Indonesia Stocks: Citra Marga Nusaphala, Perusahaan Gas Negara

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

The Jakarta Composite Index reversed earlier losses, rising 1.1 percent to 3,808.77, the first gain in three days.

Energy related companies: PT Perusahaan Gas Negara (PGAS) , Indonesia’s biggest gas distributor, gained 0.8 percent to 3,175 rupiah. Crude futures declined for the first time in seven days yesterday, dropping 2 percent to $99.36 a barrel in New York. Oil was last at $99.48. A lower oil price reduces the appeal of alternative fuels such as gas.

PT Citra Marga Nusaphala Persada (CMNP) , a toll road operator, gained 0.6 percent to 1,650 rupiah. Citra Marga plans to raise 1 trillion rupiah to 1.5 trillion rupiah ($163 million) selling bonds in the first half of 2012 to fund highway acquisitions, Kontan reported, citing Finance Director Indrawan Sumantri.

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.