Jakarta—PT Barito Renewables Energy Tbk (BREN) has established itself as the issuer with the largest market capitalisation value on the Indonesia Stock Exchange. As of the close of trading on Friday, August 30, BREN’s stock market capitalisation had reached IDR 1,438 trillion and had increasingly surpassed the stock market capitalisation of PT Bank Central Asia Tbk (BBCA), which has a value of IDR 1,272 trillion.
Barito Renewables Energy’s success in overtaking BCA’s market capitalisation this week aligns with BREN’s brilliant stock performance since the beginning of the year when its stock appreciated by 43.81%.
As for this week, BREN shares were again traded at the 10,000 level and closed Friday’s trading at 10,750, or strengthened 3.12% daily. BREN shares were again included in the ranks of drivers of the movement of the Indonesia Composite Index (IDX Composite), which again set a new record level (all-time high) by strengthening 0.57% to 7,670.73.
The positive performance of BREN shares throughout this week aligns with two positive sentiments that accompanied it.
First, the FTSE Global Equity Series announced a change in constituents by including BREN shares into large market capitalisation stocks in calculating the global FTSE index and PT Bank Syariah Indonesia Tbk (BRIS). The change will be effective on September 22.
Secondly, the management of Barito Renewables Energy yesterday announced that it has entered into a collaboration with ACEN Indonesia Investment Holdings Pte Ltd to accelerate the development of renewable wind energy projects throughout Indonesia. (hs)
