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Indonesia Stocks: Alam Sutera Realty, HD Finance, Semen Gresik

May 10 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index climbed 15.07 points, or 0.4 percent, to 3,800.52.

PT Alam Sutera Realty (ASRI IJ), a property developer, rose 1.7 percent to 295 rupiah. The company will invest 2 trillion rupiah ($233.9 million) to 3 trillion rupiah for expansion this year, Investor Daily reported, citing President Director Tri Ramadi. The company plans to develop properties outside Java, including Bali, the report said. Ramadi couldn’t be reached when called at his office in Jakarta.

PT HD Finance (HDFA IJ), a financing company, gained 15 percent to 230 rupiah in its trading debut. HD Finance raised 92 billion rupiah in an initial public offering from April 29 to May 3 to expand its business.

PT Semen Gresik (SMGR IJ), Indonesia’s biggest cement maker, fell 1.1 percent to 9,300 rupiah, the lowest close since March 31. Liliana Bambang, an analyst at JPMorgan Chase & Co., downgraded Gresik to “underweight” from “overweight,” citing “over-optimistic assumptions” in earnings consensus.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

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