth.”

PT Jasa Marga (JSMR IJ), an Indonesian toll-road operator, jumped 3 percent to 3,425 rupiah, the most since Feb. 28. The company will pay a dividend of 105.68 rupiah a share, representing 60 percent of last year’s net income, Finance Director Reynaldi Hermansjah said today.

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

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

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