Jakarta, CNBC Indonesia – Shares of the top banks and SOEs in the country were released by foreigners during trading session I, this Wednesday (30/9/2020), the last day of stock trading in September.
Trade data noted that in today’s first session, PT Bank Mandiri Tbk (BMRI) ‘s share price had the deepest correction, namely 3.05% to Rp 4,920 / share. BRMI’s net sell was recorded at Rp. 95.90 billion.
Next, the decline in shares was followed by shares of PT Bank Negara Indonesia Tbk (BBNI) which fell 2.44% to Rp.4,400 / share and shares of PT Bank Tabungan Negara Tbk (BBTN) which fell 1.67% to Rp.1,175 / share.
The net sell of BBNI’s shares reached IDR 15.89 billion, while BBTN’s shares amounted to IDR 2.76 billion.
Not to forget the shares of PT Bank Rakyat Indonesia Tbk (BBRI) also corrected 0.99% to Rp. 3,010 / share followed by shares of PT Bank Central Asia Tbk (BBCA) which fell 0.91% to Rp 27,275 / share.
The net sell of BBRI’s shares reached Rp 52.16 billion, while BBCA shares which have the largest market capitalization on the IDX (Rp 672 trillion) experienced a net sell of Rp 23.71 billion.
This weakening occurred amidst the positive sentiment that the government returned to entrusting funds from the National Economic Recovery Program (PEN) to the Association of State-Owned Banks (Himbara), namely the 4 state-owned banks mentioned above, except for BCA, which is a private bank owned by the Djarum Group.
This time, the funds added in Phase II amounted to Rp. 17.5 trillion after Rp. 30 trillion was placed in Phase I.
“The tenor for 4 Bank Himbara is 110 days or 3 months + 20 days due to considering conditions at the end of 2020 and joint leave,” said Rahayu Puspasari, Head of the Communication and Information Services Bureau of the Ministry of Finance, “to CNBC Indonesia.
According to analyst Phillip Sekuritas Anugerah Zamzami Nasr, the negative sentiment on top bank shares was due to concerns. debt monetization by Bank Indonesia (BI) with a scheme burden sharing to finance the government budget deficit.
It is feared that investors will become the new norm in the future.
Burden sharing ais a joint burden-bearing scheme between the government, namely the Minister of Finance as the fiscal authority, and Bank Indonesia as the monetary authority in meeting the financing needs to accelerate PEN due to the impact of Covid-19.
Another unpleasant sentiment also came from the issue of revision of the Law (UU) concerning BI which still dominates the market.
“Concerns about debt monetization which could be the new norm in the future, it seems that the BI mandate bill is more dominant at this time, “he told CNBC Indonesia, Wednesday (30/9/2020).
He revealed that these two sentiments make foreigners tend to continue to reduce their ownership in the domestic stock market, especially for stocks that are liquid and large cap.
“In the JCI, stocks with large cap and liquid are usually the ones that are finished proxy closest to the index so the choice was released and banking stocks in this category, “he explained.
As for the revision of the Bank Indonesia Law, which has the potential to eliminate the independence of the central bank and the transfer of financial industry supervision from the Financial Services Authority (OJK) to BI, foreign funds are pouring out of the Indonesian financial market.
On the other hand, Head of Research at PT Samuel Sekuritas Suria Dharma, assessed that the placement of government funds in state-owned banks should be a positive sentiment for the shares of the four banks.
“The positive placement of these funds is because it can help credit growth. It is estimated that it can create credit of Rp 52.5 trillion or around 1% industrial loan growth,” Suria told CNCB Indonesia, when contacted Wednesday (30/9/2020).
Suria assessed that foreign selling pressure on state-owned banks’ shares was not due to the placement of these funds. However, there is a bigger problem that is on the radar of investors.
“Foreign sales are evenly distributed in various sectors. It is normal for foreigners to leave, the first to be depressed is usually 4 big banks as well. The main cause for domestic is the increasing number of Covid 19 cases, especially in DKI which causes the PSBB (Large-Scale Social Restrictions) to be tightened. already entered the 4th quarter, “explained Suria.
The tightening of PSBB policies could put pressure on the economy in the fourth quarter, even though it had started to recover when the PSBB was relaxed.
Meanwhile, sentiment from abroad that worries investors is that the US fiscal stimulus has not yet been agreed upon, even though next week the US Congress has entered a month-long recess.
“This causes the USD Index to strengthen and many funds are returning there because the USD is becoming rarer,” he added.
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