Indonesia Equity Movers: Astra International, Bank Rakyat, Medco

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of 9:56 a.m.

The Jakarta Composite index (JCI) rose 2 percent to 3,779.398, set for the highest close since Oct. 31.

Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, gained 2.9 percent to 7,100 rupiah. PT Bank Rakyat Indonesia (BBRI IJ), the second-largest by market value, climbed 3 percent to 6,800 rupiah.

Indonesia’s banks will generate “high” profitability in 2012 and investors should buy shares of PT Bank Rakyat Indonesia and PT Bank Mandiri, according to BNP Paribas. Bank Rakyat has been able to counter competitors by opening so-called micro branches in urban areas, while Bank Mandiri has maintained asset quality and increased high-yield assets and fee income, Tjandra Lienandjaja, analyst at BNP Paribas, wrote in a report today.

Energy companies: PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, increased 2.2 percent to 2,350 rupiah. PT Energi Mega Persada (ENRG IJ), the second- biggest, advanced 3.2 percent to 161 rupiah. Crude oil for December delivery rose 1.7 percent to $94.07 a barrel in New York yesterday.

PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, rose 1.9 percent to 68,600 rupiah. Indonesia’s new car sales in October rose to 86,101 units, from 79,835 units in September, Kontan reported, citing data from the Association of Indonesian Automotive Industries.

To contact the reporters on this story: Femi Adi in Jakarta at fadi1@bloomberg.net; Weiyi Lim in Singapore at wlim26@bloomberg.net

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

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