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Indonesia Stock Movers: Berau Coal Energy, Ciputra Property

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Feb. 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 slid 0.2 percent to 3,995.02, the first decline in four days.

PT Berau Coal Energy (BRAU IJ), a coal producer, jumped 11 percent to 490 rupiah, the highest close since Sept. 21. The stock rose on speculation Berau Coal will sell 3.4 billion new shares to strategic investors through a non-preemptive rights offer, according to Herman Koeswanto, an analyst at PT Mandiri Sekuritas. The company doesn’t plan to sell new shares in a rights offer, Corporate Secretary Andriani Pangemanan said by phone today.

PT Ciputra Property (CTRP IJ), a property developer, gained 4.8 percent to a record 660 rupiah after Lydia Toisuta, an analyst at PT CIMB Securities Indonesia in Jakarta, initiated coverage on the property developer today with an “outperform” rating and a share-price estimate of 850 rupiah.

PT Timah (TINS IJ), Indonesia’s largest tin maker, gained 2.8 percent to 2,025 rupiah, the highest close since Oct. 28. Tin futures increased 2.9 percent to $24,190 a metric ton in London yesterday and traded at $24,200 at 5:27 p.m. Singapore time.

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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