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Indonesia Stocks: Bank Panin, Bumi Resources, United Tractors

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 increased 30.52 points, or 0.8 percent, to 3,939.47, its first advance in three days.

PT Bank Pan Indonesia (PNBN IJ) climbed 2.3 percent to 910 rupiah, the biggest gain since March 8. Bank Panin, as the lender is also known, is selling a 15.36 percent stake in property developer PT Jakarta Setiabudi Internasional to Nomura Singapore Ltd. for 138 billion rupiah ($16 million), Investor Daily Indonesia reported, citing Setiabudi Corporate Secretary Asan Effendy. Three calls to Setiabudi’s office in Jakarta weren’t answered. Bank Panin Vice President Director Roosniati Salihin didn’t return a call to her mobile phone.

PT Bumi Resources (BUMI IJ), Asia’s largest exporter of thermal coal, slipped 0.8 percent to 2,975 rupiah, the biggest drag on the Jakarta Mining Index. Thermal coal at the Australian port of Newcastle, the benchmark price for Asia, will range from about $100 to $120 a metric ton this quarter, according to seven of 10 analysts, traders and producers surveyed by Bloomberg News. Coal averaged $120 a ton in the second quarter and $128 in the first three months, according to data compiled by Bloomberg.

PT FKS Multi Agro (FISH IJ), an animal feed maker, surged 16 percent to 2,375 rupiah, the highest close since June 2007. Australia lifted a suspension on live cattle exports to Indonesia, improving the demand outlook for Agro’s products.

PT Gudang Garam (GGRM IJ), an Indonesian cigarette producer, gained 2.5 percent to 49,250 rupiah, the third-biggest boost to the Jakarta Composite index. CLSA Asia-Pacific Markets raised the company’s share-price estimate to 57,000 rupiah from 55,000 rupiah.

PT United Tractors (UNTR IJ), Indonesia’s biggest heavy equipment seller, rose 1.6 percent to 25,050 rupiah, the highest close since at least August 1991. A unit of the company, PT Pamapersada Nusantara, bought a 20 percent stake in PT Bukit Enim Energi, which owns a coal concession in South Sumatra province, for $21 million, Corporate Secretary Sara Loebis said, confirming an Investor Daily Indonesia report.

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