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Indonesian Equity Movers: Garuda Indonesia, Telekomunikasi

May 24 (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 rose 0.1 percent to 3,984.87.

PT Garuda Indonesia (GIAA IJ), the national flag carrier, gained 4.2 percent to 740 rupiah. Crude oil for July delivery dropped 2.1 percent to $89.90 a barrel in New York yesterday, erasing gains through 2011. A lower oil price helps cut the airline’s fuel costs. The shares also advanced after Bisnis Indonesia reported Garuda signed a memorandum of understanding with Accor SA, Europe’s biggest hotel operator, to help attract more passengers. Pujobroto, a spokesman at Garuda, didn’t return a call to his mobile phone.

PT Telekomunikasi Indonesia (TLKM IJ), the nation’s biggest telephone company, fell 3.2 percent to 7,500 rupiah, the lowest close since April 11. The shares dropped on concern its planned acquisition of Pacnet Ltd. will be too expensive, according to Lanang Trihardian, an analyst at PT Syailendra Capital in Jakarta. Reuters reported May 8 that Telkom made a bid for Pacnet valued at about $1 billion. Telkom Finance Director Honesti Basyir and Eddy Kurnia, a spokesman at the company, didn’t return calls to their mobile phones.

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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