Indonesia Stock Movers: Aneka Tambang, Astra Agro, Bank Rakyat

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) rose 1.7 percent to 3,426.35, rebounding from an 8.9 percent plunge yesterday. The index has fallen 11 percent this week, the biggest weekly drop since October 2008.

Bank stocks: PT Bank Mandiri (BMRI IJ), the nation’s largest bank by assets, gained 5.7 percent to 5,600 rupiah after dropping 15 percent yesterday. PT Bank Rakyat Indonesia (BBRI IJ), the biggest by revenue, climbed 5.7 percent to 5,600 rupiah after losing 13 percent yesterday.

Local funds are buying shares of banks after recent drops boosted their valuation appeal, said Ivan Kurniawan, an analyst at PT First Asia Capital in Jakarta.

PT Aneka Tambang (ANTM IJ), the state-owned nickel producer, fell 2.5 percent to 1,580 rupiah. Nickel for three- month delivery retreated 7.5 percent to $18,880 a metric ton in London yesterday. Prices of the metal dropped as much as 11 percent today.

PT Astra Agro Lestari (AALI IJ), Indonesia’s biggest plantation company by market value, declined 1 percent to 20,750 rupiah. Palm oil futures fell 0.9 percent to 2,982 ringgit ($940) a metric ton in Kuala Lumpur, dropping for a third day. Astra Agro plants only oil palm trees.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net; Greg Ahlstrand at gahlstrand@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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