JAKARTA – The stock price of PT Alfa Energi Investama Tbk (FIRE) shifted IDR 28 higher at yesterday’s (28/2) closing bell. This increase placed this company at the top of the gainers’ list.

Based on Indonesia Stock Exchange (IDX) data compiled today (29/2), FIRE was closed at IDR 110, its highest transaction price, increasing from last Tuesday’s (27/2) closing price of IDR 82 per share. The lowest was recorded at IDR 83 per share.

The volume of transaction was recorded at 177.45 million in 13,450 transactions worth IDR 18.11 billion. The price surge was utilised by investors to instead purchase more, as indicated through foreign buy of 106,200 shares, nearly double the foreign sell of 55,000 shares.

The increased stock performance of FIRE took place after the decision issued by Jakarta Commercial Administration Court, which denied the cassation appeal of its subsidiary, PT Berkat Bara Jaya (BBJ), in regard to the revocation of its Mining Business License by the Indonesia Investment Coordinating Board. With this cassation rejection, BBJ’s investment, worth IDR 10.25 billion, has driven down FIRE’s net profit.

On the other hand, PT Megapower Makmur Tbk (MPOW) booked stock price increase of IDR 17 to IDR 68 per share from the previous IDR 51 per share. The shares were traded at the lowest level of IDR 51 and the highest of IDR 68 per share.

MPOW’s transaction volume reached 36.19 million shares, recorded in 8,449 transactions worth IDR 2.32 billion. However, foreign sell and buy remained nil throughout yesterday’s session. (LK/ZH)