Indonesia Stock Movers: Gudang Garam, Timah, Tower Bersama
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 (JCI) rose 1.1 percent to 3,675.38 advancing for a fourth day.
PT Gudang Garam (GGRM IJ), a cigarette producer, declined 3.4 percent to 58,950 rupiah, the first drop in seven days. Credit Suisse Group AG downgraded the stock to “neutral” from “outperform” in a note yesterday, saying the share price has outperformed the Jakarta Composite Index and is “already fully valued.” Gudang Garam has risen 47 percent this year, compared with a 0.8 percent slide in the benchmark gauge.
PT Timah (TINS IJ), Indonesia’s largest tin producer, rose 1.7 percent to 1,820 rupiah, gaining for a fourth straight day. Timah said it’s renegotiating prices with Asian buyers, including LG International Corp., as it prepares to resume contractual shipments.
PT Tower Bersama Infrastructure (TBIG IJ), a provider of telecommunication infrastructure services, rose 2.1 percent to 1,980 rupiah. PT Tower Bersama Group signed a $200 million loan with senior lenders and the facility is now being marketed to other banks in limited syndication, according to a person familiar with the matter.
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