Indonesian Stocks: Bank Tabungan, Gading Development, Medco

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 (JCI) rose 0.2 percent to 4,019.13, gaining for a second day.

Oil producers: PT Medco Energi Internasional (MEDC) , the nation’s biggest listed oil company, lost 1.1 percent to 1,760 rupiah. PT Energi Mega Persada (ENRG) , the second largest, declined 1.4 percent to 142 rupiah. Crude oil futures fell 2.4 percent to $83.91 a barrel in New York yesterday.

PT Bank Tabungan Negara (BBTN) , a state-owned bank, rose 5.6 percent to 1,330 rupiah, the steepest increase since June 15. The company may meet Asian and European investors in September over its plan to raise an estimated 2.45 trillion rupiah ($259 million) in a rights offer in October, Bisnis Indonesia reported, citing Deputy Minister of State-Owned Enterprises for Business Services Parikesit Suprapto. Bank Tabungan Director Saut Pardede didn’t return two calls to his mobile phone.

PT Gading Development (GAMA) , a property developer, jumped 70 percent to 178 rupiah on its first trading day after it raised 420 billion rupiah in an initial public offering last week to repay debt and inject capital into its units.

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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