Indonesia Stocks: Astra International, Clipan, United Tractors

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) fell 54.62 points, or 1.5 percent, to 3,697.49, the lowest close since April 5.

PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, dropped 2.1 percent to 64,050 rupiah, the biggest drag on the composite index. The nation’s domestic vehicle sales in August declined 18 percent from a month earlier to 73,279 units, from 89,056 units a month earlier, Astra said.

PT Clipan Finance Indonesia (CFIN IJ), a consumer financing company, sank 8.6 percent to 425 rupiah, the lowest close since Nov. 5. Clipan wants to raise as much as 468.6 billion rupiah ($52 million) selling 1.17 billion new shares in a rights offer in October to boost working capital, the company said today. Selling new shares may dilute the stakes of existing shareholders.

PT Kawasan Industri Jababeka (KIJA IJ), which develops and sells industrial real estate, fell 8.7 percent to 157 rupiah, the most since Aug. 5. Jababeka had to delay a plan to sell new shares in a rights offer because the documents it filed to the market regulator for obtaining approval weren’t complete, PT Onix Capital wrote in a note today. Two calls to the company’s office in Jakarta weren’t answered.

PT United Tractors (UNTR IJ), Indonesia’s largest heavy- equipment seller, fell 3.7 percent to 22,150 rupiah, the lowest close since May 25. The company’s heavy-equipment sales in August fell 19 percent from a month earlier to 589 units, United Tractors said in an e-mailed statement.

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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