PT HM SAMPOERNA TBK / HMSP - JAKARTA. Last Friday (9/11), the share price of PT HM Sampoerna Tbk (HMSP) dropped 10.29% to Rp. 3,400 per share. The selling sentiment has not ended where on Monday (12/11) the cigarette manufacturer's share price fell 2.94% to Rp 3,300 per share. As a result, HMSP's market capitalization dropped by Rp 57 trillion to Rp 384 trillion, compared to Thursday (11/8).
HMSP's stock price dropped as the Indonesian Stock Exchange (BEI) plans to add variable shares in the public (free float) in calculating the LQ45 and IDX30 indices. IDX announced this intention last weekend. This factor caused the price of the HMSP stock to decline.
Analysts say some investment managers sell HMSP shares because they want to rebalance their portfolios. The mutual fund management investment manager that uses the LQ45 and IDX30 index references in his investment assets that take advantage of this step.
"But it turns out retail investors are following the action, causing panic selling," said Phintacro Sekuritas analyst Valdy Kurniawan, Tuesday (11/13).
Interestingly, when the share price of HMSP fell, foreigners bought this stock. In the last two days, foreigners have recorded net buy of HMSP shares worth Rp 90 billion. While in the past week, foreigners recorded net purchases of Rp 157 billion. (Translator: Barratut Taqiyyah Rafie)
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