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)