Indonesia Ownership Warning Spurs Selloff in Tycoon-Linked Firms

Indonesian tycoon-linked stocks tumbled after the exchange flagged companies with tightly held shareholdings, stoking concerns of index exclusions and foreign outflows.

Shares of PT Barito Renewables Energy, backed by billionaire Prajogo Pangestu, slumped to their lowest in more than two years while Widjaja family’s PT Dian Swastatika Sentosa dived 14%, becoming the biggest laggards on the Jakarta Composite Index as trading resumed after a Friday holiday.