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Indonesia Stock Movers: Astra Agro, Bumi Citra, Bumi Resources

Nov. 22 (Bloomberg) -- 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 1.5 percent to 3,735.53, the first increase in four days.

PT Astra Agro Lestari (AALI IJ), Indonesia’s largest listed plantation stock by market value, advanced 2.8 percent to 22,150 rupiah, the biggest gainer among agricultural stocks. Palm oil in Malaysia is expected to trade from 3,000 ringgit ($941) to 3,400 ringgit per metric ton until March because of tight supply, according to Susanto, head of marketing at the Indonesia Palm Oil Association. “The market will stay bullish until the first quarter.” Susanto said.

PT Bumi Citra Permai (BCIP IJ), a construction company, jumped 24 percent to 280 rupiah, the biggest gainer on the composite index. Bumi Citra said it plans to sell new shares in a rights offer in January to acquire a 97 percent stake in PT Gunung Besi Utama, which operates an iron-ore mine.

PT Bumi Resources (BUMI IJ), Indonesia’s largest coal producer, rose 2.4 percent to 2,125 rupiah, the first increase in 10 days. Bumi’s nine-month net income increased 17 percent from a year earlier to $228.8 million helped by gains on derivative transactions, the company said in a statement to the stock exchange.

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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