The New and Renewable Energy (EBT) issuer belonging to the Prajogo Pangestu conglomerate, namely PT Barito Renewables Energy Tbk (BREN), was observed flying at the end of trading Thursday (9/11/2023).
As of 16:00 WB, BREN shares had flown 18.75% to a price of IDR 5,225/unit. In fact, BREN shares were the biggest support for the JCI at the end of today's trading, reaching 32.3 index points.
BREN shares have been traded 38,653 times with a volume of 111.85 million shares and the transaction value has reached IDR 545.48 billion.
The rise in BREN shares caused its market capitalization to soar again. As of today, its market capitalization reached IDR 699.03 trillion, following PT Bayan Resources Tbk (BYAN)'s market capitalization of IDR 621.67 trillion.
The exact cause of BREN's shares flying today is not yet known. However, BREN in the last few days has also strengthened.
However, the increase in BREN shares occurred after JPMorgan initiated a review of Indonesia's energy and EBT sectors including geothermal, distribution and petrochemicals with a cautious attitude.
One of the concerns of investment banking from the United States (US) is the new and renewable energy (EBT) business run by conglomerate Prajogo Pangestu through PT Barito Pacific Tbk (BRPT).
Barito Pacific is a holding company for four key businesses, namely Chandra Asri Petrochemical, Star Energy Geothermal, Indo Raya Daya, and Griya Idola.
Star Energy Geothermal is under PT Barito Renewables Energy Tbk (BREN). That entity according to J.P. Morgan as an important asset for the Barito Group.
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