Jakarta, CNBC Indonesia – Stock prices of state-owned banks in the first trading session, this Wednesday (30/9/2020), fell into the red zone.
The additional Rp 17.5 trillion in funds provided by the Minister of Finance Sri Mulyani for four state-owned banks or the Association of State-Owned Banks (Himbara) in the National Economic Recovery Program (PEN) was unable to be a positive catalyst.
In fact, foreign investors sold a lot of shares in this state-owned enterprise (BUMN) bank, until the first session ended.
IDX data shows, shares of PT Bank Mandiri Tbk (BMRI) were observed to have corrected 3.05% to a price of Rp 4,920 / unit. Foreigners are on record net sell Rp 95.95 billion.
Then the shares of PT Bank Rakyat Indonesia Tbk (BBRI) drop 0.99% to the price level of IDR 3,010. Foreigners also posted net sell Rp 52.22 billion from BRI shares.
Then the shares of PT Bank Negara Indonesia Tbk (BBNI) collapsed 2.44% to a price of Rp.4,400 / unit. Similar to the two state-owned banks above, foreigners also recorded net sell Rp 15.91 billion in these shares.
Shares of PT Bank Tabungan Negara Tbk (BBTN) with three coins fell 1.67% to the level of Rp. 1,175 / unit. Foreigners posted net sell Rp 2.76 billion in shares of this largest home finance bank.
Yesterday, Finance Minister Sri Mulyani Indrawati again added to the placement of funds at the association of state banks (Himbara). This time the funds were added by Rp. 17.5 trillion after Rp. 30 trillion was placed in phase I.
Rahayu Puspasari, Head of the Communication and Information Services Bureau of the Ministry of Finance, confirmed this, so that currently the total placement of funds in Himbara is Rp. 47.5 trillion.
“Yes, the placement of funds to Himbara has been extended and the placement has been carried out in stage 2 so that now the total is Rp. 47.5 trillion,” he said when contacted by CNBC Indonesia, Tuesday (29/9/2020).
He explained, for this placement, the time period given was also longer. Where this time more than three months like in stage I.
“The tenor for 4 Himbara Banks is 110 days or 3 months + 20 days because it considers the conditions at the end of 2020 and collective leave,” he explained.
With this timeframe, the maturity for the placement of funds by the Government in Himbara will end on January 13, 2021.
In detail, the additional placement of funds amounting to Rp. 17.5 trillion is given to:
- Bank Mandiri IDR 5 trillion
- BRI Bank IDR 5 trillion
- Bank BNI Rp 2.5 trillion
- Bank BTN IDR 5 trillion.
According to the Head of Research at PT Samuel Sekuritas, Suria Dharma, the placement of government funds 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 about 1% industrial loan growth, “said Suria to CNCB Indonesia, when contacted Wednesday (30/9/2020).
According to Suria, 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.
(hps / hps)
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