Jakarta—Shares of renewable energy issuer PT Barito Renewables Energy Tbk (BREN) were the biggest support for strengthening the IDX Composite today, Tuesday, September 24, with a weight of 5.66 index points.
BREN’s shares managed to green today with a gain of 2.12% to 7,225 per share. Previously, at the beginning of the session, BREN shares had fallen nearly 20% or touched the lower auto reject limit (ARB) to the lowest position until it reached the level of 5,675 per share.
The strengthening of BREN shares caused the IDX Composite to close slightly, up 0.04% to 7,778.49 today. IDX Composite can still maintain a position above the psychological level of 7,700.
In the past two days of trading, BREN shares have been observed to weaken significantly and touch the ARB limit.
The significant weakening of BREN shares on September 20 and 23 occurred after the news that the Prajogo Pangestu conglomerate group’s shares had been expelled from the FTSE Russell Index.
Barito Renewables Energy is considered not to meet the free float restriction or the minimum limit of shares owned by public shareholders.
FTSE sees that four shareholders control 97% of the total issued shares. Therefore, BREN was excluded from the FTSE Russell Index effective Wednesday, September 25, 2024. (hs)
