Indonesian Stocks: Astra Agro, Astra International, Bank Danamon

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 1.7 percent to 3,717.88, the steepest increase since May 22.

Palm oil producers: PT Astra Agro Lestari (AALI) , the nation’s biggest listed plantation company by market value, rose 4.2 percent to 20,000 rupiah. PT Perusahan Perkebunan London Sumatra Indonesia (LSIP) , gained 4.1 percent to 2,525 rupiah. Palm-oil futures gained as much as 1.9 percent to 3,008 ringgit ($942) a metric ton in Kuala Lumpur, snapping a four-day drop.

PT Astra International (ASII) , Indonesia’s biggest automotive retailer, jumped 5.8 percent to 6,600 rupiah, the sharpest increase since Oct. 6. Today was the first day the shares traded after a 10-for-one stock split. A stock split helps make shares more affordable for investors.

PT Bank Danamon Indonesia (BDMN) , which Singapore’s DBS Group Holdings Ltd. is seeking to acquire, jumped 11 percent to 5,450 rupiah, the biggest gain since April 3. The Indonesian central bank may announce new rules on bank ownership next week, Edi Setiadi, an executive director of the Syariah Banking department at Bank Indonesia said today. The central bank is studying a proposal to allow banks to own more than 40 percent of local banks provided investors meet criteria set by the central bank, Deputy Governor Halim Alamsyah said May 31.

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

Press spacebar to pause and continue. Press esc to stop.

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.