Indonesia stocks reverse opening gains after brief rise
The IHSG opened 0.61 per cent higher at 5,310.85 but slipped into negative territory less than five minutes into trading.
Indonesia’s benchmark IHSG failed to sustain an opening advance of 32 points, turning lower within the first five minutes of trading, CNBC Indonesia reported. The reversal followed a 5.65 per cent rebound in the preceding session.
Trading in the opening two minutes involved 1.72 billion shares worth Rp1.21 trillion across 101,082 transactions. Gains were recorded in 378 stocks, while 191 were unchanged and 136 declined.
State-owned companies and their subsidiaries had led the previous session’s recovery, when the index finished at 5,278.89. Among 20 state-linked stocks that rose, PGEO gained 19.28 per cent, TLKM advanced 16.38 per cent and WTON added 11.86 per cent.
Danantara plans to increase its holdings in selected state-owned companies with strong fundamentals. Its chief executive, Rosan Roeslani, said purchases would be made gradually, taking market conditions into account.
The Indonesia Stock Exchange also plans to exclude stocks with highly concentrated ownership from the IHSG calculation. President Prabowo Subianto has directed the Financial Services Authority, OJK, to tighten enforcement of capital-market rules.
