Jakarta, CNBC Indonesia – In trading the Composite Stock Price Index (CSPI) over the weekend Friday (8/8/20) market participants were again amazed. The reason is that transaction data on the Indonesia Stock Exchange recorded foreigners selling a net of Rp 1.08 trillion on the regular market, even if taking into account all markets, foreign investors were listed as doing net sell amounting to Rp 1.33 trillion.
Apparently there is one stock that is on sale by foreign investors in the regular market and negotiations. The shares are PT Sarana Menara Nusantara Tbk (TOWR), a telecommunications tower company owned by the Djarum Group.
TOWR shares were sold abroad at Rp 926 billion, causing TOWR shares to be corrected 6.09% to Rp 1,080 / unit. Even before TOWR had dropped to the point auto reject down (ARB) with a 6.96% decline in the price of Rp 1,070 / unit.
Not stopping there foreign investors also made a net sale in the negotiating market of Rp 380 billion at a price of Rp 1,040 through the broker PT JP Morgan Sekuritas (BK), this transaction was a transaction crossing.
This morning when the new market opened at 9:00 WIB, BK brokers also entered into negotiation transactions crossing TOWR Rp 1.1 trillion at the price of Rp 1,040 / unit of shares with foreign investors as buyers and sellers of this transaction.
Not only today, it turns out yesterday (07/08/20) there was a jumbo transaction in the negotiating market on TOWR shares. It was noted that BK brokers bought 14.4 million lots of TOWR shares at a price of Rp 1,160 / unit so that the total cost incurred was Rp 1.7 trillion with broker PT UBS Sekuritas Indonesia (AK) as the seller.
In addition, there was also a transaction by PT Credit Suisse Sekuritas (CS) who purchased TOWR of 99 thousand lots at an average price of Rp 1,163 / unit with a frequency of 17 times with a total transaction of Rp 11.5 billion. This transaction itself is a transaction crossing or close itself which means these shares are sold and bought by the same broker.
Furthermore, the broker PT Mandiri Sekuritas (CC) made a purchase transaction in TOWR shares totaling 850 thousand lots at a price of Rp 1,165 / unit so that the total cost spent was Rp 99 billion with the broker PT BCA Sekuritas (SQ).
It is known that PT BCA Sekuritas is a subsidiary of PT Bank Central Asia Tbk (BBCA), which is controlled by the Djarum group, just like TOWR which is also controlled by the group owned by the Hartono brothers.
For information, market negotiations on the IDX are one of three types of transactions on the stock exchange. Other types of transactions are transactions in the regular market or regular market, and the cash market.
Transactions on the regular market are transactions conducted using a mechanism of continuous bargaining and become a transaction facility with normal prices and a minimum number of transactions of 1 lot (100 shares).
Conversely, large transactions carried out in the negotiating market usually involve owners or large shareholders who do not want to damage prices on the regular market. The price and number of transactions can be determined by both parties without the need to follow market prices.
Meanwhile, the cash market is a market where securities trading on the exchange is carried out based on a continuous bidding process (continuous auction market) by a stock exchange securities company (AB) through the JATS system and the settlement is carried out on the same exchange day or the same day (T + 0).
RESEARCH TEAM CNBC INDONESIA