The Composite Stock Price Index (IHSG) closed the week on a downward trend, succumbing to a late-week decline despite briefly reaching an all-time high. The index closed 1.42% lower at 7,328.05, relinquishing its position at the pinnacle of all-time highs. Over the course of the week, the IHSG experienced a 0.72% correction.
Trading activity on the final day saw an approximate transaction value of Rp17.8 trillion, involving 25 billion shares changing hands in 1.1 million transactions. Of the stocks traded, 226 appreciated, 312 depreciated, and 230 remained stagnant.
The surge in the IHSG was also reflected in the top gainers of the week.
PT Pelat Timah Nusantara Tbk (NIKL) and PT Surya Semesta Internusa Tbk (SSIA) each saw significant gains of 88.4% and 50%, respectively.
The rapid rise in NIKL shares even prompted the Indonesia Stock Exchange (BEI) to halt trading on the stock. This precautionary measure was taken to safeguard investors, particularly NIKL shareholders.
However, the announcement of a trading suspension (UMA) does not necessarily indicate a violation of securities regulations.
"In response to the UMA on NIKL shares, we would like to inform that the Exchange is currently monitoring the developments in the trading pattern of this stock," stated the BEI management through a disclosure on Friday, March 15.
The surge in SSIA shares appears to be attributed to buying activity by its own director, The Jok Tung, who purchased a total of 8,039,100 SSIA shares on February 28 and 29, 2024, as well as on March 4, 2024. The transactions were executed at prices ranging from Rp550 to Rp580 per share.
"The purpose of the investment transactions is direct share ownership," disclosed The Jok Tung in a disclosure on Wednesday, March 13, 2024.
Prior to these transactions, The Jok Tung held only 2,092,500 (0.04%) SSIA shares. Following the transactions, his ownership increased to 10,131,600 (0.21%) shares.
SSIA shares are predominantly held by the public, accounting for 71.88% of the total shares.
Previously, PT Suryacipta Swadaya (Suryacipta), a subsidiary of SSIA, had entered into a partnership with SCP Consultants Pte Ltd (SCP) to promote investment opportunities in Indonesia, particularly in the Subang Smartpolitan area, to entrepreneurs and investors in China.
While several stocks experienced gains, there were also notable decliners. For instance, PT Sumber Sinergi Makmur Tbk (IOTF) declined by 27.7% over the past week, PT Sinergi Multi Lestarindo Tbk (SMLE) plummeted by 26.6%, and PT Pulau Subur Tbk (PTPS) fell by 26.5%.
It's worth noting that all three companies recently conducted initial public offerings (IPOs) within the last six months.