TEMPO.CO, Jakarta - The government has announced a reduction in toll fares the last two weeks. However, it turns out that the fare reduction goes hand-in-hand with the decline of the state-owned company toll operator stock prices.
Eastspring Investments Investment Manager company said that the fare reduction gives a bad sentiment to investors as a result of government intervention. “Yesterday, Jasa Marga weakens by -1.3 percent touching its lowest level in 52 weeks after giving discounts for Eid toll fares,” as said in the official website of Eastspring.
When the government announced a discount fare for Eid homecoming on June 12, Jasa Marga stocks penetrated to Rp 6,325 per sheet. Whereas in today’s trading, stocks were closed at 5,650. Jasa Marga’s total stock have dropped more than 12 percent.
However, PT Jasa Marga CEO Adityawarman said the dropping of stock price is normal, due to the development of the economic situation. “I haven’t heard of the sentiment that caused the plan,” Adityawarman told Tempo on Tuesday, June 23.
According to Adityawarman, the local and world economy sentiment slowdown contribute to negative sentiment decline in stock. “Nearly most of the stocks dropped,” said Adityawarman.