Indonesia Stocks: Adaro Energy, Indofood Sukses Makmur, Garuda

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta time close.

The Jakarta Composite index (JCI) climbed 24.78 points, or 0.7 percent, to 3,518.85, rising for a second day.

Banks: PT Bank Central Asia (BBCA IJ), Indonesia’s largest bank by market value, rose 2.3 percent to 6,700 rupiah. PT Bank Rakyat Indonesia (BBRI IJ), the second-biggest by assets, gained 2 percent to 5,100 rupiah. Financial stocks provided the biggest boost to the composite index today.

Bank Indonesia “isn’t worried” about inflation in March, April and May, Governor Darmin Nasution said today. Easing inflation widens the scope for the central bank to keep borrowing costs unchanged.

PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal producer, fell 2.1 percent to 2,325 rupiah after Goldman Sachs Group Inc. cut the stock to “sell” from “neutral” on March 18, citing an increase in cash production costs.

PT Indofood Sukses Makmur (INDF IJ), which owns Indonesia’s biggest instant-noodle maker, gained 2.1 percent to 4,950 rupiah. The company’s 2010 net income increased to 2.95 trillion rupiah ($336 million) from 2.07 trillion rupiah a year earlier, it said in a statement in Bisnis Indonesia. That compares with a mean estimate of 2.82 trillion rupiah among 19 analysts surveyed by Bloomberg.

PT Garuda Indonesia (GIAA IJ), the nation’s largest airline, fell 1.8 percent to 540 rupiah. Crude oil futures gained as much as 2.3 percent to $103.35 a barrel in after-hours trading in New York. A higher oil price may increase the airline’s fuel costs.

To contact the reporter on this story: Berni Moestafa in Jakarta