Indonesia’s Top State Fund Steps Up Stock Buying After Plunge
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PT Jamsostek, Indonesia’s biggest pension fund, is stepping up purchases of Indonesian stocks, President Director Elvyn Masassya said after the Jakarta Composite index plunged 11 percent in four days.
The state-owned fund is buying major companies and will increase its holdings of shares to 22 percent to 25 percent of assets under management, Masassya said in a mobile-phone text message late yesterday. Around 19 percent of the investment vehicle’s holdings were in equities, he said on June 19.