Indonesia Stocks: Garuda Indonesia, Pakuwon Jati, Semen Gresik

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

The Jakarta Composite index rose 1.1 percent to 4,054.33, the highest close since Aug. 4.

Cement producers: PT Semen Gresik (SMGR) , Indonesia’s largest producer of the building material, jumped 6.1 percent to 12,200 rupiah, the biggest gain since Oct. 24. PT Indocement Tunggal Prakarsa (INTP) , the second largest, advanced 1.9 percent to 18,350 rupiah. Indonesia’s domestic cement consumption in February rose 19 percent to 4.06 million tons, PT Kim Eng Securities wrote in a note today, citing data from the Indonesian cement association.

PT Garuda Indonesia (GIAA) (GIAA IJ), the national flag carrier, rose 1.7 percent to 600 rupiah. PT Danareksa Sekuritas, PT Bahana Securities and PT Mandiri Sekuritas will sell their stakes in the airline this month at a 10 percent premium to the market price, the Bisnis Indonesia reported. The brokerages acquired the shares when they underwrote Garuda’s initial public offering in February last year, the report said. Two calls to Danareksa’s office weren’t answered, no one at Mandiri was available to comment and I Gede Suhendra, a media relations officer at Bahana, couldn’t comment on the report.

PT Pakuwon Jati (PWON) , the Surabaya-based property developer, rose 2.4 percent to 860 rupiah, closing at the highest level since Nov. 22. Pakuwon plans a four-for-one stock split to boost trading in its shares, Bisnis Indonesia reported, citing Irene Tedja, an investor relations officer and director at the company. Tedja couldn’t be reached when called at her office in Jakarta.

PT Timah (TINS) , Indonesia’s largest tin producer, added 1.6 percent to 1,920 rupiah. Tin futures advanced 3.3 percent to $24,250 a metric ton in London yesterday, the steepest gain since Feb. 7.

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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