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Indonesia Stock Movers: Energi Mega, Greenwood, London Sumatra

Dec. 23 (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 climbed less than 0.1 percent to 3,797.15. The gauge increased 0.8 percent this week and has gained 2.5 percent this year. The market will be closed on Dec. 26 for a public holiday.

Palm oil producers: PT Astra Agro Lestari (AALI IJ), the nation’s biggest plantation stock by market value, advanced 0.7 percent to 21,250 rupiah, the highest close since Dec. 12. PT Perusahaan Perkebunan London Sumatra Indonesia (LSIP IJ), the third-largest, increased 1.1 percent to 2,250 rupiah.

Palm oil climbed to the highest level in more than two weeks on concern that rains in Malaysia, the second-largest grower after Indonesia, may affect harvesting and curb production. The March-delivery contract rose as much as 2.1 percent to 3,162 ringgit ($1,002) a metric ton on the Malaysia Derivatives Exchange.

PT Energi Mega Persada (ENRG IJ), Indonesia’s second-biggest listed oil company, declined 2.3 percent to 173 rupiah amid speculation its two-day, 13 percent jump this week was excessive, according to Ivan Kurniawan, an analyst at PT First Asia Capital in Jakarta. Energi Mega’s relative-strength index, a moving average based on how rapidly prices have advanced or dropped, was 68 yesterday. A reading of 70 suggests to some investors the stock is poised to fall.

PT Greenwood Sejahtera (GWSA IJ), the property developer, sank 18 percent to 205 rupiah on its trading debut. The company raised 400 billion rupiah ($44 million) in an initial public offering to acquire land for its projects. Short-term investors hoping to realize gains on the first trading day sold the stock after seeing demand was weak, said Edwin Sinaga, president director at PT FinanCorpindo Nusa, a Jakarta-based brokerage.

To contact the reporters on this story: Femi Adi in Jakarta at fadi1@bloomberg.net; 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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