JAKARTA. Starting from Monday (6/2), investors can use the margin facilities over 180 stocks through broker with adjusted net working capital of more than Rp 250 billion.
The new scheme will be applied after Indonesia Stock Exchange or IDX’ authority released decree of directors that revises two regulations. First, the Regulation Number II-H on the Requirements and Stock Trade in Margin Transaction and Short Selling Transaction.
The revision also re-arranges the criteria of stock to be registered on margin stock list. Under this scheme, the transaction of a stock that has been registered for more than one year should be at minimum of 90% of the total trading days within the last six months.
In average, the daily transaction value should be more than Rp 5 billion, or more than Rp 250 million with the transaction volume of more than 500,000 shares.
The revision also reduces the number of shareholders of an issuer to 300 shareholders during the review period. A stock also should to have at least a price earnings ratio (PER) of not more than three times of market PER, or a price book value (PBV) of not more than three times of market PBV. If the PER is negative, the retained earnings should be positive.
Second, the Revision of Regulation Number III-I on the Membership of Margin and/or Short Selling. The scheme only allows the member of stock exchange with adjusted net working capital of more than Rp 250 billion to conduct margin transaction.
The revision of regulations on margin allows IDX to automatically revise the list of stocks, which can utilize the margin facilities to conduct transactions. The new margin list includes 127 stocks so that the number of margin stocks in total can reach 180 stocks. Meanwhile, the number of shortsell stocks amounts to 137 stocks.
Some issuers, such as PT Indofood CBP Sukses Makmur Tbk (ICBP) , have left the shortsell stock list. Meanwhile, some issuers have just listed on the margin stock list, such as BRMS, VIVA, and JGLE of Bakrie Group, as well as POWR, JAWA, DOID, and OASA.
“Each of stock exchange member will select which issuer to be included on their respective margin lists,” said Director of Trading and Arrangement of IDX Members Alpino Kianjaya, Friday (3/1).
Analyst at Erdhika Elit Sekuritas Toufan Yamin estimates that the new scheme of margin transaction will boost the stock trading transactions in the next week. He reminds that the investors should monitor the fundamentals of each issuer.
Analyst at Binaartha Securities Reza Priyambada said that the relaxations on margin stock criteria will increase the risks for brokers and investors.
Reza said that the investors may have more various benefits of the shares. However, the investors need to consider the liquidity of each stock.
These are list of stocks available for margin trading in IDX:
| AALI | BABP | BKSL | CTRA | HRUM | JGLE | MAPI | PGAS | SHIP | TLKM |
| ACES | BACA | BMRI | DGIK | ICBP | JPFA | MASA | PNBN | SIDO | TMAS |
| ADHI | BAJA | BMTR | DILD | IDPR | JSMR | MBSS | PNBS | SIMP | TMPO |
| ADRO | BBCA | BNII | DMAS | IGAR | KAEF | MCOR | PNLF | SMBR | TOTL |
| AGII | BBKP | BNLI | DOID | IMJS | KBLI | MDLN | POWR | SMCB | TOTO |
| AGRO | BBNI | NOLT | DPUM | IMPC | KIJA | MEDC | PPRO | SMGR | TRIS |
| AISA | BBRI | BRMS | DSFI | INCO | KINO | META | PRAS | SMRA | TURI |
| AKRA | BBTN | BRPT | DSNG | INDF | KLBF | MIKA | PSAB | SOCI | UNTR |
| AMAG | BBYB | BSDE | ELSA | INDS | KREN | MLPL | PTBA | SRIL | UNVR |
| AMRT | BDMN | BSIM | ERAA | INDY | LEAD | MNCN | PTPP | SSIA | VIVA |
| ANTM | BEST | BTEK | EXCL | INKP | LINK | MPMX | PTRO | SSMS | WICO |
| APIC | BHIT | BUDI | GDST | INPC | LMPI | MPPA | PWON | SULI | WIIM |
| APLN | BIKA | BUMI | GGRM | INTP | LPCK | MYOH | PYFA | TARA | WIKA |
| ARNA | BIPI | CASA | GJTL | IPOL | LPKR | MYOR | RAJA | TAXI | WINS |
| ASII | BIRD | CINT | GPRA | ISAT | LPPF | MYRX | RALS | TBIG | WOMF |
| ASMI | BISI | COWL | GREN | ISSP | LSIP | NRCA | ROTI | TBLA | WSBP |
| ASRI | BJBR | CPIN | GZCO | ITMG | LTLS | OASA | SCMA | TELE | WSKT |
| ASSA | BJTM | CSAP | HMSP | JAWA | MAIN | PBRX | SDMU | TINS | WTON |
| Sumber: BEI | |||||||||
(Muhammad Farid/Translator)
