Lippo Group Stocks Surge, Bucking the Trend of a Declining Market
JAKARTA, investortrust.id - In a surprising turn of events, shares of companies affiliated with the Lippo Group soared on the closing of the first trading day of February 2025.
This jump in prices was in stark contrast to the Indonesia Stock Exchange (IDX) composite index (IHSG), which closed sharply lower on Monday, Feb 3, 2025.
According to IDX data, the most significant increase, reaching the auto reject upper limit (ARA), was recorded by shares of PT Multipolar Technology Tbk (MLPT), which jumped 19.94% to Rp 21,800 (about $1.37). This was followed by shares of PT Lippo Cikarang Tbk (LPCK), which rose 15.69% to Rp 590, and PT Star Pacific Tbk (LPLI), which increased 15.49% to Rp 328.
Other Lippo Group affiliated companies also experienced significant price jumps. Shares of PT Bank Nationalnobu Tbk (NOBU) strengthened 14.55% to Rp 630, PT Lenox Pasifik Investama Tbk (LPPS) rose 14.29% to Rp 64, PT Lippo Karawaci Tbk (LPKR) increased 9.89% to Rp 100, and PT Multipolar Tbk (MLPL) soared 8.85% to Rp 123.
The strengthening of Lippo Group shares was in contrast to other major groups of companies, which tended to record declines throughout the day. For instance, the majority of shares of companies controlled by Prajogo Pangestu fell, shares of the Agung Sedayu group tumbled, and shares of the Salim group also dropped.
Market Decline
The IHSG closed down 79.14 points (1.11%) to 7,030. The decline at closing was slower compared to the close of the first session, which saw a correction of 161.43 points (2.27%) to 6,947.77.
The decline was influenced by the fall of almost all stock sectors, with the most severe drops seen in the basic materials sector (down 1.76%), the property sector (down 1.75%), the primary consumer sector (down 1.57%), the non-primary consumer sector (down 1.13%), the infrastructure sector (down 1.52%), and the industrial sector (down 0.76%). The only sector that strengthened was the technology sector, which rose 1.90%.
Despite the decline in the IHSG, four stocks recorded impressive gains, reaching the auto reject upper limit (ARA) throughout the day. These included PT Koka Indonesia Tbk (KOKA), which soared 34.15% to Rp 110, PT Hotel Sahid Jaya International Tbk (SHID), which rose 25% to Rp 1,075, PT Suryamas Dutamakmur Tbk (SMDM), which increased 24.58% to Rp 735, and PT Multipolar Technology Tbk (MLPT), which jumped 19.94% to Rp 21,800.
Significant increases were also seen in the shares of PT Puri Global Sukses Tbk (PURI), which rose 23.38% to Rp 380, PT Batulicin Nusantara Maritim Tbk (BESS), which increased 22.06% to Rp 498, and PT Tira Austenite Tbk (TIRA), which rose 18.63% to Rp 605.