Indonesian Stock Movers: Aneka, Bank Danamon, Indosat, Telkom

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 1.6 percent to 3,943.90, gaining for a fourth straight day.

Coal producers: PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of power-station coal, jumped 8.9 percent to 1,160 rupiah, the most since Oct. 6. PT Adaro Energy (ADRO IJ), the nation’s second-largest coal producer, gained 6.8 percent to 1,420 rupiah.

Coal shares increased on speculation the U.S. Federal Reserve will expand stimulus measures to support the economy, improving the outlook for coal prices, said Helmi Therik, an analyst at PT Andalan Artha Advisindo Sekuritas in Jakarta.

Nickel producers: PT Vale Indonesia (INCO IJ), Indonesia’s largest producer of the metal, jumped 6.1 percent to 2,625 rupiah. PT Aneka Tambang (ANTM IJ), the second biggest, surged 4.5 percent to 1,390 rupiah. Nickel futures added 2.6 percent to $17,090 a metric ton in London yesterday, the most since June 7.

PT Bank Danamon Indonesia (BDMN IJ), the takeover target of Singapore’s DBS Group Holdings Ltd., rose 1.7 percent to 5,850 rupiah. Indonesia may allow banks to own as much as 90 percent of commercial lenders, Bank Indonesia Deputy Governor Muliaman Hadad said today, easing concerns on ownership caps that may affect acquisitions including DBS’s bid for Danamon.

PT Indosat (ISAT IJ), Indonesia’s second-largest telephone company, advanced 3.4 percent to 3,775 rupiah. Indosat plans to sell 2.7 trillion rupiah ($285 million) of bonds and 300 billion rupiah of sukuk, it said in a statement published in Bisnis Indonesia today. The company said May 28 it planned to sell as much as 2.5 trillion rupiah of bonds and sukuk to pay for network licensing, acquire base station sub-systems and to repurchase early 200 billion rupiah of debt due November 2032.

PT Telekomunikasi Indonesia (TLKM IJ), Indonesia’s biggest telephone company, rose 5.3 percent to 8,000 rupiah, the sharpest increase since April 27. Telkom canceled a plan to buy Pacnet Ltd., a Hong Kong-based fiber-optics company, as the acquisition won’t provide added value, Kontan reported, citing Honesti Basyir, finance director at Telkom. Basyir didn’t return a call to his mobile phone.

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