Bisnis.com, JAKARTA – Two of the four state-owned banks under the umbrella of Danantara, namely PT Bank Rakyat Indonesia (BRI/BBRI) and PT Bank Negara Indonesia (BNI/BBNI), saw their stocks correcting to IDR 3,610 (–2.43%) and IDR 3,720 (–1.33%) on Monday (24/3), respectively, after American finance giant JPMorgan Chase & Co reduced its stake in both banks. Notably, JP Morgan’s sell action occurred on the same day that Indonesia’s new sovereign wealth fund announced its managing and advisory board members.
According to Bloomberg, JPMorgan sold a total of 133.88 million BRI shares on Monday, reducing its holdings down to 1.82 billion shares at an average price of IDR 2,844.19 per share. Likewise, the company also sold 10.93 million BNI shares, slashing its holdings to 65.21 million at IDR 4,835.77 on average.
