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Indonesian Stock Movers: Indosat, Resource Alam, Vale Indonesia

Feb. 9 (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 fell 0.2 percent to 3,978.99.

PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, lost 2.5 percent to 72,950 rupiah, the lowest close since Dec. 20. Astra fell as the stock’s 24 percent rally over the past four months was deemed excessive, according to Budi Rustanto, an analyst at PT Valbury Asia Securities.

PT Indosat (ISAT IJ), Indonesia’s second-largest mobile-phone operator, rose 2.8 percent to 5,500 rupiah, the highest close since Jan. 26. PT Tower Bersama Infrastructure (TBIG IJ) said it signed a $406 million agreement to purchase 2,500 cellular towers from Indosat. Tower Bersama gained 1 percent to 2,600 rupiah, the highest close since Jan. 7, 2011.

PT Resource Alam Indonesia (KKGI IJ), a coal producer, climbed 6.4 percent to a record 7,500 rupiah. Resource Alam signed two agreements to buy four coal-mining companies in East Kalimantan province for a total of $7.92 million, it said.

PT Vale Indonesia (INCO IJ), the nation’s largest producer of nickel, dropped for a third day, losing 1.3 percent to 3,800 rupiah. Nickel futures fell for a second day today, dropping as much as 1.3 percent to $21,215 a metric ton on the London Metal 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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