Bourse Warns of IDX Composite Turbulence Due to BREN

The stock exchange warns of turbulence in IDX Composite as market giant BREN is put on the Watchlist Board.

Editorial Team

30 Mei 2024 - 20.30
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Bourse Warns of IDX Composite Turbulence Due to BREN

Illustration. (Bisnis/Fanny Kusumawardhani)

Bisnis, JAKARTA — The Indonesia Stock Exchange (IDX) warns of a potential market turbulence to affect the IDX Composite (IHSG) as Prajogo Pangestu’s PT Barito Renewables Energy (BREN) experiences auto-rejections after being placed on the bourse’s Watchlist Board. BREN's shares are now being traded solely on call auction for a month.

“Small turbulence would be normal, in my opinion, as a response to market developments and performance. I believe the market will make corrections to changes happening on either macro, micro, regional, or global scales,” said IDX director of trading and membership, Irvan Susandy, on Wednesday (29/5).

IDX Composite closed down by 1.56 percent (113.39 points) at 7,140.22 on Wednesday (29/5) as a number of stocks such as BREN, BRPT, CUAN, and PTRO, fell into the red.

According to Bloomberg, 186 stocks gained while 364 stocks corrected, and 235 stocks remained sideways on Wednesday. IDX Composite moved within the range of 7,127.20–7,282, and closed with lower market cap at IDR12,263 trillion.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.