JSX suspends Multibreeder trading

JSX suspends Multibreeder trading

JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended the
trading of Multibreeder Adirama Indonesia shares in the morning
session at around 11.20 before it was resumed at 15.30 yesterday.

A broker with a joint brokerage firm said that Multibreeder
Adirama Indonesia's share price unexpectedly surged by 30 percent
to Rp 1,050 in an early trade from Rp 800 at opening.

"The share increase made the JSX to suspend the share trading
for a while," said the market dealer, adding that such steps had
to be taken to give the JSX time to determine if there was
something amiss behind the company's sharp price increase.

"It seems that the JSX is improving its surveillance after
being criticized for failing to detect the unrealistic price
movement of Bank Pikko's shares on Tuesday," a dealer said.

JSX officials were not available for comment.

The JSX suspended the bank's shares at 14:23 Tuesday after its
shares skyrocketed 207 percent from Rp 1,300 to Rp 4,000. The
Capital Market Supervisory Agency (Bapepam), however, said that
the JSX's suspension measure was too late.

The bank's shares were retraded on Thursday and fell Rp 50 to
close at Rp 3,950.

There were around 185,500 Multibreeder shares traded before
the share trading was suspended.

"That constitute a small amount of trading," the broker said.

The poultry breeder firm's share prices was closed at Rp 1,000
yesterday.

The company made its debut in 1994 by offering around 10
million shares to the capital market. Afterwards, the company
distributed bonus shares and converted bonds so that total listed
shares in the exchange amounted to 72,026,000 shares earlier
today.

Multibreeder is currently 69.22 percent owned by PT Japfa
Comfeed, 13.65 percent by Prudential Asset management Asia Ltd
and 17.13 percent by the public.

The JSX composite index rose by 1.59 points yesterday to
637.15 against 635.55 points on the previous day with 176 million
shares changing hands worth Rp 390.3 billion.

Telkom's shares rose by Rp 50 to Rp 3,600 on a technical
rebound, Indosat by Rp 100 to Rp 6,625 following news report of
the company's plan to sell its 6.5 percent at PT Satelindo. (09)