for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-Indonesian stock exchange picks new president

(Adds trader comment)

JAKARTA, June 24 (Reuters) - Indonesia Stock Exchange said it appointed Ito Warsito, president commissioner of local brokerage PT Bahana Securities, as its new president director on Wednesday, as it seeks to attract more listings and investors.

Warsito had previously said he planned to increase the number of retail investor to around 2.4 million in the next three years, from about 300,000 currently, and would lead a drive to promote online trading.

“The new directors need to facilitate online trading and widen the investor base,” said John Teja, head of sales at Ciptadana Securities.

“Our trading volume has been dominated by foreigners. We need a breakthrough so that investors in the region can also gain access,” he added.

The exchange has about 400 listed firms, and trading volume has risen around 43 percent since 2004, stock exchange data showed. But corporate governance and liquidity remain concerns for foreign investors.

The Indonesia Composite Index .JKSE is up about 45 percent so far this year, and was up 2.83 percent at 0638 GMT on Wednesday. The index, which fell 51 percent in 2008 in the global financial turmoil, is still up nearly 100 percent since the end of 2004.

Warsito, who has a master’s degree in business administration from Harvard Business School, started his career in the finance ministry and moved to PT Danareksa Sekuritas before joining Bahana in 2001. (Reporting by Tyagita Silka and Andreas Ismar; Editing by Sara Webb)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up