Jakarta’s stock market experienced a pullback this week as investors secured profits ahead of the New Year holiday, contributing to a 1.25% drop in the Jakarta Composite Index over December 23rd and 24th. The dip follows a period of strong gains for Indonesian equities, and particularly impacted holdings connected to some of the country’s wealthiest individuals.Among those seeing a significant decline in net worth was Prajogo Pangestu, whose fortune fell by $1.5 billion as shares of his controlled companies faced corrections [[source]].
Jakarta, The Indonesian stock market experienced a downturn in the days leading up to the year-end holidays, as investors took profits following a period of gains. The Jakarta Composite Index (JCI) fell 1.25% to 8,537.91 over December 23rd and 24th.
The JCI’s decline on December 23rd was 0.71%, followed by a further drop of 0.55% on December 24th. Trading volume was impacted by the shortened trading week, with the Indonesian stock exchange operating for only three days this week.
The market will resume trading on December 29th and 30th before closing again on December 31st and reopening on January 2nd, 2025.
Conglomerate stocks that had previously seen significant gains were particularly affected by the profit-taking, including holdings linked to businessman Prajogo Pangestu.
According to data from Forbes, Prajogo Pangestu’s net worth decreased by $1.5 billion, or approximately Rp 25.13 trillion (based on an exchange rate of Rp 16,760), in a single day.
This decline coincided with substantial corrections in the share prices of companies he controls.
Barito Pacific (BRPT) saw the largest decrease, falling 4.57%, while Chandra Daya Investasi (CDIA) dropped 2.94%. Petrindo Jaya Kreasi (CUAN) declined by 1.77%, and Barito Renewables Energy (BREN) fell 1.06%. Chandra Asri Pacific (TPIA) was the only holding company to maintain its price level.
(mkh/mkh)
