IDHSG Hits Record High, MNC Group Stocks Decline

MNC Group's stock prices declined throughout the first half of 2017. Four out of the five MNC Group stocks experienced corrections. This occurred despite the Jakarta Composite Index (IHSG) on the Indonesia Stock Exchange closing at a new record high of 5,818.55 on June 21, 2017, a 9.85 percent increase from its position on December 30, 2016.

On June 21, 2017, MNC Land (KPIG) closed at Rp 1,285 per share, down 14.33 percent from its December 30, 2016 position. Similarly, MNC Investama (BHIT) also corrected by 10.36 percent to Rp 394 per share. MNC Sky Vision (MSKY) decreased by 5.8 percent to Rp 985 per share, and Global Mediacom (BMTR) fell by 0.82 percent to Rp 610 per share. Only Media Nusantara Citra (MNCN) saw an increase, rising by 7.98 percent to Rp 1,895 per share.

On June 16, 2017, Attorney General M. Prasetyo announced that Hary Tanoesoedibjo, the owner of MNC Group, had been named a suspect in a case involving alleged threatening text messages. However, Hary, through his legal counsel, countersued the Attorney General at the Jakarta Metro Police for alleged defamation. Hary also requested clarification and a postponement of his examination as a witness by the Attorney General's Office regarding alleged corruption in the payment of restitution for PT Mobile 8 Telecom's application in 2007-2008.