-- Its share-price chart resembles that of an emerging-market penny stock: a 1,200% surge punctuated by two crashes of more than 40% — all in the span of less than nine months.BlackRock Deal to Make Preqin’s Founder Richer Than Larry Fink
The trading restrictions “intended for investor protection ironically undermined broader investor confidence,” said Mohit Mirpuri, a fund manager at Singapore-based SGMC Capital Pte. “In the near term, this situation will likely deter risk-averse investors, especially if perceived as indicative of broader market instability or regulatory challenges.”
The response from the market was swift. In the subsequent two weeks, shares of the company tumbled by almost half, wiping out some 700 trillion rupiah and dragging down the benchmark Jakarta Stock Exchange Composite Index by nearly 5%. The gyrations spurred FTSE Russell to delay the company’s inclusion into its large cap index that would have led to new foreign inflows.
Billionaire owner Prajogo Pangestu has since purchased some 48 million more shares, which had surged as much as 1,342% since its public market debut last October in one of the country’s most anticipated listings. The firm’s corporate secretary Merly said in a statement that Prajogo’s stake increase reflects his confidence in the firm’s prospects.
“Once shares enter the , it’s like being in a dark prison, so people are in panic selling,” said Hasan Zein Mahmud, a former director of the exchange and investor in Sari Kreasi.
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