Prajogo Pangestu's Shares Plunge 20%, Impacting the IHSG (Tuesday, January 9, 2024)

The Jakarta Composite Index (IHSG) weakened by 83.37 points or 1.14% to 7,200.2 at the close of trading on Tuesday (January 9, 2024).

The IHSG's decline coincided with a sharp drop in shares owned by Indonesia's current richest person according to Forbes, Prajogo Pangestu, on the stock exchange. These include PT Barito Renewables Energy Tbk (BREN), PT Chandra Asri Petrochemical Tbk (TPIA), and PT Barito Pacific Tbk (BRPT).

Based on today's trading data, BREN shares closed down with a 20% auto reject lower (ARB) to 5,400 per share. TPIA shares also fell significantly by 20% to 4,220 per share, while BRPT plunged 18.18% to 1,080 per share.

Rahmanto Tyas Raharja, Investment Analyst Lead at Stockbit, said that Barito Group issuers experienced a significant price decline, with several experiencing ARB.

"Today's price decline in Barito Group shares is potentially due to profit-taking by investors," said Rahmanto, as quoted by Katadata, Tuesday (January 9, 2024). He added that this is because the majority of Barito Group shares have seen significant increases in recent months.

Based on the IDX-IC Sectoral Index, seven sectors declined, with the basic materials sector falling the most at -4.29%, followed by the transportation & logistics and infrastructure sectors, which fell by 1.64% and 1.48% respectively.

Meanwhile, four sectors increased, led by the consumer staples sector at 1.23%, followed by the finance and industrial sectors, which rose by 0.65% and 0.2% respectively.

According to RTI Business data, the frequency of share trading on the domestic exchange today was 1.32 million transactions.

A total of 18.45 billion shares changed hands, with a transaction value of Rp 10.32 trillion.

The issuer with the code BBSS was the top loser today after plunging 23.64%, followed by BREN and TPIA.

On the other hand, the top gainer today was NICE, which jumped 19.86%, followed by PYFA and BKDP, which increased by 16.9% and 13.21% respectively.

A total of 337 shares closed lower today, 241 shares were stagnant, and 193 shares strengthened.

The majority of regional Asian stock exchanges closed higher this afternoon. Specifically, the Nikkei index rose 385.80 points or 1.16% to 38,763.19, the Hang Seng index fell 34.43 points or 0.21% to 16,190.02, the Shanghai index rose 5.71 points or 0.20% to 2,893.25, and the Strait Times index rose 10.94 points or 0.34% to 3,197.96.