JAKARTA – The stock price of  PT Barito Renewables Energy Tbk (BREN) continues to decline under watchlist board following full call auction (FCA) policy that was put in place last week (29/5). This FCA policy has actually been placed by Indonesia Stock Exchange (IDX) since March 25, 2024.

BREN’s stock price at today’s (6/6) closing of morning session arrived at IDR 6,700 per share, down 9.45% from its opening position at 9 AM WIB at IDR 7,400. Its market capitalisation has also continued to shrink to IDR 896.36 trillion, down from IDR 990.01 trillion.

This decline has been going on since yesterday (5/6), in which BREN was closed at IDR 7,425 per share, down 10% from closing price last Tuesday (4/6) at IDR 8,250 per share. Therefore, its market cap plummeted to IDR 993.26 trillion from IDR 1.10 quadrillion.

This market cap slippage is quite significant, considering last week (27/5), BREN’s market cap arrived at IDR 1.50 quadrillion, the highest in the stock market. Until this afternoon, this company, owned by Prajogo Pangestu, reported a downturn in market cap by IDR 608.72 trillion to IDR 896.36 trillion. In other words, the accumulated decrease reaches 40.44% from market cap on Monday, May 27, 2024.

As is known, Watchlist Board (Full Periodic Call Auction) is a follow-up from List of Equity Under Special Monitoring (Hybrid Call Auction) that has been implemented since June 12, 2023. BREN is listed under this board, as it meets one of 11 criteria, namely temporary suspension of trading of securities for over 1 day due to trading activities. (LK/ZH)