July 6 (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 dropped 15.17 points, or 0.4 percent, to 3,908.96, declining for a second day.
Banks: PT Bank Rakyat Indonesia (BBRI IJ), the nation’s largest bank by revenue, fell 1.5 percent to 6,600 rupiah, the second-biggest drag on the composite index, after gaining 8.1 percent in the two weeks ended July 1. PT Bank Negara Indonesia (BBNI IJ), the third-largest state-owned lender which rose 7.6 percent over the same two-week period, retreated 1.9 percent to 3,800 rupiah.
The shares fell on speculation their rally was excessive, according to Nico Omer Jonckheere, vice president for research and analysis at PT Valbury Asia Securities in Jakarta. “Banks have had a good rally during the last two or three weeks,” said Jonckheere. “If people take some profit that’s normal.”
PT Agung Podomoro Land (APLN IJ), a property developer, rose 3 percent to 340 rupiah, closing at its highest since June 22. Agung Podomoro plans to sell 800 billion rupiah ($94 million) of bonds this year as alternative funding for capital expenditure, Bisnis Indonesia reported, without saying where it got the information. President Director Trihatma Kusuma Haliman couldn’t be reached when called at his office.
PT Aneka Tambang (ANTM IJ), Indonesia’s second-biggest nickel mining company, added 1.2 percent to 2,150 rupiah, the highest close since June 6. Nickel futures advanced for a third straight day, rising as much as 1.2 percent to $23,580 a metric ton today in London.
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