Indonesian bourse lowers expectations, pins hope on domestic investors amid volatility

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first_imgThe steep decline in daily transactions had been happening since the beginning of the year, following a crackdown on stock pump-and-dump practices after the investment mismanagement case of state-owned insurer PT Asuransi Jiwasraya unfolded, leading to the arrest of entrepreneurs Heru Hidayat and Benny Tjokrosaputro.Read also: Can a dead cat bounce?The Attorney General’s Office (AGO), which is handling the corruption case, also blocked hundreds of investors’ accounts as a part of its investigation, causing a drop in the stock transaction value by up to 40 percent.The IDX’s main gauge, the Jakarta Composite Index (JCI), recorded an average transaction value of Rp 6.89 trillion on Monday while the market capitalization stood at Rp 5.2 quadrillion. The Indonesia Stock Exchange (IDX) has set lower targets on daily transaction values and newly listed companies this year while relying more on domestic investors to cushion the volatility of stocks as it faces tougher challenges amid the COVID-19 pandemic.IDX trading director Laksono Widodo said on Friday that the bourse expected this year’s daily transactions to reach an average of Rp 7 trillion (US$450.7 million), much lower than the Rp 9.5 trillion figure recorded last year.“For the past few weeks, the average daily transaction is stable at Rp 6.5 trillion to Rp 6.9 trillion, so we expect this year’s average to be around Rp 7 trillion, assuming that the economy is going to rebound in the second half of this year,” he said during a virtual press briefing. The JCI strengthened by 0.38 percent on Monday as foreign investors sold Rp 516.22 billion worth of stocks more than they bought, making a total net sell of Rp 18 trillion so far this year.The bourse was also managing its expectations regarding the number of newly listed companies for this year, said assessment director I Gede Nyoman Yetna.“We have to be realistic with the current condition and set our focus to ensure that all companies in our pipeline can list their shares this year,” he said, adding that he expected the total number of newly listed companies this year not to exceed that of 2018.The IDX broke a new record in 2018 as 57 companies listed their shares on the bourse and made them available to be traded publicly by investors. As many as 55 companies listed their shares in 2019.Although three companies had announced they were shelving their initial public offering (IPO) plans this year due to the high uncertainty in the global economy and financial market, Nyoman said other companies were still going forward with theirs.Read also: Indonesian stocks battered by profit-taking, hit sixth circuit breaker in monthCurrently, the bourse recorded 18 companies in its IPO pipeline this year with core businesses ranging from agribusiness and finance to property and trade and services.In the meantime, 26 companies have listed their shares on the IDX since the beginning of this year, 10 of which were listed after the World Health Organization declared the COVID-19 outbreak a pandemic. Among them are hospital firm PT Metro Healthcare Indonesia (CARE), property firm PT Karya Bersama Anugerah (KBAG) and fast-food chain operator PT Cipta Selera Murni (CSMI).Nyoman said the number of newly listed companies in Indonesia was still the highest compared to that of other bourses in Southeast Asia during the first quarter of this year, citing Ernst and Young’s Global IPO Trends report.The JCI has lost more than 28 percent of its value so far this year amid global market volatility due to the COVID-19 outbreak, the second-worst in the region after Manila, which lost more than 30 percent, followed by Singapore (20.7 percent) and Bangkok (20 percent).IDX president director Inarno Djajadi said the decline was not as drastic as those experienced by countries like Austria, the United Arab Emirates and Brazil, which were all down by more than 30 percent so far this year, and far better than the situation during the 2008 global financial crisis.During that time, the JCI dropped by 50.6 percent throughout the year as foreign investors dumped Indonesian shares.Read also: Bourse announces new trading suspension policy on brink of bear marketHe attributed the current situation to a high number of domestic investors in the local bourse. Domestic investors accounted for around 60 percent of the total trading value at the bourse, IDX data showed.“As domestic investors are now dominating our stock market, they are acting as a shock breaker when the JCI is free falling due to panic selling,” he said.As of March 31, the Indonesian Central Securities Depository (KSEI) recorded a total of 2.68 million single investor identification (SID). Some 1.16 million were equity investors and 50 percent of the equity investors are domestic ones.Topics :last_img read more


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first_img Comment Chelsea winger Willian will be out of contract come the summer (Picture: Getty)Willian has vowed to continue playing for Chelsea until the Premier League season concludes – even if the coronavirus outbreak causes further delays.Last week, all professional football in England was suspended until at least April, although there are fears the Premier League may not be able to resume until much later in the year.Brazilian winger Willian will be out of contract come the summer and has been linked with moves to Arsenal, Tottenham and Barcelona in recent days.The 31-year-old hopes to stay at Stamford Bridge but is keen to sign a new two-year deal, while Chelsea have so far only offered a one-year contract extension.ADVERTISEMENT Euro 2020 postponed over coronavirusTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 1:05FullscreenEuro 2020 postponed over coronavirushttps://metro.co.uk/video/euro-2020-postponed-coronavirus-2132178/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. Visit our live blog for the latest updates Coronavirus news liveAdvertisementAdvertisementRead the latest updates: Coronavirus news liveBut even if Willian is out of contract when the Premier League season concludes or finishes, he says he will still make himself available for Chelsea.‘My contract really ends I think in July,’ Willian told Brazilian TV channel Esporte Interativo.‘And if I had to play on those dates, in these months, I think it would be no problem for me to end the League in a way which would be loyal to the club, as they always were with me.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘Regardless of a signed paper. But it’s clear that this is not a certainty, we don’t know what can happen.‘But without a doubt, as always, I will always be ready to give the best to my club regardless of my contract situation.’Willian has made more than 300 appearances for Chelsea since arriving at Stamford Bridge in 2013, helping the Blues win the Premier League, Champions League and FA Cup.MORE: Chelsea open talks with Barcelona over Philippe Coutinho dealMORE: Man Utd plot bargain £35m transfer deal for Arsenal ace Aubameyang Advertisement Willian sends message to Chelsea manager Frank Lampard amid Arsenal and Tottenham transfer linkscenter_img Metro Sport ReporterThursday 19 Mar 2020 10:52 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link9.8kShares Advertisementlast_img read more


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first_imgAustralia-based Red Emperor Resources has appointed a new chief executive officer (CEO) from ExxonMobil.Red Emperor said on Monday that Gracjan P. Lambert was named as the company’s new chief executive officer (CEO).According to the company, Lambert brings with him a wealth of technical and commercial experience in the global oil and gas industry, built over more than 20 years working in Europe, Asia, the Middle East, Australia, North and South America, and Africa.He spent the last 10 years at ExxonMobil in diverse roles including managing global field operations and leading complex international commercial negotiations.Managing director, Greg Bandy, said: “We are delighted to have attracted someone with Gracjan’s expertise and experience to our management team. He will be a valuable addition to the company and will specifically focus on managing, reviewing and introducing projects and assets to the company.”The company added that Lambert would not be a board member of Red Emperor.Also, the company appointed Aaron Bertolatti to the board of directors. Bertolatti, currently Red Emperor’s company secretary, is a qualified chartered accountant with over ten years of experience in the mining industry and accounting profession.He has both local and international experience and provides assistance to a number of resource companies with financial accounting and stock exchange compliance.Bertolatti was previously the Australian CFO of Highfield Resources and acts as company secretary for listed ASX companies, Fin Resources, American Pacific Borate & Lithium, Arc Exploration, and Berkut Minerals Limited. He is also a director of Odin Metals Limited.In addition to the two appointments, Nathan Rayner resigned from the board of Red Emperor, effective immediately, due to personal circumstances.last_img read more


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first_imgIrish Rugby captain Paul O’Connell is not happy at the choice of photograph decorating his hotel bedroom at the team base at St George’s Park.The Irish side are based at the training base which was custom-built for the English FA ahead of their next group game with Romania. As you’d expect there is plenty of footballing memorabilia at the FA HQ – but O’Connell is unhappy at one photograph looking over him as he sleeps.It’s an action shot of Peter Shilton in action for England against Argentina in the World Cup in Mexico in 1986.The game is best remembered for Maradonna’s ‘Hand of God’ moment which resulted in England’s exit from the competition.O’Connell would much rather a photograph of Donegal’s goalkeeping legend Packie Bonner. O’Connell put the photograph on his Instagram and said, “Peter Shilton watching over me tonight. I’d rather Packie Bonner. 🙂 IRISH RUGBY CAPTAIN WANTS PACKIE BONNER TO WATCH OVER HIM! was last modified: September 21st, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:newsSportlast_img read more