JSX probes unusual share trade in Plaza Indonesia<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) is
\ninvestigating the unusual price fluctuations in Plaza Indonesia
\n(hotel and property) stocks early this year.<\/p>\n
A director of the bourse, Mas Achmad Daniri, told The Jakarta
\nPost yesterday he has instructed his staff to check into whether
\nunfair practices had taken place in the stock transactions.<\/p>\n
Plaza Indonesia was an inactive stock with a price of Rp 2,100
\non Dec.26 and Dec. 27 last year. On the last trading day, Dec.28
\nthe price dropped sharply to Rp 1,000.<\/p>\n
But on Jan. 2, the first day of trading this year, the stock
\nclosed Rp 750 higher at Rp 1,750. The next day the price rose to
\nRp 2,075 and surged again to Rp 2,100 on Thursday. Yesterday the
\nprice stayed at the same level.<\/p>\n
Director of Sigma Research Institute Jasso Winarto told the
\nPost that it is not unusual for an inactive stock to fluctuate
\nsharply.<\/p>\n
Jasso said the case might be different if this happened with a
\nblue chip stock or an actively-traded stock like Telkom or Gudang
\nGaram.<\/p>\n
But to be sure all was on the up and up, he suggested that
\n\"JSX, as the market authority, should conduct an investigation
\nfor the sake of market integrity.\"<\/p>\n
A dealer from a local brokerage, who asked not to be named,
\ntold the Post that the way the price rose was strange.<\/p>\n
\"It might have closed at that level (Rp 1,750 on Jan.2) if the
\nbid and offer of the transaction had been done gradually from a
\nlower level,\" he said.<\/p>\n
On Nov. 7 last year, JSX suspended a newly-listed stock, PT
\nBhuwanatala Indah Permai (BIP), because of a sharp price rise
\nfrom Rp 1,350 to Rp 2,025 following rumors of a takeover.<\/p>\n
The rumors turned out to be true. On the next day, BPI
\nannounced that a company controlled by Bambang Trihatmodjo and
\nJohanes Kotjo had disclosed their intention to take over BPI
\nthrough a tender offer.<\/p>\n
On Nov.9, the suspension was revoked, but market players were
\nwaiting for JSX's report on its investigation into the
\ntransaction.<\/p>\n
A few days later JSX said that the investigation had been
\nhanded over to the Capital Market Supervisory Agency, Bapepam.<\/p>\n
Bapepam has yet to announce its findings. (08)<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/jsx-probes-unusual-share-trade-in-plaza-indonesia-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }