Monday, 23rd October 2017

State companies control 26 pct stock market capital

31st December 2010 | 1.250 Views
Jakarta (ANTARA News) - Seventeen state-owned companies listed at the Jakarta Stock Exchange (BEI) control 26 percent of the market`s total capital, State Enterprises Minister Mustafa Abubakar said.

"Until December 29, 2010, the total value of the market capital reached Rp3100 trillion and Rp819 trillion of it or 26 percent was controlled by state-owned companies," he said at a year-end press conference at his office here on Friday.

He said communication operator Telkom held the biggest share in the stock market`s capital at Rp161.2 billion, followed by Bank Mandiri (Rp137.1 billion), Bank Rakyat Indonesia (Rp129.4 billion), Perusahaan Gas Negara (Rp106 billion), Bank BNI (Rp71 billion), Semen Gresik (Rp56.6 billion) and Bukit Asam coal mining company (Rp52 billion).

Most of the 17 state-owned companies recorded positive share movements in the past year with construction company Adhi Karya recording a price growth of 122 percent, Wijaya Karya (112.3 percent) and Bank BNI (103.1 percent).

Only two state-owned companies that recorded negative share price growth in the past year, namely telecommunication company PT Telkom at 15.3 percent and pharmaceutical company Indo Farma minus 3.6 percent.

Mustafa said the price of Telkom shares dropped because the company was also listed in New York and therefore the price of the company`s shares was also affected when the crisis hit capital markets in Europe and the US.

Mustafa considered the control of 26 percent of the stock market`s capital by the state-owned companies as very good in view of the fact that the number of state-owned companies in the market comprised only four percent of the total number of companies listed at the BEI (421).

In addition , he said, seven of the state-owned companies were among the 20 listed companies with the greatest amounts of capital.

"We are grateful because BEI has performed very well and become one of the best performing stock markets in the world," he said.