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Jakarta Post

Fertilizer firm makes successful debut in bear stock market

  • News Desk

    The Jakarta Post

Jakarta   /   Tue, March 31, 2020   /  03:36 pm
The Jakarta Post Image
The IDX logo is displayed in front of a giant screen showing stock prices at Indonesia Stock Exchange (IDX), Jakarta, on March 13. (JP/Seto Wardhana)

Fertilizer company PT Saraswanti Anugerah Makmur Tbk received a warm welcome from investors during the company’s debut on the Indonesian stock exchange on Tuesday as most share prices gained ground after a significant fall on the previous day. The shares of Saraswanti Anugerah, listed by Indonesia Stock Exchange (IDX) under the code SAMF, rose by 35 percent to Rp 162 per share from Rp 120 just a minute after trading opened, showing that there is still appetite for newcomers. The company’s share performance in the local bourse was helped by a slight recovery on large stocks on the exchange in the morning session. The Jakarta Composite Index (JCI), the main gauge on the IDX, had gained 1.7 percent before the afternoon break after losing 2.8 percent on Monday. Despite the increase, the index has lost about 28 percent of its value so far this year. Saraswanti Anuger...