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Indonesia Stocks: Citra Marga Nusaphala, Perusahaan Gas Negara

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Dec. 29 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the noon Jakarta-time break.

The Jakarta Composite Index reversed earlier losses, rising 1.1 percent to 3,808.77, the first gain in three days.

Energy related companies: PT Perusahaan Gas Negara (PGAS IJ), Indonesia’s biggest gas distributor, gained 0.8 percent to 3,175 rupiah. Crude futures declined for the first time in seven days yesterday, dropping 2 percent to $99.36 a barrel in New York. Oil was last at $99.48. A lower oil price reduces the appeal of alternative fuels such as gas.

PT Citra Marga Nusaphala Persada (CMNP IJ), a toll road operator, gained 0.6 percent to 1,650 rupiah. Citra Marga plans to raise 1 trillion rupiah to 1.5 trillion rupiah ($163 million) selling bonds in the first half of 2012 to fund highway acquisitions, Kontan reported, citing Finance Director Indrawan Sumantri.

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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