IDX released new Decree on margin transaction

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