Indonesia Stocks: Astra, Bumi Resources, Jasuindo Tiga Perkasa

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the noon Jakarta-time break.

The Jakarta Composite index (JCI) declined 12.51 points, or 0.3 percent, to 3,941, falling for the first time in five days.

PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, sank 2.4 percent to 66,850 rupiah, on course for the sharpest drop since May 23. The stock fell amid speculation its four-day, 12 percent rally was excessive, according to Bagus Hananto, an analyst at PT Onix Capital.

Astra’s 14-day relative-strength index, which measures how rapidly prices have risen or dropped during a specific period, rose to 79 yesterday. A reading of 70 or more suggests to some analysts that a stock is poised to fall.

PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of thermal coal, climbed 0.8 percent to 3,000 rupiah, the most active stock traded by value. The price for thermal coal at the Australian port of Newcastle, the benchmark for Asia, climbed 0.7 percent to $120.40 a metric ton in the week ended July 1, according to IHS McCloskey, a Petersfield, U.K.-based provider of coal data. It was the second week of gains and the highest price since the period ended May 6.

PT Jasuindo Tiga Perkasa (JTPE IJ), a printing company, advanced 1.9 percent to 1,610 rupiah, set for the highest level since May 20. PT Recapital Securities wrote in a note today the Indonesian company plans to operate a smart-card plant in East Java this year at an investment cost of 140 billion rupiah ($16 million). Jasuindo President Director Allan Wibisono couldn’t be reached when called at his office in Sidoarjo, East Java.

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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