JSX suspends Multibreeder trading<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended the
\ntrading of Multibreeder Adirama Indonesia shares in the morning
\nsession at around 11.20 before it was resumed at 15.30 yesterday.<\/p>\n
A broker with a joint brokerage firm said that Multibreeder
\nAdirama Indonesia's share price unexpectedly surged by 30 percent
\nto Rp 1,050 in an early trade from Rp 800 at opening.<\/p>\n
\"The share increase made the JSX to suspend the share trading
\nfor a while,\" said the market dealer, adding that such steps had
\nto be taken to give the JSX time to determine if there was
\nsomething amiss behind the company's sharp price increase.<\/p>\n
\"It seems that the JSX is improving its surveillance after
\nbeing criticized for failing to detect the unrealistic price
\nmovement of Bank Pikko's shares on Tuesday,\" a dealer said.<\/p>\n
JSX officials were not available for comment.<\/p>\n
The JSX suspended the bank's shares at 14:23 Tuesday after its
\nshares skyrocketed 207 percent from Rp 1,300 to Rp 4,000. The
\nCapital Market Supervisory Agency (Bapepam), however, said that
\nthe JSX's suspension measure was too late.<\/p>\n
The bank's shares were retraded on Thursday and fell Rp 50 to
\nclose at Rp 3,950.<\/p>\n
There were around 185,500 Multibreeder shares traded before
\nthe share trading was suspended.<\/p>\n
\"That constitute a small amount of trading,\" the broker said.<\/p>\n
The poultry breeder firm's share prices was closed at Rp 1,000
\nyesterday.<\/p>\n
The company made its debut in 1994 by offering around 10
\nmillion shares to the capital market. Afterwards, the company
\ndistributed bonus shares and converted bonds so that total listed
\nshares in the exchange amounted to 72,026,000 shares earlier
\ntoday.<\/p>\n
Multibreeder is currently 69.22 percent owned by PT Japfa
\nComfeed, 13.65 percent by Prudential Asset management Asia Ltd
\nand 17.13 percent by the public.<\/p>\n
The JSX composite index rose by 1.59 points yesterday to
\n637.15 against 635.55 points on the previous day with 176 million
\nshares changing hands worth Rp 390.3 billion.<\/p>\n
Telkom's shares rose by Rp 50 to Rp 3,600 on a technical
\nrebound, Indosat by Rp 100 to Rp 6,625 following news report of
\nthe company's plan to sell its 6.5 percent at PT Satelindo. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-suspends-multibreeder-trading-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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