JSX performance in 2003

Jan. 1: The government lifts fuel prices by 22 percent, causing protests from the public.

Jan. 7: The government increases minimum wages nationwide by between 5.3 percent and 28.79 percent.

March 20: The U.S.-led coalition launches war on Iraq, causing a temporary slide in the local stock market.

May 5: The government announces its decision to exit from the International Monetary Fund (IMF) economic bailout program. It also announces that a consortium of Temasek Holdings Pte. Ltd. and Deutsche Bank has won an auction for a 51 percent stake in Bank Danamon for Rp 3 trillion (US$352 million). Two days later, the rupiah ends at an 11-month high of Rp 8,530.

June 12: State-owned telecommunications company PT Telekomunikasi Indonesia (Telkom) discloses a possible delisting of its shares on the New York Stock Exchange by the U.S. Securities and Exchange Commission due to an inaccuracy in its 2002 audited financial report. Telkom is the largest counter on the Jakarta Stock Exchange (JSX).

July 14: State-owned Bank Mandiri, the country's largest bank in terms of assets, is listed on the JSX. Mandiri offers 20 percent of its stake in the country's largest initial public offering (IPO) since the 1997 financial crisis, raising around Rp 2.7 trillion in proceeds.

Aug. 5: Terrorists attack the JW Marriott Hotel in the Mega Kuningan business district in South Jakarta, causing a temporary slide in the stock market.

Sept. 15: The government announced the country's post-IMF economic reform program, called the "White Paper", aimed to maintain investor confidence in the economy after existing the IMF economic bailout program.

Sept. 16: The House of Representatives passes a new money- laundering law to help the country avoid financial sanctions from developed nations and to help track money resulting from illegal businesses or sources.

Oct. 29: A consortium led by South Korea's Kookmin Bank and Singapore's Temasek Holdings Pte. Ltd. is named as the winning bidder for a 51-percent stake in Bank Internasional Indonesia (BII) from IBRA for $350 million.

Nov. 10: State-owned Bank Rakyat Indonesia (BRI), the country's fourth largest bank in terms of assets, is listed on the JSX. BRI sold 41 percent of its stake through an IPO, raising around Rp 4.17 trillion in proceeds.

Dec. 15: State-owned gas distribution company PT Perusahaan Gas Negara (PGN) is listed on the JSX. PGN sold 30 percent of shares through an IPO at a price of Rp 1,500 per share, raising around Rp 1.9 trillion in proceeds.