Indonesia Stock Movers: Bank Mandiri, Gajah Tunggal, Samudera - Bloomberg

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) declined 14.11 points, or 0.4 percent to 3,685.94, falling for a second day.

Banks: PT Bank Mandiri (BMRI IJ), Indonesia’s biggest bank by assets, retreated 2.9 percent to 6,650 rupiah. PT Bank Negara Indonesia (BBNI IJ), the third-largest state-owned bank, fell 1.3 percent to 3,900 rupiah.

Financial shares fell after oil yesterday rose to the highest level since September 2008, raising concern inflation will quicken and add pressure on Bank Indonesia to raise borrowing costs, according to Syaiful Adrian, an analyst at PT Ciptadana Securities in Jakarta.

PT Gajah Tunggal (GJTL IJ), Indonesia’s biggest tire producer, fell 1.1 percent to 2,275 rupiah after rubber rose to a one-month high, threatening to increase production costs. The September-delivery contract gained as much as 5.1 percent to 466.8 yen a kilogram ($5,532 a metric ton), the highest level since March 7, before closing at 458.1 yen in Tokyo.

PT Samudera Indonesia (SMDR IJ), the nation’s second- largest shipping company by assets, gained 2.6 percent to 3,975 rupiah. Samudera has received 1 trillion rupiah ($115 million) of bank loans to fund its capital expenditure this year, Investor Daily said, citing Director Iryanto Hutagaol. The company wants to boost revenue by 20 percent this year from 4.33 trillion rupiah last year, according to the report. Hutagaol couldn’t be reached when called at his office in Jakarta.

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