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Indonesian Equity Movers: Adaro, Cowell Development, Danamon

June 25 (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 for a third day, dropping 0.8 percent to 3,857.59. The gauge has lost 6.4 percent since the start of April, poised for the steepest quarterly decline since the three months ended Sept. 30.

Coal producers: PT Adaro Energy (ADRO IJ), Indonesia’s second-biggest coal producer, lost 2.9 percent to 1,330 rupiah, PT Indika Energy (INDY IJ) fell 2.7 percent to 1,780 rupiah and PT Borneo Lumbung Energi & Metal (BORN IJ) dropped 5.3 percent to 540 rupiah. China’s benchmark power-station coal price at Qinhuangdao port fell 7.2 percent to a range of 670 yuan ($105) to 690 yuan a metric ton as of yesterday, the China Coal Transport & Distribution Association said today. That’s the biggest decline since December 2008, the data show.

PT Bank Danamon Indonesia (BDMN IJ), a takeover target of DBS Group Holdings Ltd., Southeast Asia’s biggest lender, climbed 0.9 percent to 5,950 rupiah. Indonesia will determine bank-ownership limits based on a grading system that measures the quality of lenders’ corporate governance and financial health, Bank Indonesia Deputy Governor Halim Alamsyah said. The ownership rule could take effect at the end of July, Alamsyah said.

PT Cowell Development (COWL IJ), a property developer, gained 8.5 percent to 255 rupiah, the highest close since May 24. The company’s first-quarter net income jumped to 9.63 billion rupiah ($1 million) from 2.11 billion rupiah a year earlier, Cowell said in a stock-exchange filing today.

PT Vale Indonesia (INCO IJ), the nation’s biggest nickel producer, declined 3 percent to 2,425 rupiah, after Citigroup Inc. cut its growth forecast for China, the world’s largest buyer of industrial metals. China was Indonesia’s biggest export market from January through April, according to data from the Central Statistics Office.

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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