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Jakarta Post

OJK slashes 2020 equity fundraising target by 47 percent

  • Riska Rahman

    Jakarta

Jakarta   /   Fri, November 6 2020   /  01:00 am
A man walks past an electronic board showing the movement of the Indonesian Composite index (IHSG) at the Indonesia Stock Exchange in Jakarta, Thursday, Sept. 10, 2020. JP/Seto Wardhana(JP/Seto Wardhana)

Indonesia’s Financial Services Authority (OJK) has lowered its capital market fundraising estimate for this year to Rp 100 trillion (US$6.84 billion), as some issuers are delaying their fundraising plans amid the global rout triggered by the COVID-19 pandemic. The revised figure is 47 percent lower than the authority’s initial estimate of Rp 190 trillion and almost 40 percent lower than the Rp 166 trillion realized in 2019. “Like it or not, we have to adjust the target during this pandemic,” Hoesen, the OJK’s chief executive of capital market supervision, said during a virtual press briefing on Monday. The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), has shed more than 18 percent of its value this year to date, with a heavy loss in March when the index crashed to 3,937, its lowest level in more than five years...