The IHSG Continues to Rise, State-Owned Enterprise Shares Soar

The Composite Stock Price Index (IHSG) opened higher today, returning to a level above 5,000. This rise came after the Garuda index had plummeted for two consecutive trading days in the wake of the MSCI announcement.

According to data from RTI Business, the IHSG was recorded to have risen by 196.42 points, or 3.93 per cent, to 5,193.03 at midday today. This rise was driven by gains in 624 shares listed on the Indonesian stock market.

This rise was also evident in the performance of state-owned enterprise (SOE) shares today, the majority of which were trading in positive territory. PT Bank Mandiri (Persero) Tbk (BMRI), for example, a state-owned bank, had risen by 8.33 per cent to Rp 3,6400 per share by midday today.

Meanwhile, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) rose by 6.82 per cent to Rp 2,730 per share. Next, PT Bank Negara Indonesia (Persero) Tbk (BBNI), another state-owned bank, also recorded a rise of 6.42 per cent to Rp 3,150 per share.

It was not just state-owned enterprises in the banking sector; a number of state-owned companies in the construction sector were also recorded as having risen by midday today. For example, PT Semen Indonesia (Persero) Tbk (SMGR) rose by 95 points (7.39 per cent) to Rp 1,380 per share.

Then there was PT Jasa Marga (Persero) Tbk (JSMR), which was recorded as rising by 5.83 per cent to Rp 2,180. Meanwhile, construction-focused state-owned enterprises (SOEs) such as PT Ahdi Karya (Persero) Tbk (ADHI), PT PP (Persero) Tbk (PTPP), PT Wijaya Karya (Persero) Tbk (WIKA) and Waskita Karya (Persero) Tbk (WSKT), were observed to remain unchanged, or stagnant.