Shares of XL Axiata, Indonesia's second-largest mobile phone operator by subscriber numbers, reached its highest price on Thursday (26/01), after its inclusion into the Indonesian benchmark index, LQ45. (Antara Photo/Akbar Nugroho Gumay)

XL Axiata Share Price Reaches Four-Month High After Returning to LQ45 Index

BY :DION BISARA

JANUARY 26, 2017

Jakarta. Shares of XL Axiata, Indonesia's second-largest mobile phone operator by subscriber numbers, reached its highest price on Thursday (26/01), after its inclusion into the Indonesian benchmark index, LQ45.

The subsidiary of the Malaysian Axiata Group rose 2.8 percent, closing at Rp 2,910 per piece, its highest price since Aug.30.

XL Axiata was also included in the index in 2015, which tracks the country's 45 stocks with the biggest market capitalization.

Last year XL Axiata's market capitalization shrank by more than one-third as the mobile operator reported big losses following the company's expansion into the 4G mobile broadband network.

XL Axiata returned to the list along with Indonesia's largest coal producer Bumi Resources, and PP Properti, the property developer unit of state-construction firm Pembangunan Prumahan, the Indonesia Stock Exchange (IDX) said in a statement.

Effective February, the companies will replace retailer Matahari Putra Prima and hospital operator Siloam International Hospitals, both units of conglomerate Lippo Group, as well as media company Global Mediacom.

LQ45 is regarded as one of the main indices that attract investor’s' attention to gauge the overall stock market. Additionally, stock listed in LQ45 changes on a six-month basis and the composition of LQ45 stocks changes based on the company'’s financial performance.

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