{
    "success": true,
    "data": {
        "id": 1371206,
        "msgid": "btelkom-in-limbo-index-at-one-week-lowb-1447899208",
        "date": "2003-07-17 00:00:00",
        "title": "Telkom in limbo, index at one-week low ",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Telkom in limbo, index at one-week low Rendi A. Witular The Jakarta Post Jakarta Uncertainty over what sanctions the U.S. Securities and Exchange Commission (SEC) might impose on state telecommunications company PT Telkom took the Jakarta Composite Index on Wednesday to almost its lowest level for a week. Telkom woes managed to cast negative sentiment on the index, as Telkom is the largest single item on the market, with a total capitalization of about Rp 50 trillion (US$6 billion).",
        "content": "<p>Telkom in limbo, index at one-week low<\/p>\n<p>Rendi A. Witular<br>\nThe Jakarta Post<br>\nJakarta<\/p>\n<p>Uncertainty over what sanctions the U.S. Securities and <br>\nExchange Commission (SEC) might impose on state <br>\ntelecommunications company PT Telkom took the Jakarta Composite <br>\nIndex on Wednesday to almost its lowest level for a week.<\/p>\n<p>Telkom woes managed to cast negative sentiment on the index, <br>\nas Telkom is the largest single item on the market, with a total <br>\ncapitalization of about Rp 50 trillion (US$6 billion).<\/p>\n<p>The index plunged on Wednesday for the second day by 1.8 <br>\npercent to 524.26 following news that the SEC had not yet <br>\nannounced sanctions on Telkom after it missed a deadline on <br>\nTuesday to file its reaudited 2002 financial report.<\/p>\n<p>However, there was no panic selling of shares belonging to <br>\ntroubled Telkom as they closed slightly lower, by 1.1 percent or <br>\nRp 50, to Rp 4,650 on profit-taking.<\/p>\n<p>A local stockbroker said that the absence of panic selling of <br>\nTelkom shares was because only 10 percent of its traded shares <br>\nbelonged to speculators, while the remaining 90 percent were held <br>\nby long-term investors.<\/p>\n<p>\"Telkom shares would not fall below Rp 4,400, even if the SEC <br>\ndecided to delist Telkom from the New York Stock Exchange <br>\n(NYSE),\" the broker said.<\/p>\n<p>The broker said investors took into account Telkom's overall <br>\nperformance rather than its accounting problems, which were <br>\ncaused by an administrative defect.<\/p>\n<p>Another broker said that Telkom shares managed to stay above <br>\nwater as a lot of fund managers had continued to buy Telkom <br>\nbecause they did not want their investment in the shares crushed.<\/p>\n<p>Telkom head of investor relations Rochiman Soekarno said that <br>\nthe company had not yet received an announcement from the SEC <br>\nover what sanctions it might impose on the company.<\/p>\n<p>The SEC urged Telkom to reaudit its report because the initial <br>\nversion had been audited by a company not affiliated with an <br>\nauditing company listed with the watchdog.<\/p>\n<p>Telkom initially had difficulty in fulfilling the SEC demand, <br>\nas many major international accounting firms could not audit <br>\nTelkom's accounts due to conflicts of interest.  The company last <br>\nweek finally appointed PwC, but the auditing process could take <br>\nup to three months to complete.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/btelkom-in-limbo-index-at-one-week-lowb-1447899208",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}