Jakarta. Barito Renewables Energy (IDX: BREN) has cemented its position in the Indonesian capital market. 

Despite the volatile IDX composite index, BREN became one of the issuers with the largest market cap at the Indonesia Stock Exchange (IDX). On May 22, 2024, BREN's market cap reached a peak of Rp 1,505.02 trillion. Although its market cap hit Rp 959.92 trillion at the end of trading on Oct. 18, this showed market volatility rather than a decline in fundamental performance, according to BREN’s press release. 

BREN's share price currently stands at Rp 7,175 per share, down from its previous record of Rp 11,250 per share on June 22, 2024. BREN itself only listed its initial shares on the IDX on September 29, 2023, with an initial capitalization of Rp 104.35 trillion. It managed to record Rp 1,000 trillion within three months. 

Last Friday, BlackRock announced that BREN's presence in the iShares Global Clean Energy ETF (ICLN) and iShares Global Clean Energy UCITS ETF (INRG) portfolios soared from 0.64 percent to 1.36 percent. 

"This resulted in a net buy of 70.9 million shares or equivalent to Rp 509 billion based on the closing price of Rp 7,175 per share," Theodorus Melvin, the investment analyst at Stockbit, was quoted as saying in a press statement. 

Pertamina Geothermal Energy (PGEO) experienced a decrease in weight from 0.16 percent to 0 percent, with a total net sell of 103.5 million shares. According to Theodorus, the MSCI rebalancing will take place in November 2024, followed by the FTSE in December 2024.

"BREN's share price has the potential to be volatile ahead of the rebalancing in line with the expectations of some market players that the company will enter one or both of the indexes," Theodorus said.

BREN said that it was optimistic it could maintain growth momentum with investors' support, as well as positive prospects in the renewable energy sector.

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