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Indonesian bourse caps stock drops at 10% as equities start to rebound after bruising day

first_imgTopics : The Indonesia Stock Exchange (IDX) has issued a new regulation that allows stocks, at all price ranges, to fall by a maximum of 10 percent in an effort to anchor the Jakarta Composite Index (JCI) after a deep drop on Monday.The new auto-rejection regulation came into force Tuesday, when stocks rebounded on early trading. The rule stipulates that the bourse will allow stocks with prices ranging from Rp 50 (0.3 US cent) to Rp 200 to rise 35 percent and to fall a maximum of 10 percent.Read also: OJK relaxes buyback rules as Indonesian stocks nosedive more than 6% Stocks with prices of between Rp 200 and Rp 5,000 will be allowed to increase by a maximum of 25 percent and decline by just 10 percent, while equities priced higher than Rp 5,000 will be allowed to jump by a maximum of 20 percent and fall by 10 percent.Previously, the auto-rejection ceiling and floor percentages were set at the same level for each price range.“The Indonesia Stock Exchange’s changes to the auto-rejection limits are intended to ensure orderly, reasonable and efficient equities trading,” the bourse’s statement reads.The JCI, the main gauge, jumped by 0.29 percent at opening on Tuesday and soared a further 2.07 percent to 5,242.94 as of 9:44 a.m. Jakarta time after plunging 6.58 percent on Monday to a three-year low amid virus fears and an oil price war.center_img Read also: Oil crash sparks ‘Black Monday’ meltdown on virus-hit marketsThe Financial Services Authority (OJK) on Monday evening also announced a policy to allow listed companies to buy back their shares without a prior shareholders meeting to ease market volatility.“This is as an effort to stimulate the economy and reduce the impact of the significantly fluctuating market,” the OJK said in a statement. (prm)last_img read more

Ubong Shares VAT Wonder Goal Prize with Orphans

first_imgUbong’s strike against ABS FC of Ilorin was adjudged the best goal of the match-day by online voters in a Nigeria Professional Football League (NPFL) poll and was presented the award on Wednesday by the Akwa Ibom and Cross River State FIRS Coordinator, Agu Bennet at the Godswill Akpabio International Stadium, Uyo.Elated by the recognition, Ubong said he had never won such an award in his career and was delighted that he was beginning to hit the limelight.He said he will share the prize money of N150,000 with the Children Development Centre on IBB Boulevard in Uyo which his club and players have been channeling their charity gestures as part of their community relations.“It is a great thing for me to win this award. I have never received an award like this in my playing career and I am happy that I am the one who has brought it to my club. It is great for me, my family, my teammates, the club and our fans and I am dedicating it to all of them because we are a family.“I will share the proceeds with the Children Development Centre near our camp here in Uyo. That is the only charity I know and that is where we as a club and team mates have been visiting to give support from time to time.“I love children and each time we go there, I remember when I was a child and my younger ones too. I feel very happy that I can personally bring something to them and I thank God for the opportunity. Many of us may have come from homes where our parents have the means to cater for us but when you consider the children at the centre, you are reminded that there are so many children among us who need support from members of the society to go through life. “Ubong who has five goals so far on record this season believes he has just opened a floodgate for more recognition for Akwa United.“I hope to keep scoring this season and I believe my team mates too will score such beautiful goals that will be so celebrated. I believe that Christian’s (Pyagbara) goal today will also win the Wonder Goal Award because it was something you can’t believe. I stood in awe of the effort, the gut and the delivery of that goal and I believe it will count as the best.”Akwa United played Wikki Tourists in a rescheduled Match-day 23 NPFL game at their Nest of Champions ground in Uyo. United defeated the Bauchi team 2-0.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Fred EdorehAkwa United winger, Ubong Friday and Match-day 21 VAT Wonder Goal Award winner has spoken of his love for children while revealing that he would be sharing the proceeds of his award with the Children Development Centre in Uyo.last_img read more