Indonesia Stocks: Astra International, Bank Rakyat, Medco Energi

Shares of the following companies had unusual (JCI) moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the close in Jakarta.

The Jakarta Composite index rose 1.8 percent to 3,768.35, the most since Nov. 4. The gauge climbed 0.2 percent this week and is up 1.8 percent this year.

Banks: PT Bank Rakyat Indonesia (BBRI) , the nation’s largest lender by revenue, gained 4.6 percent to 6,800 rupiah, the steepest increase since Oct. 6. PT Bank Central Asia (BBCA) , the biggest by market value, advanced 2.6 percent to 8,000 rupiah, the most since Nov. 30.

Indonesia regained an investment-grade rating for its sovereign debt at Fitch Ratings after 14 years. The country’s long-term foreign and local currency debt was raised to BBB-from BB+, Fitch said in a statement yesterday.

PT Astra International (ASII) , Indonesia’s largest automotive retailer, advanced 3 percent to 71,150 rupiah, the steepest gain since Nov. 14, as Morgan Stanley said Astra should benefit from today’s passing of a land acquisition bill. Four wheeler penetrations will rise significantly as new toll roads with better connectivity are developed, Morgan Stanley said in a research note today.

PT Medco Energi Internasional (MEDC) , Indonesia’s biggest listed oil company, jumped 5.4 percent to 2,450 rupiah, the sharpest increase since Sept. 27. A unit of Saratoga Capital bought a 51 percent stake in Medco’s power unit for $112 million, of which $87 million was paid today, Medco said in a 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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