Conglomerates Intervene in Stock Market After Tuesday’s IDX Composite Crash

Business tycoons are carrying out a buying spree in their companies’ shares, propping up the stocks’ performance and, in turn, the overall market.

Bisnis.com, JAKARTA — Despite still in the red year to date (YtD) by -9.86%, the IDX Composite closed stronger Wednesday (19/3/2025) after gaining 1.11% to 6,381, propped up largely by conglomerate-owned stocks, most notably those owned by tycoons Prajogo Pangestu, the Salim family, and Toto Sugiri.

PT DCI Indonesia (DCII), owned by the Salim Group and Toto Sugiri, emerged as one of the day’s top gainers with a 19.99% surge, followed by Prajogo Pangestu’s PT Chandra Asri Pacific (TPIA) with a 15.1% gain.

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