Tri Putra, CNBC Indonesia
Market
Monday, 10/07/2023 15:53 WIB
Jakarta, CNBC Indonesia – As many as a dozen shares continued to fall towards Rp 1 per share as the bourse imposed new rules for special monitoring boards. Thousands of investors are ‘stuck’ in these stocks.
In the new rules of the first phase of the special monitoring board which were officially enforced as of June 12 2023, the Indonesia Stock Exchange (IDX), implemented the implementation of the lowest share price of IDR 1 per share.
In this period, the trading method was still carried out in a hybrid manner. In this board, the IDX sets a Lower Auto Rejection (ARB) value of 10%.
Previously, only shares listed on the acceleration board had their price drop to IDR 1 per share.
There were at least 13 shares that fell sharply below the level of IDR 35 per share in less than a month after the implementation of the above rule. In fact, as many as 6 of them have been traded at Rp. 11 per share.
The shares of PT Megalestari Epack Sentosaraya Tbk (EPAC) fell to IDR 11/share from the previous June 9, which was still at IDR 50 per share. The stock slumped 48% after flushing to the special monitoring board’s ARB limit for the 18th straight day since June 12.
Previously, EPAC shares had leaned on GoCap since April 12, 2022 and have been on the special monitoring list since November 30, 2022. On the special monitoring board, EPAC, along with 12 other stocks, generally get criterion 1 and 7 notations.
Criterion 1 means that the average price of shares for the last 6 months in the Regular Market and/or Periodic Call Auction Regular Market is less than IDR 51.00.
Meanwhile, notation 7 means a stock has low liquidity with the criteria of an average daily transaction value of shares of less than IDR 5,000,000 and an average daily transaction volume of less than 10,000 shares during the last 6 months on the Regular Market and/or Periodic Call Regular Market Auctions.
With the EPAC price at IDR 11 as of July 10, 2023, 6,380 investors collected the shares. Since at least December 2022, EPAC shareholders have been in the 6,300 range.
Then, the shares of PT Keramika Indonesia Association Tbk (KIAS) also fell to the bottom of GoCap in just 9 days. Now, the shares of the ceramics issuer are perched at a price of IDR 11/share after 19 consecutive days of ARB.
KIAS shares were previously on gocap since October 19, 2021 and were added to the special monitoring list since March 31, 2022.
Meanwhile, the number of investors “stuck” in KIAS shares reached 5,135 people as of June 30 2023.
Likewise, the other 11 stocks listed above, with the majority share price at the level of dozens of rupiah and as many as 2,400 – 6,000 investors who are still their holders.
As is known, the Exchange has issued Exchange Regulation Number IX concerning Placement of Equity-Type Securities Listing on the Special Monitoring Board which will take effect on June 9, 2023 and Exchange Regulation Number II-X concerning Equity-Type Securities Trading on the Special Monitoring Board which will take effect on June 12, 2023 .
In addition, according to certain criteria, the auction period for shares on this board is carried out through periodic call auctions. This periodic trading technique will be carried out in 5 sessions, starting at 09.00-15.55 WIB. Each session will be carried out in 3 phases, namely the order collection phase, random closing and the order matching phase.
IDX Development Director Jeffrey Hendrik said, the purpose of implementing this board is to increase protection for investors by placing shares with certain criteria on a board that has separate criteria.
IDX has implemented a special monitoring board. This is the development of a list of equity securities under special monitoring which has been implemented on July 19, 2021,” he said at an online press conference.
Previously, the IDX released a list of 174 stocks or equity securities under special monitoring, which became effective June 5, 2023. From the list of issuers, several of them are issuers that have just taken the floor on the stock exchange.
Issuers entitled to transact through periodic call auctions have their own criteria, namely criterion number 7 as mentioned earlier.
Meanwhile, outside of these criteria, a continuous auction system will still be implemented, in which stock auction transactions occur continuously like normal trading.
CNBC INDONESIA RESEARCH
research@cnbcindonesia.com
Watch the video below:
Video: OTW 1 Rupiah Share, Moment to Exit?
(trp/trp)
2023-07-10 08:53:08
#Stocks #Race #IDR #Thousands #Boncos #Investors
