Indonesian Stock Movers: Astra, Garuda Indonesia, Surabaya Agung

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 0.4 percent to 4,163.98. The gauge declined 0.4 percent this week.

PT Bank Danamon Indonesia (BDMN IJ), the lender that Singapore’s DBS Group Holdings Ltd. plans to acquire, sank 6.4 percent to 5,900 rupiah, the most since Oct. 4. Bank Indonesia won’t approve DBS’s takeover until the country sets new ownership rules and agrees with Singapore on reciprocity in treatment of lenders, Governor Darmin Nasution said today.

PT Garuda Indonesia (GIAA IJ), the national flag carrier, jumped 9.2 percent to 710 rupiah, a record close. Garuda rose on expectation it will report strong first-quarter earnings and after PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas completed a stake sale in the state-owned airline, said Maxi Liesyaputra, an analyst at PT BNI Securities.

The three brokerages sold their 10.27 percent stake in Garuda, with Bahana selling its shares for 620 rupiah each, Bahana Chief Executive Officer Eko Yuliantoro said today, confirming a report by Bisnis Indonesia.

PT Surabaya Agung Industri Pulp & Kertas (SAIP IJ), a paper products maker, lost 3.4 percent to 285 rupiah, the most since April 19. Surabaya Agung reported a first-quarter net loss of 13.98 billion rupiah ($15 million), compared with a net income of 44.8 billion rupiah a year earlier.

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