04Vol.2

University of Wollongong Thesis Collections

University of Wollongong Thesis Collection

University of Wollongong Year

Investment decisions and the puzzle of

share price movements in capital

markets: a case study

Ngurah Arya PutrasemadhiUniversity of Wollongong

Putrasemadhi, Ngurah Arya, Investment decisions and the puzzle of share price move-ments in capital markets: a case study, Doctor of Philosophy thesis, Department ofAccounting and Finance, University of Wollongong, 1997. http://ro.uow.edu.au/theses/1020

This paper is posted at Research Online.

APPENDICES

Investment Decisions unci the Puzzle of Share Price Movements

TABLE OF CONTENTS

Page

TABLE OF CONTENTS 299

CONFIDENTIALLY NOTE 301

FOREWORDS 302

Appendix No.1: The Use of Case Study Research in Studying Investment Decisions

And the Puzzle of Share Price Movements on the Capital Market 304

Appendix No.2: The Development of Economic Policies in Indonesia and its Impact

On Development of the Capital Market; A Case Study 313

Appendix No.3: The Influence of Political Economic Policies on Listed Companies:

A Case Study on PT Indocement 333

Appendix No.4: The Influence of Political Economic Policies on Listed Companies:

A Case Study on PT Bank Duta 341

Appendix No.5: The Use of Fundamental Analysis on Investment Decisions: A Case

Study on the Indonesian Capital Market 353

Appendix No.6: The Effect of Counterfeit Shares on Market Activities: A Case Study

on the Indonesian Capital Market 361

Appendix No.7: The Effect of Dividend Announcements on Share Price Movements:

299

Investment Decisions and the Puzzle of Share Price Movements

A Case Study on the Indonesian Capital Markets 365

Appendix No.8: Company Listing and Initial Public Offering 1977-1993 375

Appendix No.9: Market Capitalization and Trading Activities 1977-1993 378

Appendix No.10: Trading Activities 1977-1993 379

Appendix No,11: Company Listing, initial Public Offering and Public Ownership Shares 380

Appendix No.12: Daily Composite Stock Price Index 1988-1993 384

Appendix No.13: Market Capitalization, Share Listed and Foreign Ownership Share

In Year End 1993 388

Appendix No.14: Share Price Movements in August 1993 394

Appendix No.15: Company Listing and Dividend Earnings 1985-1993 401

Appendix No.16: Overseas Subsidiary Companies of Some Indonesian

Group Companies 405

300


CONFIDENTIALLY NOTE

Volume Two of this thesis Is strictly confidential and I do not give permission for this

volume to be made publicly available and do not give permission for any part of this

volume to be quoted.

Ngurah Arya Putrasemadhi

301

investment Decisions and tiie Puzzle of Share Price Movements

FOREWORDS

Part of this study provides some supplementary notes that cover additional infonmation

and some supporting evidence related to the phenomena under study. This part is divided into

three sections. The first provides additional information concerning the use of alternative

research methodology, the methods of studying investment decisions and the information

about the public ownership of share. The second provides a case study research on political

economy policies, the impact of such policies on the development of the capital market and the

listed companies. The last section provides some numerical data that can be used as an

additional information in this study.

These three sections are designed in such a manner as to provide a basis for

examining the reliability and validity of the arguments under study. Accordingly, a narrative

record and documentary evidence are essential and are provided in this study. Due to the

research methodology used in this study being interpretive, the use of statistical data is not for

examining the phenomena under study, but is only used as supplementary material.

302


SECTION ONE

303


Appendix No.1 THE USE OF CASE STUDY RESEARCH IN STUDYING INVESTMENT DECISIONS AND

THE PUZZLE OF SHARE PRICE MOVEMENTS ON THE CAPITAL MARKET

INTRODUCTION

As Stake (1994) stated, some case studies are qualitative, some are not. In this study,

the researcher concentrates on a case study where qualitative inquiry dominates, with strong

naturalistic, holistic, cultural, and phenomenological interests.

In order to provide reasons for the use of case study research in this study, the first

part of this section discusses the use of alternative methodology research; the second part

discusses the methods used for collecting data during the progress of the study, and the last

part discusses evidence that motivates researchers to use such research.

THE ALTERNATIVE RESEARCH METHODOLOGY USED

The existence of other alternatives in methodology used by many accounting

researchers, validated the use of the alternative methodology approach in this study. The

interpretive approach, which has been argued in this study, will be examined based on the

previous research result of studies that were carried out, by my self, in 1990 and 1991 and the

historical development of the capital market. In the previous research studies, a quantitative

method as a methodology approach in this study was used to collect and analyse the data

under study. One of the results indicated that investors, during the period of study, hardly

depended on information provided by the listed companies. An examination of the importance

of information needed by investors is indicated in Table 1.1.

By classifying items of information disclosed in annual reports into 5 scale, from not

very important to very, and which are taken into account in making investment decisions, this

study found that the mean score of information used was more than 3.5. In other words.

304


investors considered that the information disclosed in financial reports by the listed companies

was important for making investment decisions.

Table 1.1 An Analysis of the Importance of Information Used by Investors

No. Information Used Mean Scores

A. Financial Information : 1 2 3 4 5 6 7 8 9

10 11 12 13 14 15 16 17

Earnings per share Rate of return required on projects Cash Flow Projections Allowance for doubtful debts Breakdown and analysis of operating expenses Breakdown of operating expenses into fixed and variables Comparative Income Statement for two years Comparative Balance Sheet for two years Statement of Earned Surplus Statement of Cash Flows/Source and Application of Funds Summary of Important Financial Statistics Sales breakdown by division in Consolidated Statement Capital Expenditure amount for current year Description of type of Capital Expenditure planned Research and development expenditure amount for current year Details of Outstanding Stock Issues Information on Tax (deferred tax and tax expenses)

4.40 4.34 4.00 3.53 3.93 3.61 4.23 4.17 3.85 4.29 3.47 3.58 3.44 3.52 3.20 3.52 4.11

B. Non Financial Information 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

General Information on the impact of inflation on the company Statement on Future Dividend Policies Share of market in major areas of activities Description of Management List of Directors Sales order backlogs Number of Share holders Notaries Deed and approval of Minister of Justice Basis of Accounting Used Narrative History of company Information on corporate social responsibility Discussion on research and development program Sales separated by major product lines Discussion of major factors affecting future business Superannuating policies Other employee benefit policies Basic Policy and Objectives of Management

Average Mean Score:

3.70 3.91 4.23 4.38 4.08 3.02 3.97 3.70 4.00 3.08 3.08 3.32 3.41 4.26 2.79 3.11 3.58 3.91

Source : Ngurah research study (1990): A Personal Document

In fact, by analysing historical data on the development of the capital market in

Indonesia, as indicated in Chapter 12 , it can be concluded that, before the enactment of the

305


full disclosure concept by BAPEPAM, information provided by corporate reporting practices in

the market was less-reliable and valid. Such conditions existed due to market abuse during the

period before the enactment of such full disclosure concept. For further discussion see:

Chapter 12 - The Influence of Political and Socio-Economic Factors on Investment Decisions

and Appendix No.2 and 3 - The Influence of Political Economic Policies on Listed Companies.

The lack of reliability and validity of information provided by corporate reporting

practices was also supported by personal interviews of some corporate managers, such as PT

Taspen, PT Astek, based on personal interview during the period of the study in 1993. Before

1993, investors in the capital market mostly did not use information provided by corporate

reporting practices as primary sources of information in making economic decisions in the

capital market. However, after 1993, although investors were still influenced by market

sentiment, some of them used financial reports in making investment decisions in the market.

Accordingly, this study supports some previous results which argued that the less there was

regulation in the market, the less investors used financial reports as a primary source of

information in making investment decisions.

Moreover, the lack of reliability of data can also be indicated from the results studies

in 1990 on the public ownership of shares of listed companies on the Jakarta Stock Exchange

(JSX). Based on mailing questionnaires, this study found that the public ownership of shares

was above 30%, as indicated in Table 1.2. But when the data was calculated, even with data

of all companies' shares in 1993 provided by the regulator (BAPEPAM), this study found that,

on average, the public ownership of shares was, in fact, less than 30%, as indicated in

Appendix No.11 in this study.

THE METHOD USED IN THIS STUDY

As mentioned in Chapter 3, the research was conducted in the field under interpretive

study which is considered the most suitable approach in order to understand the phenomena

306


under study. Moreover, this study argues that the methodology procedures that are matched

with this study are an archaeology of phenomena during the period of the 1960s to 1993. As

proposed by some researchers participation observation (PO), open ended interview (Ol) and

personal documents (PD) are the main methods used in collecting.

In order to have a better understanding of the phenomena under study, besides

these general methods used by some researchers, participation direct testing (PDT) is also

implemented in this study. This method asks the researcher to act as an active subject in the

field. In this case, the researcher has to come to the capital market and acts as a naive

investor who, directly, carries out certain activities from beginning to end. In this study those

activities in the market are carried out as follows:

As stated in the previous paragraphs, besides those methodology procedures

proposed by many researchers, the researcher (my-self) used participation direct testing

(PDT) in order to examine the reliability and validity of the data. Accordingly, on 3 January

1994, I acted as an active investor and bought 1 (one) lot of shares which was equal to 500

shares of PT Texmaco Jaya , in the IPO stage. See Figure 1.1 - PT Texmaco Share- a

Personal Document. In the IPO stage this company's shares had a nominal value of Rp

500,000.00 and a real value of Rp 2,075,000.00. In the case of developing capital market, one

of the reasons for buying shares in the IPO stage was in the IPO stage the market is argued as

being the most efficient market for the shares. This argument was also supported by some

researchers of the capital market. Accordingly, the best alternative for buying shares in such a

capital market is at the IPO stage. After this stage, the shares will be determined by supply

and demand forces in the market and will be mostly influenced by market sentiment.

It is also generally accepted that the price on the primary market is the lowest price.

Most investors, especially individual investors, come to the market to buy shares at this stage.

In order to prevent the shares from being bought by only some investors, the regulators built a

system whereby a person could buy only one lot of shares at the IPO stage, so that the

purpose of going public was maintained.

307

Investment Decisions 5nd the Puzzle of Share Price Movements

Figure 1.1 - PT TEXMACO share: A Personal Document

A month later, after applying and registering in the representative's office of the

underwriter, I and other investors received those shares. At every step, I saw that the people

who came to the maricet were mostly ordinary people. This was an interesting event which

caused me to wonder whether they were really investors or something else. I believe that

308

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those people are not real investors. In other words, they came to the market in the interest of

the real investors. They hoped to get some money from the investors for acting as agents of

their principals. Therefore, I asked questions as to why those people bought shares in the

capital market.

Quite a long interview with this kind of pseudo investor, eventually made me come to

the conclusion that firstly, they were only representatives of the real investors ; secondly, the

investors attempted to manipulate the system that had been constructed by the regulators. It

was likely that they wanted to have more than one lot of shares as required by law. Thirdly,

the researcher concluded that, from the beginning, the investors apparently wanted to

manipulate the system.

THE PUBLIC OWNERSHIP OF SHARES

As mentioned above, from the beginning people tended to manipulate the role of the

capital market, by creating pseudo investors at the IPO stage. Such intention caused violation

of the mission of going public in the market. Such violation can also be analysed from the

other members of the market such as the owners. The owners of companies, especially

privately held companies, also want to manipulate the mission in their own interests by listing

their shares at less than 50%. If the public ownership of shares were less than 50% of the total

of a company's shares in the market, the major shareholders could control the company

without any pressure from the minor shareholders (the public).

Table 1.2 shows that the number of stocks owned by the public, in 1990, was too

small. This condition was also indicated in 1993. Based on the Indonesian Capital Market

Directory (1994), the average total of stocks that was owned by the public in 1993 was still less

than 30%. For further discussion see Appendix No.11 - Company Listing, Initial Public Offering

and Public Ownership Share.

309


Table 1.2

Number of Stocks Owned by the Public and Quality Disclosure

Numbers of Stocks Owned by •mif '., the p\jtoMmmmm0mm Less than 20% 20- 30% more than 30% Total

Number of Companies

25 20 18 63

Mean Disclosure : l » i Msasmi

3.69 3.86 3.75

Source: Ngurah research studies 1990: A Personal Document.

Table 1.2 also indicates that the disclosure information provided by companies, as one

of the indicators of the efficiency of the capital market, also varies. Company stocks that were

less than 20 percent owned by the public, provide less information than the companies that

were 20-30 per cent owned by the public. However, the companies that were owned by more

than 30 per cent of the public provide less information than the companies that were 20-30

percent owned by the public. This indicates that public companies, apparently, were not under

pressure from the public about the fact that information should be disclosed in financial

statements. In fact, from the historical development of the capital market in Indonesia, there

was no pressure from the public on listed companies up to 1993, even in 1991 bearish market,

when the share prices dropped below the initial share price at the IPO stage. In this period of

bearish market there was no intervention at all by listed companies. The major shareholders

were not concerned with share price movements. Their only concern was with how to get easy

money from the public by listing in the market.

CONCLUSION

Firstly, By examining the previous research that used questionnaires in collecting and

analysing data, it can be concluded that the quantitative method did not confirm some of the

information about the real situation (the real worid) that existed in the capital market. A case

study research in the interpretive approach then was chosen as an alternative methodology

and methods used in this study.

310


Secondly, this study provides some reasons for the use of such a case study research

in understanding the phenomena under study. This case study research was examined from

its historical perspective and unstructured interviews and other methods in collecting data on

some investors were chosen as to this study being interpretive.

Thirdly, this study also provides some evidence of the reliability and validity of the

data. By examining the public ownership of shares in the previous research study and then

comparing this study to the current situation indicated that data in the previous research study

was less reliable than the data found in the current research study.

Fourthly, this study also provides some evidence that the public ownership of shares

were less than 50%. This condition indicated that the market tended to be inefficient.

T n n n o f^X^nPOAS 9 ^^^


SECTION TWO

312


Appendix No.2

THE DEVELOPMENT OF ECONOMIC POLICIES IN INDONESIA AND ITS IMPACT ON

DEVELOPMENT OF THE CAPITAL MARKET:

A CASE STUDY

INTRODUCTION

As mentioned in the previous chapters, this study argues that there are three

interrelated factors which influence investors in making investment decisions in the capital

market. Those factors, ie. political, economic and socio-economic, have been discussed widely

in previous chapters. This section attempts to provide a summary of government policies

underiying such factors and examines its impact on the historical development of the capital

market in Indonesia, by making a logical association between the issue of government policies

and the development of the capital market in Indonesia.

This section is divided into three parts. The first part outlines the history of political

economic policies. The second part outlines the trend of some macro economic factors that

describe the socio economic conditions in Indonesia; and the third part confirms the impact of

the development of political economic policies on the development of the capital market.

THE GOVERNMENT POLICIES

Between 1983 and 1990 many policy reforms were made by the Indonesian

Government. These reforms were intended to achieve the national goals of this country. One

of these related to the development of the capital market. Under the umbrella of historical

perspective, the policy reforms are listed in Table 2.1. Such policies covered many sectors,

such as monetary, tax or fiscal policies, capital market and investment policies.

313


Table 2.1. Summary of Government Policies 1983-1990

Year Policy Description

1983

1984

1985

1986

Cancelling large and capital intensive government projects.

(May 1983) [2].

Major cutback in government spending. [2]

Rupiah devalued by 28 %.

(March 1983) [3]

Removing interest rates and credit ceilings on state banks forced the

banking system toward market-price basis operations.

(June 1983) [3]

New Tax laws implemented.

(January 1984) [2]

Presidential Instruction No.5/1984 issued. Instructing Ministries to relax

licensing requirements for private businesses. [5]

Presidential Instruction No.4/1985 issued. Suspending the authority of the

Customs Agency and assigning a Swiss firm, Societe Generale de

Surveillance (SGS), to handle inspections and assessments of import duties

[6] and [4].

Measures to provide internationally-priced inputs to exporters. Tariff paid to

the government can be reclaimed after the realisation of exports. [4]

Bonded zones were opened . [4]

Rupiah devalued by 34%.

(September 1986) [1]

314



Some reductions of non-tariff barriers on imports.

(October 1986) [4]

Relaxation of foreign investment regulations. Allowing foreign investors

to buy shares in existing companies. Equal treatment between PMA and

PMDN firms in receiving credit for export activities from domestic banking

institutions; Local content program was reduced.

(May and October 1986) [5]

Restraints on civil service employment and salaries. [2]

Substantial reduction of non-tariff barriers on imports.

(January 1977) [4]

Further relaxation of tariff and non tariff barriers.

(December 1987) [4]

Further relaxation of investment licensing requirements. Time schedule for

the Indonesianisation program was extended. The Investment Priority List

(DSP) requirements were relaxed.

(December 1987) [4]

Deregulation of the capital market's listing requirements, abolition of price

control, and allowing foreign investors to participate in the market.

(December 1987) [7]

Substantial liberalisation of financial markets. New entry permitted into

banking business. Benchmarking regulations for banks and NBFI were

relaxed. Authorisation for the establishment of foreign joint venture

banks.

(October 1988) [3] and [5]

1987

1988

315



1988

1989

State owned enterprises were permitted to put 50% of deposits in private

banks and NBFIs.

(October 1988) [3] and [6]

Swap premium of foreign currencies was attached to a market based

formula, and its maturity was lengthened.

(October 1988) [3]

Imposing of legal lending limits on banks and NBFIs.

(October 1988) [3] and [6]

Imposing 15 % withholding tax on the interest of time deposits.

(October 1988) [2] and [7]

Deregulation of maritime activities. Further reduction of no-tariff barrier

(November 1988) [4]

Further liberalisation of capital markets. Danareksa's dominant role over

the market was abolished. Private stock exchanges were authorised. The

OTC market was permitted.

(December 1988) [6] and [7]

Authorisation of the establishment of new finance companies (including

foreign joint ventures which activities included leasing, venture capital,

securities business, factoring, consumer financing and credit cards).

(December 1988) [3], [6] and [7j

Further liberalisation of financial markets. Eliminates the ceiling on off

shore loans by banks and NBFIs. Eliminates the requirement for the Central

Bank's approval on medium and long term loans.

(March 1989) [3]

316



1990

Reorganise state owned enterprises to become more accountable and

independent.

(June 1989) [6]

Further liberalization of investment policy. The Investment Priority List

(DSP) was replaced with a simple "negative list".

(May 1989) [5]

Allowing securities companies to seek licenses as underwriters.

(November 1989) [7j

Further liberalisation of financial markets. Credit liquidity from the Central

Bank is reduced significantly. Banks are required to allocate 20% of total

credits to small, less established enterprises.

(January 1990) [3]

Further deregulation in international trade : relaxation of import

requirements on electronics and medicines.

(May 1990) [4]

Further liberalisation of the capital market: a new law leading the market

into purely private management was passed BAPEPAM's role was

changed so that it became a supervisory agency only.

(December 1990) [6] and [7]

Source: Adapted from Worid bank (1993), Strategy fro Growth and Various Regulation Packages

317


These reforms then can be grouped into the following policy categories:

Table 2.2

The Policies Group

No.

1).

2).

3).

4).

5).

6).

7).

Policy Group

Exchange Rate Policies

Fiscal Policies

Monetary and Financial Policies

Trade Policies

Investment Policies

Institutional Improvement Policies

Capital Market Policies

Total:

Number

1

5

8

8

4

7

6

39

From 1991 to 1993, the government accelerated the development of the capital market

in Indonesia. The policies of the 1980s were supported by the issue of technical instructions

related to exchanges and trading procedures, securities companies, clearing, settlements and

depository institutions, custodians, securities administration agencies and individual licensing

requirements. These instructions were accomplished by enforcement of full disclosure

requirements. By providing complete and timely information on companies when they are listed

in the capital market, hopefully this information can be used by investors in making economic

decisions in the market and also protecting them against various forms of manipulation.

With regard to the full disclosure requirements, especially in the field of financial

reports of companies, BAPEPAM issued regulations contained in Circular Letter of the

Chairman of BAPEPAM Number: SE-24/PM/1987, dated 24 December 1987, including

Attachment V regarding "Guidelines Concerning the Form and Content of Financial Reports",

Attachment VI regarding "Guidelines Concerning Preparation of A Company's Statement Letter

in the Field of Accounting to BAPEPAM", Attachment VII regarding "Guidelines Concerning

318


Preparation of a Comfort Letter", Attachment VIII regarding "Guidelines Concerning

Preparation of Annual and Semi-annual Financial Reports", and Circular Letter of the Chainman

of BAPEPAM Number: SE -05/PM/1992, dated 18 March 1992, which, in particular, regulated

the submission of annual financial reports.

In addition to these kind of regulations, by the end of 1993 the Chairman of BAPEPAM

issued five regulations relating to financial reporting and the accounting profession:

1). Rule Number IX.A.8, as attachment to the Decision Letter of the Chairman

of BAPEPAM Number Kep-283/PM/1992, dated 24 September 1992,

concerning Preemptive Rights

2) Rule Number IX.D .1 , as attachment to the Decision Letter of the Chairman

of BAPEPAM Number Kep-01/PM/1993, dated 29 January 1993,

concerning Conflict of Interest of Certain Transactions 'i

3). Rule Number I.B.4, as attachment to the Circular Letter of the Chairman of

BAPEPAM Number SE -13 / PM /1992, dated 24 September 1993,

concerning Explanation on Guidelines regarding Statement and Disclosure

on Bonus Shares.

4). Letter of the Chairman of BAPEPAM Number S-296/PM/1993, dated 4 March

1993 concerning the Responsibility to Submit a Consolidated Financial

Report.

5). Letter of the Chairman of BAPEPAM Number S-297/PM/1993, dated 4 March

1993, concerning the Implementation of the definition of Affiliations in the

Financial Statements.

319


THE ECONOMIC PERFORMANCE

One of the factors considered important in understanding the development of the

capital market is the effect of political economic policies on economic performance. Economic

performance, by and large, is measured by the degree of gross domestic product, the rate of

inflation, poverty and income per capita. Summary of principal macro economic performances

are Indicated in Tables 2.3.

Table 2.3 Summary of Principal Macro economics indicators : Gross Domestic Product (GDP) and Inflation Rates per year

Period

1973-82 (average)

1983-85 (average)

1986-88 (average)

1989

1990

1991

1992

1993

GDP 1)

7.5

6.0

5.4

7.5

7.2

6.9

6.4

6.5

Inflation Rate 2)

18.2

9.0

8.6

) 6.5

7.4

9.2

7.5

10.2

Source : 1) BPS ; 2) IMF

Table 2.3 indicates that the Gross Domestic Product (GDP) varied between 1973 and

1993. However, average growth still exceeded 6%. Compared to other Asian countries, as

indicated in Table 2.4. Indonesian GDP growth in 1993 was the best after Hongkong, but

bellow that of Malaysia. This good economic performance was also supported by a low

inflation rate of below 10%, as indicated in Table 2.3.

320


Table 2.4 The Gross Domestic Product (GDP) Asia Countries in 1993

Source: Kompas, 10 November 1994

Moreover, Indonesia has achieved the most impressive records in fertility reduction

and also in reducing poverty during the past two decades. This is due to the decrease in the

growth population rate and the increase in income per capita as indicated in Table 2.5.

Table 2.5

Population, Growth Rate and Income per capita

Source: United Nations: Economic and Social Commission for Asia and

the Pacific. (March 1995).

321




However, further examination of the income per capita indicated that the income per

capita in $US terms, increased from 1980 to 1992 and then declined in 1993. Figure 2.1

described trend of the income per capita and the growth rate of the population from 1980-1993

Trend of income percapita in $US

^g ss ss ~ (D — f^ 0 ) 0 ) <D Ol O) O)

( ^ , - OO T - oo , -

Growth Rate

•Income Percapita ($US)

Figure 2.1 Trend of income per capita in $US

Although Indonesia had good economic performance as indicated in Tables 2.3, 2.4,

and 25, however, according to the Worid Bank (1994), the Indonesia macro economics

situation remains sensitive, due to its large external debt. As indicated in the Worid Bank

report (1994), Indonesia is the sixth largest debtor to the World Bank. The external

outstanding debts increased each year and, by the end of 1993, as indicated in Table 2.6, the

total amount of Indonesian debt was $US8Q,591.8 million.

322


Table 2.6 Indonesian Outstanding External Debt 1990-1993 (in millions of $US)

Source: Bank Indonesia (1995)

Moreover, the low amount of non-oil and gas revenues, as indicated in Table 2.7,

made the revenue sectors more sensitive. The drop in oil prices will significantly affect the

revenue generated from oil and gas. Trend of the oil, gas and non-oil, gas revenues during the

period 1979-1993 is as follows:

323



Table 2.7 Summary of External Sectors : Oil & Gas Exports and Non-Oil & Gas Exports

1 Periods

1 1973-82 (average) 1 1983-85 (average) I 1986-88 (average) 1 1989 1 1990 1 1991 1 1992 1 1993

Oil & Gas (1) (in million of US$)

9.9 15.0 8.2 8.7

11.1 10.9 10.7 9.7

1

Price, $/bbl (2)

18.7 27.9 15.0 17.9 22.4 18.3 18.6 16.6

Non-Oil & Gas (1) \ (in million of US$) |

3.5 1 5.6 1 8.9 1

13.5 1 14.3 1 18.2 1 23.3 1 27.1 1

Source : 1)BPS ; 2) World Bank report (1994)

From Table 2.7 it can be indicated that between 1973 and 1985 Indonesia I

experienced good economic performance in the oil and gas sectors. However, between 1986

and 1988, oil and gas prices dropped to 15 $US /bbl. Considering the changing economic

conditions, the need for economic reforms became a priority. The government, by and large,

since 1988 started to loosen some regulations in the financial sector. Massive market reforms

then were commenced by the government since this period.

From its historical development, such reforms began to undertook in 1983, a reform

that related to the tax policies. By implementing self assessment methods in calculating tax

expenses, the government expected revenues from taxes can be increased. After the tax

reforms, in. 1988, a radical development was made to the banking industries. The government

loosened some requirements relating to reserve requirements and also to lending limits and

made possible of the opening of branches or offices by banks in Indonesia. This radical

development was also made to the capital market by abolishing the role of PT Danareksa and

loosened some requirements relating to the listed procedures in the market.

324


Moreover, in 1990 some policy reforms were also directed to the other sectors (the

non-financial sectors) in order to motivate some investors to invest their money in Indonesia.

Those reforms were directed to achieving stable economic growth and a low inflation rate. In

fact as indicated in Table 2.3, the economic growth and the inflation rate were stiil considered

manageable.

THE CAPITAL MARKET DEVELOPMENT

The role of the capital market in Indonesia, as has been argued in this study, has a

strong association with the political economic policies of the country. From its historical

development, it has been shown that there was a long period of stagnation between 1983

and 1989, as indicated in Figure 2.2, due to only a few political economic policies being

directed to the development of the capital market. The government begins to accelerate the

development of political economic policies after the market having such stagnation.

1,

It as been argued in this study, that before this period, the government reopened the

capital market in order to dampen down the crisis between indigenous people (pribumi) and

non-indigenous people (Chinese). The government started to liberalise the market in 1988 by

abolishing the role of PT Danareksa, the National Trust Fund company in 1988, as the only

one trust fund that operated in the market.

Figure 2.2. The Long Period of Stagnation 1984-1988

325


Efforts to develop the capital market existed due to the change in external factors

that caused a drop in oil prices since 1989. However, there were some among corporate

managers who doubted the ability of the government to control economic policies. The

corporate managers argued that the government was inconsistent and was still at the stage of

trial and error. Accordingly, there is a need to conveys the corporate managers that the

government will be consistent with its objective.

After the government diminished the role of PT. Danareksa and campaigned on the

benefit of dealing in the capital market, there was a first market boom, in the history of capital

market development in Indonesia. As indicated in Figure 2.3a-c, in the beginning of 1990 any

company that was listed on the capital market expanded dramatically.

Trend of the Listed Companies 1988-1993

0) .a E 3

>-

Year

•—Number

Figure 2.3a Trend of the Listed Companies 1988-1993

Figure 2.3a, indicated the significant increased of the listed companies in the market.

The number of the listed companies increased more than 100% in 1990. Figure 2.3b and 2.3c

also indicated the increasing amount of market capitalisation and trading activities in 1990,

due to the increasing number of company listed in the market.

326


Trend of the Market Capitalization and the Listed Companies 1988-1993

70,000,000

'-60,000,000

- - 50,000,000

- - 40,000,000

• - 30,000,000

' - 20,000,000

-- 10,000,000

0 1988 1989 1990 1991

Year

1992 1993

Number Of Listed Companies

Market Capitalization (OOO.OOO)

Figure 2.3b. Trend of the Market capitalisation and the Listed Companies 1988-1993

180 160

« 140 3 > V .Q

E 3 Z

120 100 80 60 40 20 0

Trend of the Trading Activities and the Listed Companies 1988-1993

20,000,000

15,000,000

10,000,000

-- 5,000,000

- •

1 ra 1 W ) W 1

:•::••'•

/ H '

' 1 ^ -

1988 1989 1990 1991 1992 1993

Year

Number Of Listed Companies

Trading Activities (000.000')

Figure 2.3c trend of the Trading Activities and the Listed Companies 1988-1993

Moreover, the share prices of such companies also increase significantly. As indicated

in Figure 2.4 the composite stock price index in April 1990 reached a highest of 650, an index

which the market has never reached since the market was reopened in 1978. However, the

bearish market was not longer. The period of 1990s also were marked by the market crash in

October 1981. In this period the composite stock price index reached a lowest of below 250,

327


which the market never had, as indicated in Figure 2.5. For further discussion see also

Appendix no.12.

c

Trend of the Monthly Composite Stock Price Index 1990

Hig

]Lo

-Clo

Figure 2.4 Trend of the Monthly Composite Stock Price Index in 1990

Trend of the Monthly of Stock Price Index 1991

X u c

450,000

Figure 2.5, Trend of the Daily of Composite Stock Price Index in 1991

328


The period after 1991 was considered as a further step in the development of the

capital market in Indonesia. After having succeeded in attracting people come to the market,

following which small investors suffered due to the market crash, the government arrived at

the second stage of development, being a law enforcement program. Since this period, the

interests of small investors became its main concern. The small investors were protected by

law enforcement programs and a full disclosure concept was one of the criteria to be followed

by listed companies.

When law enforcement was implemented in a more committed way, some companies

and other supporting members were fined, while others were excluded from the activities of

the market. Although some analysts predicted that the market would become efficient after

this, it still did not attract the interest of individual investors. Individual or small investors still

perceived the market as being a "lemon". Moreover, the low increases in share prices, the low

dividends and the high possibility of making losses, caused individual investors to consider

that it was more beneficial to put their money in a bank rather than buying and selling shares

in the market.

On the other hand, the low income per capita as indicated in Table 2.5 and the high

rate of interest of banks as indicated in Chapter 7 in this study were also argued as symptoms

that strengthened the slow development of the capital market in Indonesia, after the period of

bearish market in 1991. Figure 2.8 to Figure 2.11 described such development. For further

discussion see also Appendix No. 8 to 10 and 12

Trend of the Listed Companies, January-December 1993

175 170

S 165 4-E 160 i 1 5 5 -

150 --145 -

m ^ I

m^m.m

W P i I

Q Number

C J3 (0 a>

! s ) 5 > > < l > > < 0 ) D . - H > 0 5 < 5 3 T < W O Z Q

Month

Figure 2.8 Trend of the Listed Companies in January-December 1993

329


Trend of the Market Capitalization and the Listed Companies January-December 1993

• ^ - O m r? ^ <» >• O) -fi -fi > O TO < U 5 S - ™ C S 73 S " r ^ 5 <"

Month

I Number Of Listed Companies

• Marl<et Capitalization

Figure 2.9, Trend of the Market Capitalisation and the listed Companies January-December

1993

0) .a E

Trend of the Trading Activities and the Listed Companies January-December 1993

Month

I Number Of Listed Companies

•Trading Activities (000.000')

Figure 2.10 Trend of the Trading Activities and the Listed Companies January-December 1993

330


Trend of the Composite Stock Price Index in 1993

Figure 2.11 Trend of the Composite Stock Price Index in 1993

CONCLUSION

The role of government policy in the process of economic development in Indonesia

has become more and more appreciated. The Worid Bank report (1994) stated that

Indonesia's economic performance had been one of the best in the developing world. Over the

past 25 years, average Gross Domestic Product (GDP) growth exceeded 6%, inflation

averaged less than 10% and the growth rate of the population declined to 1.7 in 1993 as

indicated in Table 2.4 and 2.5.

This section discussed the historical development of political economic policies and

their impact on the development of the capital market. From a historical view point, it is

argued that there is an association between the development of political economic policies

and the development of the capital market.

From 1983 to 1988 the government issued 39 regulations, and of these 15 were

issued in 1988. As indicated in Table 2.1. the government instituted overall political economic

331


policies that covered monetary, taxation, investment and trading policies. These policies were

mainly concerned with the problems of the financial sector. These kinds of reform supported

the development of the capital market in Indonesia and caused a significant development of

the capital market during 1989 and 1990.

Figure 2.2 to 2.4 indicated the increasing number of listed companies and the market

activities existed from 1983 to 1990. However, from 1991 to 1993, there had been no

significant development on the market due to the market being bearish. The govemment's

efforts have been directed to reconciling the members of the market and the market

activities, including maintaining the enforcement programs and the full disclosure concept.

332


Appendix No.3

THE INFLUENCE OF POLITICAL ECONOMIC POLICIES ON LISTED COMPANIES:

A CASE STUDY ON PT INDOCEMENT

INTRODUCTION

As mentioned in Chapter 7(Section 7.5) and Chapter 9(Section 9.6), before 1983 the

government of Indonesia was extensively involved in allocating and regulating credits. This

involvement was intended to support various sectors of the economy that were considered to

have high priority within the government's industrial policies. In this way Bank Indonesia, is a

coordinating or central bank that provides concessionary loans for a wide range of economic

activities. This includes 21 sectors of economic activities, including, production of cement,

foods, textiles, papers and tourism. The rate of interest that is offered by the bank for these

activities ranges from 9 to 15 percent, and for non priorities, from 20 to 22 percent.

The availability of such concessionary loans or credits first of all created a new

corporate community that wanted to set up new business under such loans. However, due to

the lack of control of the loans, the corporate community might switch to other non-targeted

activities. As a result, there were also significant developments in other business activities in

the country. In quite a short period of time, new conglomerates emerged. These

conglomerates were affiliated with quite a few of companies. Shin (1989) reported that, in

1986, the forty-one (41) largest private groups of companies controlled 1,630 affiliates. Some

of these groups also operated their own banking subsidiaries. For instance, the Salim Group,

the biggest conglomerate in Indonesia, at that time controlled Bank Central Asia (BCA), the

biggest private bank in Indonesia. For further discussion see also Appendix No. 16

Considering the nature of these loans, it is very difficult for the government to control

the corporate managers in allocating these funds for a specific goal. On the other hand, it is

easily conceivable for conglomerates, for instance the Salim group, to receive concessionary

credit from the government program for its cement and food production industries and then

333


divert the funds to other non targeted industries which are still controlled by the same group.

This allegation was a widely-discussed issue in the country before the 1990s.

The expanding of companies into big corporations without prudent financing

investments, in some cases, caused those companies eg. PT Indocement, to have problems

relating to their financial condition. PT Indocement, an affiliate of the giant Salim group

conglomerate, in 1985 experienced a severe financial crisis, which required government

intervention to bail it out. The bail out of this company was also mentioned by President

Suharto recently, when he made a speech in July 1995 in Surabaya. This kind of crisis it was

argued by the analysts, was due to the over exposure to foreign-dominated funds without

sufficient swap protection.

With the open exchange system and a fully convertible currency, the government has

limited ability to curb these kinds of overseas borrowing's without any exchange rate system.

For further discussion see Table 7.5.1 in Chapter 7. In order to prevent this condition, since

October 1988, the government has changed the swap-premium from a fixed rate to a market

based formula. With this change, the swap-premium is set as the difference between average

domestic deposits and the corresponding US dollar at the LIBOR interest rate.

THE HISTORICAL PERSPECTIVE

An overview of the historical background of this company revealed that, currently, PT

Indocement fs the largest cement producer in Indonesia. This company was founded in 1985

under the name PT Distinct Indocement Enterprise. The company owns 8 factories located on

200 ha of land in Citeureup, Cibinong, Paliaman, Cirebon with production capacity of 8.9

million tons per annum, consisting of 8.7 million tons of grey cement and 0.2 million tons of

white cement. This company has limestone reserves for more than 200 years from its

concession of 5,000 ha of land adjacent to the plants in Citeureup together with 300 ha of land

next to its plant in Paliaman, Cirebon.

334


Soon after its crisis in 1985, PT Indocement obtained a concessionary loan from the

government and then, on 12 June 1989, the company was listed on the Indonesian capital

market with an offering price of Rp 10,000, the total listed shares of which were 89,832,150

units. This was the second opportunity for the company to obtain easy money, after it had

received money from the concessionary loans in the 1980s. According to its prospectus, the

money from the public, together with loans from the major shareholders, would be used by the

company for strengthening its financial position. However, in fact, after being listed on the

capital market, this company, besides restructuring its financial position, began to expand its

line of businesses.

In 1991 the company took over 100% of the shares of PT Tridaya Manunggal Semen.

In 1992 the company acquired a 100% stake in PT Bogasari Flour Mills, which had a

monopoly in wheat flour, at a cost of Rp 1,170 billion; a 51% stake in Indofood Group at a

cost of Rp 777 billion and a 100% stake in PT Perwick Agung, which owns Wisma

Indocement, at a cost of Rp 113.7 billion. The company is a member of the Salim Group. The

shareholders of this company currently are PT Mekar Perkasa (42.40%), the Indonesian

Government (25.93%), PT Citrabuana Dirgapuri (12.75%) and the Public (18.92%).

An examination of the financial statements of this company for the past five years

indicates that, before its listing, it experienced severe losses: 77,979 ; 95,011; 48,331 billion

rupiahs respectively in 1988, 1987 and 1986 as indicated in Table 3.1- A Financial Summary

of the Past Five Years. However, after its listing on the market, the company made profits,

amounting to 12,587(million rupiahs) in 1989 and 250,122 (million rupiahs) in 1990 as

indicated in Table 3.1. After 1990, the company, as indicated in Table 3.2. - A Summary of

Financial Statements, also made profits amounting to 308,674 ; 327,393, and 312,388

respectively in 1991, 1992 and 1993.

335


Table 3.1 A Financial Summary of The Past Five Years (Amount in Rp'000,000, Except per Share Data and Number of Employees)

Source: Annual Report 1990

As indicated in Article No. 22 of the Company's Articles of Incorporation, the

company will issue dividends if it earns a profit and will pay dividends at least once a year.

An analysis of its dividend policy indicated that there was no dividend announcement to the

public by 1990 for the profit in 1989. At a meeting on 25 January 1991, the Board of Directors

declared an interim dividend of Rp 150 per share for the years 1990/1991 payable on 15

March 1991 based on shares outstanding as at 21 February 1991.

336



Table 3.2 A Summary of Financial Statements (million rupiah)

Total Asset Current Assets of which

Time deposits Trade Receivable Inventory

Investment Fixed Assets-Net Other Assets Liabilities Current Liabilities of which

Bank borrowing's Trade Payable Current maturates of Long term Debt

Long Term Liabilities of which

Bank borrowings Convertible Bonds Liabilities to affiliates

Minority Interest in Subsidiaries Shareholders' Equity

Paid up capital Paid up capital in excess of par value Retained Earnings

Net Sales Cost of Goods Sold Gross Profit Operating Expenses Operating Profit Other Income (Expenses) Profit before Taxes Profit after Taxes

:iiKS:>:1 991 :::..:: 2,151,192

663,833

404,239 35,527

168,797 45,603

1,356,479 85,277

634,003 144,137

34,607 16,659 59,399

489,866

34,607 145,950

--

1,517,189 598,881 650.090 268,217 771,319 418,273 353,046 42,865

310,181 ( 1,508) 308,674 308,674

., .: 1992 : . ., 4,795,191

983,759

64,750 231,619 342,257 750,162

2,842,988 218,281

3,055,413 973,885

498,228 173,134 166,533

2,000,799

498,228 154,650

17,201 80,729

1,739,778 598,881 650,090 490,806

2,206,114 1,409,431

796,683 234,526 562,158

( 148,299) 413,858 327,393

:̂:.:.::: 1 ^ 5,054.028

824,562

4,816 234,011 329,634 738,437

3,126,777 364,252

3,151,583 1,182,797

639,549 165,998 242,596

1,829,398

635,549 158,250 121,154 139,387

1,902,445 598,881 650,090 653,474

2,890,384 1,888,554 1,001,830

298,489 703,342

( 282,996) 420,345 312,388

Per Share Data (Rp) Earning per share Equity per share Dividend oer share Closing share price

515 2,533

325J 9,400

547 2,905

250 10,350

522 3,177

-15,400

Financial Ratios PER (X) PBV Dividend Payout (%) Dividend Yield (%) Current Ratio (x) Debt to Equity (x) Leverage Ratio (x) Gross Profit Margin (x) Operating Profit Margin (x) Net Profit Margin (x) Inventory turn over (x) Total Assets Turnover (x) ROI (%) ROE (%)

18,24 3,71

63,06 12,83 4,61 0,42 0,29 0,46 0,40 0,40 2,48 0,36

14,35 20,35

18,93 3,56

45,73 8,61 1.01 1,76 0,64 0,36 0,25 0,15 4,12 0,46

6,83 18,82

29,52 4,85

-

0,70 1,66 0,62 0,35 0.24 0,11 5,73 0,57

6,18 16,42

PER= 31.63; PBV=5.19x Financial Year: December 31 Source: Indonesian Capital Market Directory 1994

337


After this period, as indicated in the Summary of Financial Statements, the company

declared a cash dividend of Rp 200 per share for the profit in 1991 and 1992. The share price

movement after its listing, as shown in Table 3.2, increased by 10% in 1989 and 50% in 1990,

due to the bullish market in those years. Most of the listed shares experienced dramatic

increases in price before the bearish market of 1991. However, with the bearish market, this

company's share prices were corrected by a significant amount, especially in September 1991.

This company's shares were corrected to more than 30% below the price at the IPO stage, as

indicated in Table 3.3 - Stock Prices, Number and Value of Shares Traded. Some capital

market observers argued that there was a crash in the capital market in Indonesia due to the

drop in share prices by more than 50% for all listed shares. Apparently, this crash also

affected the share prices of this company.

Table 3.3

Stock Price, Number and Value of Shares Traded

Month

January'91 February March April May June July August September October November December

Stock Price Hi (RP> 15,000 15,000 15,000 15,000 15,000 15,000 11,250 11,300 10,200 7,600 9,300 9,400

Low (Rp) 10,400 10,400 10,400 10,400 10,400 10,400 9,750

10,050 7,300 7,150 7,400 8,300

Close (Rp)

12,700 13,550 12,400 13,150 12,700 10,900 10,400 10,050 7,400 7,550 9,150 9,400

Shared Traded Number COOO)

1,643 4,481 1,318 2,655 1,936 2,153 3,780 3,208 4,098 1,636 2,406 5,009

Value (million Rp>

22,681,934 59,909,860 17,206,090 35,030,475 24,935,580 26,393,345 38,528,795 34,561,750 39,037,145 12,052,035 20,909,195 44,690,435

Source: Personal data.

As indicated in Table 3.3, the share price of this company dropped dramatically (by

more than 30%), during the bearish market, in September 1991. The price of this share was

Rp 7,400 in September 1991 and by the end of 1991, its price was still below the initial price

offering (Rp 10.000). The share price of this company on 31 December 1991 was Rp 9,400.

338


However, after 1993 the share price of the company experienced a steady growth as

indicated in Table 3.4. It is generally accepted that 1993 was the turning point of the

company's share in the market. The turning point, of course, existed if the shares were

undervalued in the market. All ordinary shares, after indicating the real value of the company,

have increased since then. The development of the market since 1993 is in the new era of

development

Table 3.4

Stock Price, Number and Value of Shares Traded and Market Capitalisation

Source: Indonesian Capital Market Directory 1994.

CONCLUSION

From this description, it can be concluded that the company listed in the capital

market due to its great difficulty in financing. The company suffered severe losses for years;

however, after its listing, the company reported a profit in its financial statement. It was also

indicated that the company manipulated the prospectus by not reported the money from the

339



public that was used for other purposes. This condition could deteriorate the performance of

the capital market.

It was also concluded that attention to political considerations was higher than to

economic ones. The bail out of this company, as indicated in this study, provided evidence

that in some cases, political consideration becomes a first priority in the development of the

capital market. Lesser considerations are given to the interests of individual investors (the

public).

As indicated in this study, individual investors (the public), as potential investors in

the country, suffer losses due to such political economic policies. The individual investors

believe that, by having a state company's shares, they can minimise their possible losses from

market activities. However, the negative impact of such a bubble, as mentioned in this study

(Chapter 12.4), caused individual investors to have great potential losses and, in turn, to lose

their interest in dealing with the stocks in the capital market.

After a long period of listing on the capital market, the share price of this company, in

the secondary market, before 1993, was still under the price of its initial offering. In January

1993, the price of the shares closed at 9,800 rupiahs per share and after January 1993, the

share price indicates a steady growth which was below the IPO.

340


Appendix No.4

THE INFLUENCE OF POLITICAL ECONOMIC POLICIES ON LISTED COMPANIES:

A CASE STUDY ON PT BANK DUTA

INTRODUCTION

As mentioned in previous chapters, some market abuses existed in the market during

the historical development of the capital market, either by listed companies, investors or

others. Part of this study discusses the influence of political economic policies on listed

companies where such abuses were considered to exist in the market.

PT. Bank Duta is a listed company that was considered representative in

understanding the character of some listed companies in the market. Unlike the PT

Indocement case, the PT Bank Duta case is intended to underiine the problem of information

provided by corporate reporting practices and also the influence of government in solving the

case.

Accordingly, part of this study discusses the information provided by the listed

company, the government interference in trading activities and also the role of capital market

agencies, by and large, in supporting the listed company. This part also describes the impact

of this case on it shares price movement.


As indicated in its prospectus, PT Bank Duta was originally known as PT Bank

Dharma Ekonomi. This company was established as a commercial bank in Jakarta in 1966. In

1975, the company changed its name to PT Bank Duta Ekonomi and then merged with Bank

Dwikora in Pontianak and with PT Bank Sarma in Surabaya in 1976. The bank was licensed

to operate foreign exchange transactions since 1978 and its name was changed to PT Bank

Duta.

341


In 1976, the company established PT IBJ Indonesia Bank, a joint venture of PT Bank

Duta with the International Bank of Japan. At the same time, the company established PT

Graha Sarana Duta which engaged in property management and became a major shareholder

in PT Amro Duta Leasing and PT Mitra Duta Securities. By 1993 the company had 52 branch

offices throughout Indonesia, and a representative office in Hongkong.

On 12 June 1990 the company was listed on the market with shares amounting to

27,500,000 units and an initial offering price of Rp8,000 per unit. Like other companies that

were listed during this period, this company was oversubscribed at the IPO stage, when the

registration of application forms was opened. A long queue of individual investors initialised

registration at the IPO stage.

THE SHARE PRICE MOVEMENTS

As stated in the summary of audited financial reports, before its listing in the market,

in 1988 and 1989, this company had some profits. Such information, apparently, strengthened

the position of the company's share in the market. However, soon after the company was

listed in the market, the bad news suddenly reached the public, that the company had suffered

enormous financial losses that were caused by mismanagement of foreign exchange

transactions. The losses, amounting to US $419 million, as stated by Tempo Magazine in

September 1990, were recognised by the bank. However, soon after its crisis had been

announced, the major shareholders initiated this case in order to maintain its performance in

the market.

Although the share price of the company declined after its listing on the market from

Rp8,000 to Rp6,250, during the week after the bad news, the share price was still stable.

Apparently, there was no impact of the bad news on the share price movement. Further

examination of this condition indicated that the share price of this company was stable due to

the State owned companies interfere the trading activities of these shares on the market. The

Institutional investors from the State owned companies bought these shares in any level of

342


prices, in order to maintain the perfonmance of the company in the martlet. As indicated in

Figure 4.1, the share price of this company relative stable two weeks after its crisis. However,

as indicated in Table 4.1 the share prices of the company dropped to Rp3,450 in January 1991

and then to Rp1,950 in September to December 1991. A significant decline in this company's

shares in 1991 is considered to be a result of the bearish market for all ordinary shares in

1991.

S.SOi LiOe S,'VAX ^ ^ ^ ^ ^ \ A

I . .1 . t \

S.7CS I

fi

J ''I'.:'

.^i ='-r^ • ica JOT J.es i-CSJ icsj J.Ki

I I

I I I

I

u "••'• W / i ' M ' ^ f i I M i — ' - l . ' . i r f ± f . ' j ; . f -^" ! l

u TrrTTB

Figure 4.1. Trend of Bank Duta Share Prices After Crisis

Table 4.1. stock Price, Number anci Value of Shares Traded

Month

January'91 February March April May June July August September October November December

stock Price HI

(Rp) 4,700 4,700 4,700 4.700 4,700 4,700 2,800 2,750 2.400 2,100 2,100 2,050

;•: Low

•^Rp)

3,250 3,150 2,700 2.700 2,550 2,200 2,000 2,200 1,850 1,900 1,850 1,950

Close (Rp)

3,450 3,200 3,300 3,000 2,700 2,200 2,750 2,300 1,950 1,950 2,000 1,950

Shared Traded Number

(•000) 1,600 2,940 3,365 2,777 4,713 1,378 5,691 3,855 1,942 1,942 2,143 3,722

Value (miifion Rp) 5,562.330

10,142,190 10,544,660 9,010,320

12,806,525 3,456,565

14,214,470 9,424,950 8,002,645 3,855,265 4,248,925 7,388,000

Source: Personal Data

343


After the bearish market, when the share prices for all ordinary shares indicated an up

swing. The share price of the company increased from Rp2,450 to Rp3,700, in August 1993

then by 31 December 1993 reached Rp5,250. However, the share price was still below the

initial public offering prices in June 1990 as indicated in Table 4.2

Table 4,2 stock Price, Number and Value of Shares Traded and Market Capitalisation

ft/lonth

Januarv'93 February March April May June July August September October November December

Stock Pnce

(Rp) 2,900 2,825 2,750 2,650 2,625 2,600 2,550 3,800 4,100 3,800 6,100 5,500

Low (Rp)

2,275 2,400 2,350 2,500 2,325 2,375 2,400 2,450 3,500 3,525 3,675 4,600

Close (Rp)

2,700 2,475 2,350 2,525 2,500 2,400 2,450 3,700 3,675 3,700 5,275 5,250

Shansd Traded

Nurpiber COOO) 2,664 1,549

643 789 720 310

1,234 9,778 4,688 1,273

11,658 2,422

Value (millian Rp)

7,267 4,210 1,645 2,023 1,858

768 3,055

30,830 19,003 4,685

57,012 12,442

Market Capitalisation

Value (mtllion Rp)

94,500 86,625 82,250 88,375 87,500 84,000 85,750

129,500 128,625 129,500 184,625 84,625

Source : Personal Data 1994.

THE FINANCIAL STATEMENTS

As indicated in the previous chapters, information used by investors in the market is

also related to public information, such as published financial statements that are provided by

a company. This information is used by investors in making their economic decisions in the

market. A company considers that the good performance provided by it in corporate reporting

practices will attract investors in the market to buy the company's shares at any level of price.

However, as indicated also in the previous chapters, investors perceived that corporate

reporting practices in this country were less reliable than in developed countries. The lack of

reliability of such information caused investors not to use this information as primary

information in making economic decisions in the market, but most of them dealt with

rumours.

344


Table 4.3 Summary of Financial Position (1988 and 1987)

CURRENT ASSETS; Cash Bank Indonesia Other Banks Marketable Securities Visa Card Receivable Loans Receivable Allow/ance for Doubtful Accounts Other Current Assets

Total Current Assets

• 1987 '^Mmrnm (Rp)

8,219,591,379 18,383,730,321

165,394,485,514 122,559,177,290 16,544,458,670

693,580,173,861 (137,516,773) 3,778,106,704

1.028,322,206,966

7,380,914,816 36,645,344,277 54,369,871,956 65,220,329,839 9,335,472,394

518,331,653,244 — 4,829,274,730

696,113,441,256 INVESTMENTS:

Investments in Stocks Investments in Bonds

Total Investment:

2,065,510,000 _

2,065,510,000

2,035,510,000 500,950,000

2,536,460,000 FIXED ASSETS :

Land Buildings and Houses Transportation Equipment Office Equipment and Fixtures Total Fixed Assets Accumulated Depreciation Total Net Fixed Assets

739,231,500 1,744,018,092 2,146,295,619 9,514,225,332

14,160,770,543 ( 6,988,551,655)

7,172,218,888

463,126,000 1,967,984,509 1,517,072,952 7,422,464,554

11,370,648,015 ( 5,497,599,319)

5,873,048,696 OTHER ASSETS :

Other Real and Chattel Properties Pre-Operating Expenses (net) Construction in Progress Goodwill (net) Other Assets Total Other Assets TOTAL ASSETS

190,887,351 315,945,533 567,993,043 30,635,898

. 72,781,662 1,178,243,487

1,038,738,179,341

172,052,103 279,653,046 355,190,340 34,861,539 90,133,452

931,869,480 705,454,819,432

LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES:

Current Accounts Accrued Expenses Notes Payable Savings Time Deposits Borrowing's Others Total Current Liabilities

STOCKHOLDERS EQUITY Authorised capital 500,000 shares in 1988 and 300,000 shares in 1987, Rp 100,000 par value. Subscribed and paid in 325,000 shares in 1988 and 135,000 shares in 1987 General Reserves Subordinate Loans Retained Earninqs Total Stockholders' Equity

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

170,738,413,235 15,165,003,826 96,232,023,293 7,620,766,390

574,498,505,743 97,334,838,456 24,433,643,401

986,023,194,344

32,500,000,000 96,537,555

10.000,000,000 10,118,447,442 52,714,984,997

1,038,738,179,341

169,061,746,590 10,247,572,424 11,650,000,000 5,487,530,825

338,810,512,120 122,512,307,705 15,323,838,766

673,093,508,450

13,500,000,000 6,805,362,555

-12,055,948,427 32,361,310,982

705,454,819,432

STATEMENT OF INCOME ; OPERATING REVENUE Interest Revenue Fees and Commissions Gains on Foreign Exchange Other Operating Revenue

132,120,619,218 8,746,277,061 4,431,151,555 4,793,358,760

150,091,406,594

86,822,217,642 5,695,902,836 1,678,625,464 4,020,378,413

98,217,124,355

345


OPERATING EXPENSES Cost of Funds Loss on Foreign Exchange Other Operating Expenses

INCOME FROM OPERATIONS OTHER EXPENSES OTHER INCOME

95,384,151,094 255,187,255

39,379,509,013 135,018,847,362

15,072,559,232 (274,424,086) 396,179,439

58,160,920 207 51,814,991

29,522,042,236 87,734,777.434

10,482.346,921 (136,322,211) 268.755.018

PROVISION FOR GRATIFICATION ' ' AND OTHER EMPLOYEES' BENEFITS NET INCOME BEFORE INCOME TAX INCOME TAX NET INCOME AFTER INCOME TAX

(1,547,261,000 ) 13,647,053,585

( 5,300,846,650 ) 8,346,206,935

_ 10,614,779,728

( 3,895,679,950 ) 6,719,099,778

Source Prospectuses 1989

By considering such arguments the audited financial statements of PT Bank Duta,

before listed on the market, as indicated in Table 4.3, is examined. This audited financial

statement indicated that the company had some profits from its operation on 1988 and 1989

before its listing in the market. However, soon after its listing, the company was stated as

having suffer great losses amounting to US$419 million in September 1990. Although there is

no audited report provided by the company for the period of such losses, the proxy statement

of the company for the period ended 30 September 1990 shown some losses as indicated in

Table 4.4.

Table 4.4 Summary of Financial Position for the year ended 1989 and 30 September 1990

ICURRENT ASSETS: Cash Bank Indonesia Other Banks Marketable Securities Visa Card Receivable Loans Receivable Foreign Currencies Other Current Assets

Total Current Assets

1989 (Rp)

30 September 1990 (OOO'Rp) unaudited

14,983,334,184 34,523,252,525

195,963,173,426 458,372,474,501 63,679,471,632

1,156,124,336,700

20,374,963,842

14,648,646 17,227,738 3,835,512 2,126,644

658,312,931 1,316,313.082

723,167,260 2,000,000

INVESTMENTS : Investments in Stocks Investments in Bonds

Total Investment:

13,574,910,000 —

2,065,510,000

12,374,910

FIXED A S S E T S : Land Buildings and Houses Transportation Equipment Office Equipment and Fixtures Total Fixed Assets Accumulated Depreciation Total Net Fixed Assets 13,424,587,680 62,783,091

OTHER ASSETS :

346


Other Real and Chattel Properties Pre-Operating Expenses (net) Construction in Progress Goodwill (net) Other Assets Total Other Assets

18,533,555,908

TOTAL A S S E T S ( 1,989,554,060,398

60,457,706

2,873,247,520 LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES:

Current Accounts Accrued Expenses Notes Payable/Foreign Currencies Savings Time Deposits Borrowing's Others Total Current Liabilities

STOCKHOLDERS EQUITY Authorised capital 500,000 shares in 1988 and 300,000 shares in 1987, Rp 100,000 par value. Subscribed and paid in 325,000 shares in 1988 and 135,000 shares in 1987 Reserves Retained Earnings Profit/Losses for the Current year Total Stockholders' Equity

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

283,644,015,850 21,646,930,133

159,454,000,000 11,311,799,447

1,041,040,909,541 356,168,254,545 61,172,500,440

1,934,438,409,957

32,500,000,000

22,615,650,441

55,115,650,441 1,989,554,060,398

314,601,935 163,923,919 762,874,633 27,218,168

1,252,748,308 103,880,767 42,827,475

1,111,882,664 26,044,425 5,206,160

(937,960,914)

2,873,247,520

STATEMENT OF INCOME; OPERATING REVENUE ) Interest Revenue Fees and Commissions Gains on Foreign Exchange Other Operating Revenue

206,616,758,720 11,418,908,961 11,477,913,255 9,464,525,850

238,978,106,786

230,796,142 23,092,611 23,802,275 2,401,606

OPERATING EXPENSES Cost of Funds Loss on Foreign Exchange Other Operating Expenses

INCOME FROM OPERATIONS OTHER EXPENSES OTHER INCOME

156,516,562,815 287,211,486

61,681,772,774 218,485,547,075 20,492,559,711

(573,939,539) 138,550,258

183,546,031 795,982,885 232,467,434

87,734,777,434

(11,905,577) 5,848,379

PROVISION FOR GRATIFICATION AND OTHER EMPLOYEES' BENEFITS NET INCOME BEFORE INCOME TAX INCOME TAX NET INCOME AFTER INCOME TAX

2,140,141,840 17,917,028,590 (3,471,993,050) 14,445,035,540

-(937,960,914)

(937,960,914)

Source :Annual Report 1990 and Published Financial Report: Business Indonesia 18 January 1991

On 30 September 1990, the Bank reported that such losses amounting to Rp

932,754,753,641 (US$ 419 million) would be restructured. The new structure of capital in the

financial statement after the crisis is illustrated in Table 4.5. On 28 March 1991, the Board of

Directors proposed a restructuring of the financial statement of 30 September 1990. This

proposal was approved by the shareholders at the shareholders' meeting on 29 April 1991.

347


Tempo (September 1990) reported that such losses had been covered by a grant from the

major shareholders.

Table 4.5 Proposed Adjustment to the Capital

Paid up Capital Paid up capital in excess of par value Capital Donations Deficit

Before Restructuring

Rp 140,596,538,000

192,500,000,000 778,786,106,145

(932,754,753,641) Rp 179,127,890,504

Proposed Adjustment

Rp-

(153,968,647,496) (778,786,106,145)

932,754,753,641 Rp-

After Restructuring

Rp140,596,538,000

38,531,352,504

—

Rpl 79,127,890,504

After this period, the audit of the financial statement for the three months ending on 31

December 1990 indicated that the company had some profits. A summary of this financial

statement as follows:

Table 4.6 Summary of Financial Position (1991 and 1990)

Total Asset: Cash

1991 2,831,526

39,273

(3 rt1iS*rth6j1990 2,473,684

of which Cash on Hand Bank Indonesia Other Banks Placement in Other Banks Notes and Securities Loans Investments Fixed Assets-Net Other Assets Total Liabilities Total Deposits

Demand Deposits Time Deposits Savings Deposits

Notes Issued Borrowing's of which :

Bank Indonesia Subordinates

Others Minority Interest in Subsidiaries Shareholders' Equity


Revenue Operating Expenses Operating Profit Other Income (Expenses) Profit before Taxes

^ ^ ^ ^ ^ ^

18,342 11,287 9,643

— 679,236

1,898,040 22,628 71,062

121,290 2,609,226 1,916,407

414,744 1,435,253

66,410 55,134

511,022

242,179 153,000 123,369

3,295 222,302 140,597 38,531 43,175

569,949 538,475

31,473 4,499

35,972

18,837 30,745

325,453

360,433 1,553,553

22,874 70,175 88,366

2,289,723 1,885,507

360,144 1,494,795

30,567 37.230 59,399 59,399

-307,584

— 183,959 140,596 38,531 4,832

129,018 123,372

5,646 (814) 4,832

348


However, the impact of the bearish market apparently also influenced the share price

of this company. Although this company had some profits in 1991, as indicated in Table 4.7,

the share price of the company was still below the price at the IPO stage. After this period,

especially in 1993, the share price increased more than 100%.

Table 4.7 A Summary of Financial Statement (million rupiah)

Total Asset: Cash

1991 2,831,526

39,273

1992 1 2,717,779

48,140

1993 2,516,033

48,537 of which Cash on Hand Bank Indonesia Other Banks Placement in Other Banks Notes and Securities Loans Investments Fixed Assets-Net Other Assets Liabilities Total Deposits

Demand Deposits Time Deposits Savings Deposits

Notes Issued Borrowing's of which :

Bank Indonesia Subordinates

Others Minority Interest in Subsidiaries Shareholders' Eguity


Revenue Operating Expenses Operating Profit Other Income (Expenses) Profit before Taxes Profit after Taxes

18,342 11,287 9,643

— 679,236

1,898,040 22,628 71,062

121,290 2,609,226 1,916,407

414,744 1,435,253

66;410 55,134

511,022

242,179 153,000 123,369

3,295 222,302 140,597 38,531 43,175

569,949 538,475 31,473

( 4,499 ) 35,972 36,266

15,192 18,218 14,729

217,764 553,468

1,666,541 22,478 59,133

150,257 2,476,827 1,871,438

476,537 1,215,236

179,665

479,803

91,902 153,000 122,057

3,529 240,952 140,597 38,531 61,824

523,992 512,777

11,215 15,430 26,645 26,020

17,564 22,002 8,971

193,665 656,609

1,387,379 24,978 56,199

148,667 2,299,101 1,809,635

403,756 1,132,236

273,643 —

384,389

153,000 101,090

3,986 216,932 140,597 38,531 37,805

385,948 372,446

13,502 12,486 25,988 26,776

Revenue Breakdown Interest Income Other Income

481,223 88,726

457,305 66,687

339,934 46,014

Expense Breakdown : Interest Paid Others

386,995 151,480

390,537 122,240

261,970 110,476

Per Share Data (Rp) Earnings per share Equity per share Dividends per share Closing share price

258 1,581

200 2,225

185 1714

200 2,225

190 1,543

— 5,250

Financial Ratios PER (X) PBV Dividend Payout (%) Dividend Yield (%) Cash and Bank to Demand Deposit(x)

8,63 1,41

77,54 8,99 0.09

12,02 1,30

108,07 8,99 0,10

27,57 3,40

—

0,12

349


Cash and Bank to Total Deposit (x) Equity to Total Assets Loans to Total Deposits (x) Operating Profit Margin (x) Net Profit Margin (x) ROI (%) ROE (%)

0,02 0,08 0,99 0,06 0,06 1,28

16,31

0.03 0,09 0,89 0,02 0,05 0,96

10,80

0,03 0,09 0,77 0,03 0,07 1,06

12,34

PER=17.33x;PBV=2,41x Financial Year: December 31

Considering the dividend policy of this company, as mentioned in its prospectus in

1990, that dividend would be distributed to the share holders equally without any priority

concerning their status. Moreover, the prospectuses (1990) stated that a dividend would be

paid at least once a year and would be calculated as follows:

Net Income After Taxes

1. less than Rp 25 billion 2. more than Rp 25 billion

Dividend

30-50% 50-70%

Based on such a statement, at the shareholders' meeting, on 11 March 1992, the

company decided to pay a cash dividend amounting to Rp 200 per share for the year 1991.

This dividend policy then was announced on the news soon after the formal requirements

issued by the BAPEPAM were accepted. On 29 April 1993 the company also declared a

dividend of Rp 200 per share for the year 1992 as indicated in Table 4.7. Although there were

some improvements to the dividend policy of the company compared to 1989 and 1990, there

was no apparent association between the dividend payment and the share price movement of

the company's shares. During 1991 and 1992 the share price of the company remained stable

at Rp 2,225 and then increased in 1993 to Rp 5,250, as the market regulations were

implemented in a more committed way

350


CONCLUSION

From this discussion, it can be concluded that before its crisis was announced, the

audited financial report of this company indicated some profits. Apparently this report was

created by the company in order to get listed on the market. Although there was bad news

concerning the great losses of this company, however, soon after its announcement, the

losses were covered by the major shareholders and its affiliated companies bought those

shares so that the share price remained stable on the market.

From a financial perspective analysis, the company experienced profits after its crisis,

due to the capital inflow from its major shareholders in the form of subordinate loans. This

condition mads it possible to provide dividends to the public and increased the performance of

the company in the market.

An examination of the professional audited procedures by the regulators and the

Institute (lAl) indicated that the public accountant did not follow the audited procedures that

were established by the Indonesian Accounting Society (lAI). For this reason the public

accountant was not permitted to get involved in auditing activities, especially, for the listed

companies on the capital market.

Like share prices of other companies, in the periods of the bearish market, the share

price of the company showed a significant decline. As indicated in Table 4.5, the share price

of the company fluctuated below that at the IPO stage. Although after such a bearish market,

the share price increased, the price was still below the price at the IPO stage.

It also can be concluded that the strong influence of political economic policies

indicated that the market was still in the first stage of development. Any interference by the

government to market activities will cause some distortions and in turn make the market

become inefficient. From its historical development it can be seen that up to 1993 investors

were still influenced by market sentiment due to such interference. There was less

351


consideration to the fundamental factors than to the psychological factors. But after 1993, due

to the government being more committed to implementing law enforcement programs than

ever before, the market indicated an up-swing which led to the first step in its development as

a growing market.

352


Appendix No.5

THE USE OF FUNDAMENTAL ANALYSIS ON INVESTMENT DECISIONS

A CASE STUDY ON PT BARITO PACIFIC TIMBER

INTRODUCTION

As mentioned in Chapter 8, the market was bullish during 1990/1991. Under such a

market, there were an excess of demand over supply of the shares in the market which

pushed share prices up. It was also indicated that most companies experience

oversubscription at the initial public offering (IPO) stage. The strong demand in this period was

begun long queues of investors wanting to buy shares at the IPO stage.

This study attempts to look closely at a company that was listed on the market after

the market crashed in September 1991, and also after the low enforcement program was

introduced by the government at the beginning of 1993. PT Barito Pacific Timber, one of the

biggest companies belonging to one of the conglomerates and which was recognised as a

good prospect by some investors and was listed in October 1993 became a sample on this

study. As such this company would have good fundamental macro and micro economic

conditions that can be used in examining this case. For this reason, part of this study

discusses the historical perspective of the company, the macro economic aspects, and the

financial statement as a basis for making a fundamental analysis from a micro economic

viewpoint and other related information which this study considers important.


PT. Barito Pacific Timber, hereafter called "the company", is the biggest timber

company in Indonesia. It was founded in 1979 in Banjarmasin, South Kalimantan under the

name of PT Bumi Raya Pura Mas Kalimantan. In mid-1990, the company merged with seven

353

^vestment Decisions and the Puzzle of Share Pnce Movements

other timber companies. Those companies were PT Sebangau Besar, PT Wira Saraja Tama,

PT First Rachmat Timber Industrial and Trading Co, PT Maruwai Timber, PT Barito Pacific

Lestari Wood Products, PT Bima Barito Forest Products, and PT Maraga Daya Woodworlcs.

The company was backed by five wholly- owned subsidiaries; three integrated timber

enterprises: PT Tunggal Yudi Sawmill Plywood, PT Mangola Timber Producers and PT

Tunggal Agathis Indah Wood Industries, and two wood adhesives producers: PT Primajaya

Rodakayu and PT Wiranusa Trisatris. In 1992, the company produced a total of 1,3 million

cubic meters of processed timber and 0,9 million tons of adhesives. Over 95% of production

was exported to various parts of the worid, with Japan being the largest importer.

. -Vv . ' • - - - .

Figure 5.1, A long queue of individual investors during the IPO stages.

354


After the company had operated for about 14 years, on 4 October 1993 it was listed

on the capital market, with an offering price of Rp7,200 per share at the IPO stage.

THE MACRO ECONOMIC ASPECTS OF THE COMPANY

According to the rumour which was circulated in the market by some brokers, this

company had good prospects and a low price (Rp 7,200) at the IPO stage. Such rumours

caused long queues of individual investors to form at the IPO stage, as indicated in Figure 5.1

and, in turn, caused an excessive demand for its share before listing on the market. Due to

such rumours, a day after its listing on the primary market, on the secondary market the share

price increased significantly to Rp 14.500. However, a week after its listing, as indicated in

Table 5.1 the share price declined significantly, due to the price not being supported by

fundamental aspects. By the end of the week, the share price was Rp 10.350, higher than the

price at the IPO stage, but lower than the price at the secondary market. The trading shares

and the share price movements during the week after its listing were as follows:

Table 5.1 PT Barito Pacific Timber Trading Shares and Share Prices a week after its listed

Date Trading Volume Tradirig Valiie

4-10-1993 (IPO) 5-10-1993 6-10-1993 7-10-1993 8-10-1993

2.858.500 1.875.500

963.500 1.215.500 1.349.500

33.021.900.000 20.780.325.000 10.331.162.500 12.862.487.500 13.786.487,500

Share Prices

7,200 10.900 10.700 14.500 10.350

Source : a Personal Data

Further examination of the trading activities indicated that the share prices increased

significantly after its IPO stage, apparently due to the domestic investors still being influenced

by market sentiment , even after the market crash in 1991, The good prospects of such

355


company's performance in the future, did not attract foreign investors. As rational investors,

the foreign investors did not buy these shares because the price was considered overvalued.

Most observers agree that foreign investors are more rational than domestic investors.

Accordingly the existence of foreign investors in the Indonesian capital market supposedly

made the market more rational and efficient. From a personal interview of some fund

managers, it can be concluded that foreign investors were the price leaders in the market.

Referring to the historical development of the capital market in Indonesia, after foreign

investors experienced losses due to the drop of share prices during 1990/1991, those

investors became more careful in investing their funds in the capital market. The shares would

only be bought by foreign investors if the prices indicated their fair value. The use of

fundamental analysis apparently became the basis of their analysis. The domestic investors,

by and large, used such analysis. However, in some cases, they were still easily influenced

by market sentiment. In the case of this company, after the foreign investors were involved in

trading activities, the share price movement steadily grevy as indicated in Table 5.2.

Table 5.2 PT Barito Pacific Timber Stock Price, Number and Value of Shares Traded and Market Capitalisation

Source: Indonesian Capital Market Directory 1994.

In order to obtain information on the macro economic aspects of the company, this

study discuss some prospects such as the export sector, and the income generated by the

company.

356



As indicated in its company prospectuses, Indonesia has become the world's largest

plywood exporter . In 1992 timber exports reached US$3,81 billion, placing this company as

the second largest foreign exchange revenue earner in the non-oil and gas sector. With

regard to its production, ninety five percent (95%) of the company's entire production was

absorbed by other countries. See Table 5.3

Table 5.3 The Market Segment Based on Export Countries

Source; Company's Prospectuses

As shown in Table 5.3, Japan is the largest importer of its products followed by China,

Taiwan, Hongkong and the United States. The growth net sales and net income of this

company and its subsidiary from 1990 to 31 March 1993 is indicated in its prospectuses as

indicated in Figure 5 follows:

357



U Net Sales

B Net Income

D 3-D Column 3

1990 1991 1992 1993

Figure 5.2. Trend of Net Sales and Net Income 1990-1993

THE FINANCIAL STATEMENTS

An examination of the financial statements of this company for the past three years

indicates that, before its listing, this company experienced a significant profit amounting to:

17.318 (million rupiahs); 79.756 (million rupiahs); 310.158 (million rupiahs) respectively in

1991, 1992 and 1993. Based on audited financial statements as indicated in Table 5.4, from

1991 to 1993, the financial ratio of this company indicated some improvements. The debt to

equity ratio declined after it listing from 1991 to 1993. In 1991 the debt to equity ratio was

2.55 and after its listing in the capital market in 1993, the ratio was 0.52, which indicates

there was some significant improvement in financing its operations from funds external to

those from its public offering. The capital structure of the company became even stronger

than before.

Its operating activities indicated that the returns on investment (ROI) increased from

1.05% to 11.28% and the return on equity ratio (REI) increased from 3.71 to 17.09%. These

358


ratios indicate that investment in this company is feasible due to the return being bigger than

the general interest from banks. This is the basis for investors in making economic decisions

in the market.

Table 5.4 The Summary of Financial Statement (million rupiahs)

Total Assets Current Assets

*ii;ii5i^^^g9fS*S41--::::::

1,657,023 427,450

^'^'m-'^'imT'''''-'' 1,750,042

571,325 of which:

Short-term Investments Receivable from affiliates Inventory

Investment Fixed Assets-Net Other Assets Liabilities

21,463 146,242 157,482 46,522

801,561 119,973

1,190,119

117,789 147,263 154,931 52,089

765,081 148,807

1,203,383

::::::::X::,::::::X.:::::^:gg2^-^«^-:->--^-

2,750,769 1,450,018

819,788 188,416 272,508 137,423 739,788 239,989 936,258

Current Liabilities of which

Bank Borrowing's Trade Payable

251,602 99,088

267,831 58,099

184,322 85,773

Long Term Liabilities of which

Bank Borrowing's Shareholders' Equity

Paid-up capital Paid-up capital in excess of par value

Revaluation of Fixed Assets Retained Earnings

Net Sales Cost of Goods Sold Gross Profit Operating Expenses Operating Profit Other Income (Expense) Profit Before Taxes Profit After Taxes

728,587 466,904 410,500 777,000

944 55,460

669,898 483,237 186,661 78,379

108,282 ( 87,421 )

20,861 17,318

754,385 546,660 410,500 777,000

944 135,216 769,441 538,579 230,863 88,611

142,251 ( 38,680)

103,571 79,756

455,605 1,814,511

700,000 777,000

944 336,567 978,619 546,635 431,984 98,707

333,277 78,961

412,238 310,158

Per Share Data (Rp) Earnings per share Eguity per share Dividend per share Closing price Financial Ratios PER (X) PBV (x) Dividend Payout (%) Dividend Yield (%) Current Ratio (x) Debt to Eguity (x) Leverage Ratio (x) Gross Profit Margin (x) Net Profit Margin (x) Inventory Turnover (x) Total Assets Turnover (x) ROI (%) ROE (%)

42 1,137

-

-

0,95 2,55 0.72 0,28 0.03 3,07 0,40 1,05 3,71

194 1,332

-

-

1,37 2,20 0,69 0,30 0,10 3,48 0,44 4,56

14.59

443 2,592

-12,800

28,89 4,94

-

3,22 0,52 0,34 0,44 0,32 2,01 0,36

11.28 17,09

PER = 25,84 x; PBV = 4.42 X

359


CONCLUSION

Even though the market was considered by some analysts as having become mature

in this period, market sentiment still existed and influenced un-informed or individual investors

and, in turn, caused those investors to buy stocks at any price level in the market. The strong

demand for shares created an excessive demand in the market and in turn increased the

share price by almost 50% on 1 and 4 October 1993, as indicated in Table 5.1.

The excessive demand was also still begun by long queues of investors during the

IPO stage as shown in the Figure 5.1. Unlike the IPO stage of the company's shares during

1990/1991, the influence of market sentiment in this period was considered to be temporary.

A week later, in the secondary market, the share prices had already been corrected to the fair

prices. At that price, the market spontaneously attracted foreign investors, the rational

investors, and then increased the trading activities of this company's shares.

The existence of foreign investors in the Indonesian capital market, apparently, has

positive effects on the attitude of domestic investors in buying shares in the market, which

gradually makes the market more efficient than before. Some analysts argue that foreign

investors are the price leaders in the market, due to their strong analysis of the fundamental

factors.

In the historical development of capital market activities, after the market experienced

a drop in share prices during 1990/1991, and foreign investors also suffered losses, the foreign

investors became more careful in investing their funds in the capital market of Indonesia.

Shares prices would only be bought by foreign investors if the prices indicated the fair value

and had future expected returns. The use of fundamental analysis apparently became the

basis of their analysis and the domestic investors used such analysts for making economic

decisions in the market.

360


Appendix No.6

THE EFFECT OF COUNTERFEIT SHARES ON MARKET ACTIVITIES

A CASE STUDY ON THE INDONESIAN CAPITAL MARKET

INTRODUCTION

As implied in Chapter 9, the capital market in Indonesia experienced a significant

decline in activities during 1990/1991. Share prices dropped almost 50% for all ordinary

shares and investors suffered great losses. After September 1991 this period, most company

shares were not traded on the market. There were company shares had share prices bellow

the prices at the initial public offering (IPO)

From a historical perspective the symptoms of such conditions existed from the

beginning of their historical development. Listed companies and other members of the capital

market abused the market. It was also indicated by history that individual investors suffered

investors the most. They lost great sums of money during a bearish market. Other members of

the capital market, such as the broker dealers, the listed companies and the professional

members, are the parties that have had much benefit from the existence of such a market.

The broker dealers obtain a commission whether share prices go up or down. The listed

companies, obtain a great deal of easy money, with little cost for underwriters, consultants,

accountants and administrators. The underwriters obtain the money for acting as guarantors,

as required in the agreements, without any responsibility for the fluctuating price of that share.

Last, but not least, the professionals ie. the accountants, make more money when they

provide unqualified opinions in audited reports and render services to the company.

Accordingly, it can be argued that the only parties who suffer from such activities are the un

informed investors, these being mostly individual investors. They feel that such a market is a "

lemon " in their lives.

After decreasing its activities in 1990/1991, the market indicated an up-swing. From its

historical development this condition existed due to some improvements being made by the

361


government. The alteration of the dual function of the BAPEPAM into one function, that is, as

a supervisory agent only, the implementation of the law enforcement program and the use of

the full disclosure concept in a more committed way, increased market credibility and also

increased activity in the market. However, one year after, another abuse suddenly arrived on

the market. The market was struck by counterfeit shares. Lukman Hartono (L) and Heriina

Salim (H) were accused of executing false share transactions. Some observers argued that

the persons most responsible for such abuse were the broker dealers that trading the shares.

On the other hand, capital market officials argued that the counterfeit shares existed as a

result of the weakness of internal checks implemented by the members in trading activities,

not the lack of regulation and enforcement programs in the market. The chairman of the

capital market, soon after taking office, was replaced. The government considered that the

counterfeit shares had a terrible effect on the further development of stock market business in

Indonesia.

THE HISTORICAL BACKGROUND

The history of this case began, coincidentally, when a Moslem holiday was to be

celebrated at the beginning of April 1993. At the end of March, before Idulfitri (Moslem

Holiday), when people need money to celebrate, the Jakarta Stock Exchange (JSX) was

surprised by shocking news that the most liquid shares in some listed companies were

doubtful. A deliberate examination of these shares by officials found that five liquid shares

that were traded in the middle of March were counterfeit. These companies' shares were:

Table 6.1 Distribution of Counterfeit Share

PT. Inco PT. Semen Gresik PT. HM Sampoerna PT. Indah Kiat PT. Indorayon

Total :

249.000 unit shares 341,000 unit shares 677,400 unit shares 300,000 unit shares 314,500 unit shares

1.881,900 unit shares

After further examination, on 23 March 1993, the BAPEPAM and PT BEJ reported this

case to police head-quarters as it was considered a special crime. All trial evidence was sent

362


to the Attorney-General and soon after the report was accepted, the police kept the defendants

under surveillance. However, two defendants, Heriina Salim and Luman Hartono, respectively,

as representatives of the Commissioner and Director of PT Megawira Gunita, a broker dealer,

had already disappeared from Indonesia with all of the money. Approximately Rp 4 billion

rupiahs were gone, being the money they had received from other broker dealers and

investors. Moreover, BAPEPAM also reported this case to the President who soon there after

gave instruction to the Police and the Attorney General and other related parties to settle the

case as soon as possible.

In order to prevent further transactions and potential losses for other investors, at least

until the case was settled, on 29 March 1993, the JSX issued Decision Letter which forebode

the trading of there shares on the market. Moreover, the Director of PT BEJ decided that the

sellers (the broker dealers) had to replace the counterfeit shares as required by law.

First Seller Second Seller/First Buyer Second Buyer

The BAPEPAM reported that this case cost the government Rp 599,422,432 plus

income tax, amounting to Rp 175,000,000. The income tax was calculated from the

commission fees amounting to Rp 500,000,000, based on a 35% tax rate scheme.

EFFECT OF THE COUNTERFEIT SHARES ON TRADING ACTIVITIES

An examination of trading activities in the capital market after this case indicated that

before the counterfeit shares emerged, the market was in an "up swing" due to the increase in

363


the trading of shares on the market. By analysing the trading activities before the case, it can

be seen that such trading was dominated by the trading of Astra Int'l shares in association

with "the Astra-Bank Summa case", as indicated in Table 6.2, As was declared last year, PT

Bank Summa had serious financial problems due to over-investment in some other projects. It

was also stated that Astra Int'l was the holding company. In order to settle this crisis, one of its

alternative actions was that the major share holders in Astra Int'l, which was also the owner of

PT Bank Summa, should sell their shares to the public.

After the counterfeit shares emerged, there was a significant decrease in trading

activities in the market. Compared to the trading activities in March 1993, those in April 1993

declined by 60%, especially in the first and second weeks after the announcement of the

counterfeit shares. However, in May 1993, the first week of trading indicated that average

trading activities in the market had increased, with index prices amounting to 312.912 higher

than March 1993.

Table 6.2 The Trading Activities of Listed Companies Shares For the period January - April 1993

Month

Jan'93 Feb March April

Total Volume

Units In "000

219,021 272,086 222,285 136,117

Astra Int'l

Units in '000 Rp. in million

100,000 29,000 38,200

~

1,000,000 290,000 394,740

~

Others

Units in'000 Rp in

million

119,021 243,086 184,085 136,117

441,004 889,841 702,321 538,935

Source : The Jakarta Stock Exchange Journal, various issues.

By examining the monthly index price movements from January to April 1993, this

study concluded that the index prices increased to a higher level than in February and March

and then declined in April as indicated in Table 6.3.

364


Table 6.3 The Monthly Movement of Index Prices January -April 1993

i Month

January'93 February March April

1 ndex Price ^ ̂ " ^ - -High

280.146 302.693 312.951 314.099

Low 273.308 280.385 300.445 307.227

Close 280.146 300.378 310.758 304.099

Source : Jakarta Stock Exchange Journal, various issues

Table 6.4 The Daily Index Prices and Trading Volume Activities for the period 01 March-15 April

Date Trading Activities tndex Price March 03/01/93 03/02/93 03/03/93 03/04/93 03/05/93 03/08/93 03/09/93 03/10/93 03/11/93 03/12/93 03/15/93 03/16/93 03/17/93 03/18/93 03/19/93 03/29/93 03/30/93 03/31/93

18,373,895,025 48,244,348,175 27,080,413,800 32,399,753,700 24,783,843,600 46,364,192,600 38,247,956,750 98,938,456,750 70,250,781,050 48,735,233,850 23,291,428,000 59,870,704,600

419,206,946,750 28,632,089,475 47,398,479,700 25,887,095,300 15,200,808,750 24,154,401,500

300,445 300,839 302,075 304,775 307,775 308,503 310,080 311,779 312,687 312,951 311,696 311,089 310,776 310,375 312,067 310,504 311,273 310,758

April 04/01/93 04/02/93 04/05/93 04/06/93 04/07/93 04/08/93 04/12/93 04/13/93 04/14/93 04/15/93

13,629,375,500 18,421,615,000 26,755,872,500 53,600,432,000 34,584,898,250 26,172,928,800 26,551,216,300 14,701,761,000 19,605,538,600 28,309,182,050

311,125 310,079 309,601 309,346 308,371 307,227 308,445 307,227 307,293 308,673

Source, JSX Daily Report, various issue.

365


In order to understand in more depth the effect of the counterfeit shares on market

activities, the daily index prices and the trading activities from 1 March to 15 April 1993 were

collected. Prices for two weeks before and after the case were considered as representative

samples in order to understand the effect of the counterfeit shares on share price movements.

As indicated in the Table 6.4 , the daily index prices increased during the first and the second

weeks before the case and then dropped during the first week after the case, then increased

slowly in the second week after the case.

THE PROMPT ACTIONS OF THE OFFICIAL IN SOLVING THE CASE

In order to prevent the further effects of this case on trading activities, the JSX took

the following action: Firstly, soon after it realised the problem, the JSX published

Announcement No. Peng 03/BEJ II 3/III/1993, on 29 March 1993 which stated that all stock

market transactions for the above mentioned companies were to be temporarily terminated. At

the same tim,e the BEJ (JSX) warned all of its members to check all of the five companies'

shares which were sold between 11 March and 19 March 1993. The checking system was to

localise the spread of these shares so that they could be traced by Biro Administrasi Efek

(BAE), a separate organisation in the market whose function was to register all trading

activities in the market. The BAE was required to hold any shares suspected of being

counterfeit and to send them to the Board of BEJ (JSX), which , in turn, would send them to

the Police and the District Attorney for further investigation.

In addition, in compliance with Regulation No.II, items C2 h and C2 I, the Board

emphasised that any transaction in counterfeit shares was illegal and therefore the members

(the sellers) that were directly involved in trading activities had to replace the counterfeit

shares and/or make the required payment to the buyers. This responsibility was enforced

through Announcement No. Peng 06/BEJ I.3/IV/1993 on 2 April 1993 regarding directions to

complete transactions of the counterfeit shares. The above actions were taken in order to

protect the investors from market abuse.

366


On the other hand, the Brokerage association, on 8 April 1993, issued a statement that

any member who trading counterfeit shares was responsible for the money that was given to

the buyers in accordance with the rules. It was hoped that with this statement, the investors

would always feel safe in any investment they made in the market.

To prevent any counterfeit shares in the future, other steps that would be taken by the

JSX, besides the double checking by the broker dealers, were the use of high grade printing

security papers and the shares could be transferred to the accounts of buyers using electronic

data processing. However, this would require a huge investment in a computer system.

CONCLUSION

It has been indicated that there was a significant decrease in trading activities after the

case of the counterfeit shares was announced. However, by examining the trading activities in i

January to March 1993, it can be seen that the case did not significantly affect trading

activities or the share price movements in the market.

The increase in trading of shares from January to March was affected significantly by

the extraordinary trading of shares by Astra Int'l. If the Astra Int'l shares had been eliminated,

the volume of shares in April would still have been above that of January 1993.

The short period of decline can be argued as being the basis for the case having been

handled in the right way. Soon after the case came to light, the BAPEPAM and PT BEJ

handled it consistently with the rules and procedures for activities in the market. It can also

be concluded that the government was seriously concerned with the development of the

capital market, because soon after the case was reported, the President issued instructions to

the Police, the Attorney General and others to settle it as soon as possible.

367


Appendix No.7

THE EFFECT OF DIVIDEND ANNOUNCEMENTS ON SHARE PRICE MOVEMENTS

A CASE STUDY OF THE INDONESIAN CAPITAL MARKET

INTRODUCTION

One of the most robust findings in the financial statement research area is the effect

of earning release in its association with trading volume and security retum. For instance,

Beaver (1968) examined weekly trading volume in association with the earnings

announcements. He reported that there was a rather dramatic increase in volume, in the

announcement week, the volume being 33 percent more than the mean volume during the

non report period. Chambers and Pennam (1984) examined a sample of NYSE firms over the

1970-1976 period. They found that firms that reported their earnings releases eariier than

expected had positive abnormal security returns in the period surrounding their actual release

date. At the actual announcement date the abnormal return was typically negative.

The release of such earnings is one mechanism that management can use to signal

its beliefs about the future profitability of a firm. An alternative signalling mechanism

according to Foster (1985), is via a change in dividend policy. Many studies such as Asquith

and Mullins (1983), Brickely (1983), Dielman and Oppenheimer (1984) have examined the

behaviour of security prices at the time of dividend releases. They found that the firms that

announced special or extra dividends, or initiated dividend payments for the first time,

experienced positive abnormal returns; this was inconsistent with Ngurah's (1991) study. He

found that there was no association between dividend announcement and stock prices. This

study was supported by some studies in developing countries. Abdelsalam and Satin (1988),

Niarcos and Georgapulos (1980) provide evidence that the earning announcements do not

significantly affect stock exchange prices.

Part of this study discusses the effect of dividend announcements on share prices in

the Indonesian capital market. In other words, this study attempts to examine whether the

368


capital market has already reached the stage of a semi-efficient capital market, or if it is still in

the weak form after some years implementation of the law enforcement program. By

examining dividend announcements in association with share price movements, the research

questions will be answered.

THE HISTORICAL BACKGROUND

It is generally accepted that dividend is one of the factors considered by investors in

making their economic decisions in the capital market. However, such a consideration, is only

likely to exist in developed capital markets due to those markets being efficient. In efficient

capital markets, all public information, including dividend announcements, are assumed to

fully reflect security prices. Investors use such information in order to get an abnormal return

in the market. However, in a developing capital market such as Indonesia's, investors tend to

use information that generates expected returns (capital gain), rather than income-generating

from dividend announcements. The argument has been examined in previous chapters that

investors, during the development of the capital market in Indonesia, have been influenced by

political factors and market sentiment rather than the fundamental factors. This argument also

has been strengthened by the fact that, during the development of the capital market in

Indonesia, only some of the listed companies announced dividend earning. Most of them

tended to announce bonus shares rather than cash dividends.

The issue of JSX regulations concerning cash dividend payments by listed companies

in 1992 apparently still did not attract investors to buy shares in the market, because the

dividend announcements were relatively very small and still far below the interest income if

the money had been deposited in a bank. The small amount of cash dividend payment can be

associated with the low profit generated by the company and the existing dividend policy. As

indicated in previous discussions, from a historical perspective, any company that was listed in

the market experienced financial problems. According to Pusat Data Business Indonesia

(1992), most of them could not improve their financial statements. They still had financial

problems even after being listed on the market. Moreover, most of them were not concerned

369


with the performance of their shares in the market. They did not want to buy their shares on

the market went the prices went down or announce dividend earnings in order to attract

investors to buy their shares on the market.

Although there has been a regulation concerning dividend payments since the

beginning of 1992, some of the companies only announced dividends so as to fulfil the

minimum requirements of cash dividend payments, that is to allow a company to announce a

cash dividend just once in three years without any consideration to the amount of cash

dividend. On the other hand, some of them were still reluctant to pay cash dividends because

there was no pressure from investors in the company. Due to such conditions, most observers

suggested that these companies should be delisted from the market.

Since there was no regulation concerning the low performance of listed companies in

the secondary market, there was no company to be delisted. From 1978 to the beginning of

1990, most companies provided a good performance on their share prices. The need to t.

increase the accountability of management as to the bad performance of their shares emerged

when the market went from stagnation to the bubble in 1989/1990 and then the crash in

1990/1991. However, this need apparently only existed from the regulator's side. For instance,

in 1992, the regulator (the JSX) considered that delisting was important in making the market

an efficient capital market and then issued the regulation concerning delisted companies,

whereas dividend payment was one of the criteria for the companies to be listed in the market.

THE USED OF DELIBERATE METHODS IN COLLECTING THE DATA

As mentioned above, this study attempts to examine the effect of dividend

announcements on the share prices of some listed companies in the Indonesia capital market.

For this purpose a week before and after dividends announced were examined with the share

price movements in the same period. This study argues that a week before payment of

dividends earned, share prices will increase, following which they will decline smoothly, if

other factors that caused the share price movements are eliminated.

370


In order to examine this argument, this study took share price movements in August

1993, as indicated in Table 7.1, as a representative month for the period under study. In this

month, about 40 per cent of listed companies announcing their dividends and about 30 percent

in the months before and after August; and about 20 percent spread out in the other months.

The rest of the companies, 10 percent, did not announce their dividends during the year for

various reasons. Of those about 60% of companies were studied, the rest of them, about 40

%, were excluded from this study because they did not match the criteria under study.

Moreover, August was deliberately considered as the representative month in this

study for the following reasons: Firstly, companies close their accounting books by the end of

December every year (it being the calendar for companies in Indonesia). Secondly, from

January to the end of March most of them are busy with tax preparation. Companies must

submit their annual reports to the government for tax purposes by the end of this month.

Thirdly, after the end of March, generally, management of companies spends its time in

making reports to shareholders. Fourthly, soon after the report has been finalised,

management must organise shareholders' meetings. Fifthly, after the meeting, management

will take some new decisions relating to company operations, including a decision as to

dividend policies after receiving directions from the shareholders' meeting. These activities

will be finalised by June of each year. Sixthly, the period of implementation of decisions,

including the announcement of dividends, would probably be at the end of July or in August

of each year.

Based on these arguments, the share price movement of the listed companies before

and after dividend announcements in August 1993 are set out in Table No. 7.1. This Table

indicates that 10 out of 35 companies, or about 29% experienced stable share prices during

the period of the study. The rest of them varied during the weeks before and after payment.

From those, only 6 out of 35 companies, or 17%, experienced a positive trend during the first

week after dividend payment and some others not. In addition these data indicate that some

companies also had the highest share prices during the periods of dividend payment. For

further examination see Appendix No.15

371


Table No.7.1 Share Price Movements of the Companies

Company 1.PT.AHA 2,PT, AKPI 3,PT,ALKA 4,PT,AQUA 5,PT,ASII 6.PT,BDMN 7.PT,BLTA 8,PT.BNLI 9,PT,BNSY 10,PT,CPD 11,PT,CTB 12,PT.DPN 13,PT.HER 14,PT,IDVS 15,PT,INCI lePT.INTP 17,PT,J1HD 18,PT,JPRS 19,PT,KKGI 20.PT.LMS 20,PT,MYO 21.PT,MYT 22,PT.PNB 23,PT.POLY 24,PT.PTR 25,PT.R1GS 26,PT,SCPI 27,PT,SHID 28.PT,SQB! 29,PT,TBM 30,PT.TEXT 31.PT,TMB 32,PT.TPEN 33.PT,UN1C 34,PT,UNV 35,PT,ZBRA

~4 3,125 4,800 1.750 4.000

13,000 3,625 2,725 4,200 2,500 1,850 4,250 2,100 8,400 3,000 1.275

11,050 10,800 1.725 2,700 3,700 6,500 1,900 2,000

13,400 7,300

900 6,200 1,650 5,100 5,400 3,700 1,625 5,650 5,975

31,250 1.800

-3 3,125 4,800 2,300 4,000

13,000 3.650 2.750 4.275 2,450 1,850 4,250 2,100 8,400 3,000 1,275

11.050 10,800 1,775 2,700 3,700 6,500 1,900 2,025

13,400 7,300

900 6,200 1.675 5.100 5,400 3,700 1,600 5,650 6,300

31,250 1,800

^7 3,125 4.800 2,300 4.000

13,000 3,650 2,900 4,200 2,700 1,850 4,250 2.100 8,450 3.000 1,275

11.175 11,000 1.775 2,700 3,700 6,500 2,100 2,025

13,400 7,300

900 6.175 1,675 5,250 5,400 3,700 1,600 5,650 6,300

31,250 1,800

-1 3,125 4,750 2.350 4,000

13,200 3,625 2,750 4,275 2,775 1,950 4,250 2,125 8,475 3,000 1,575

11.175 11,200 1,775 2,600 3,700 6,500 2,075 2,025

13,400 7,300

900 6,100 1,750 5,250 5,400 3,700 1,700 5,650 6,300

31,250 1,800

0 3,125 4,850 2.400 4,000

13,550 3,600 2.750 4,275 2,850 1,900 4,250 2,150 8,475 3,000 1,350

11,175 11,225 1,875 2,800 3,700 6,500 2,000 2,100

13,400 7,250

900 6,100 1.950 5,250 5,400 3,700 1,675 5,650 6,350

31,250 1,800

1 3,125 4,800 2,350 4,000

14,300 3,625 2,750 4,275 3.050 1,950 4,250 2,175 8,500 3,000 1,450

11.500 11,200 1,800 2,900 3,700 6,500 1,925 2,100

13,400 7,200

900 6,100 1,650 5,250 5,400 3,700 1,675 5,650 6,400

31,250 1,800

2 3,125 4,775 2,325 4,000

14,450 3,650 2,600 4,275 3,450 1,900 4,250 2,200 8,600 3,000 1.400

11.700 11,400 1,800 2.900 3,700 6,500 1,900 2,100

13,400 7,200

900 6,100 1,650 5,250 5,300 3,700 1,675 5,650 6,650

31.250 1,800

3 3,125 4,900 2,300 4,000

14,400 3.650 2.600 4.275 3.450 1,875 4,250 2,200 8,700 3,000 1,400

11,550 11.400 1.825 3.100 3.700 6,600 1,900 2,100

13,400 7.200

875 6.100 1,700 5,250 5,600 3,700 1,750 5,650 6,925

31,250 1,800

4 m 3,125 4,925 2,325 4,000

14,400 3,675 2,600 4.275 3.100 1.875 4,250 2,200 8,750 3.000 1.400

11.550 11.250 1,800 3,900 3,600 6,600 1,900 2.075

13,400 7,200

900 6,100 1,700 5,250 5,500 3,700 1,725 5,650 6,900

31,250 1,800

Source : JSX Journal, various issue, August 1993

CONCLUSION

This study indicated that, after the bullish market, some companies still had a

dramatic historical development due to the influence of market sentiment. For supporting this

argument, this study discussed the effect of dividend announcements on share price

movements during August 1993.

August is considered as a representative month for this study due to more than 50 %

of the listed companies announcing their dividends during that month. From this study it can

372

http://20.PT.LMS


be concluded that the share price movements during this month cannot be associated with the

dividend announcements. In other words, during the period of a developing market or after

some years of bearish market, share prices of the companies in the market are still influenced

by psychological factors. Fundamental factors, such as the dividend announcement,

somehow, did not affect significantly such share prices due to the dividend announcement

being considered relatively small compared to the general interest rate of money. For further

discussion see Appendix No.15

This study also indicated that by 1993, the share price of listed companies in the

Indonesian capital market could not be associated with dividend announcements. See also

Ngurah (1991) studies concerning the impact of dividend announcements on share price

movements in Chapter 5. From a capital market study viewpoint, it can be concluded that

such a market is a semi strong market.

373

estment Decisions and the Puzzle of Share Price Movements

SECTION THREE

374

estments Decisions and the Puzzle of Share Price Movements

COMPANY LISTING A N D IN IT IAL PUBLIC OFFERING 1 9 7 7 - 1 9 9 3

Appendix No. 8

Hgo^CODE C O M P A N Y

I SMCB ?T. SEMEN CIBINONG 2CNTX PT. CENTEX 3 BATI PT. BAT INDONESIA 4TFC0 PT. TIFICO 5 PGIN PT. PROCTER & GAMBLE IND 6 GDYR PT. G O O D Y E A R INDONESIA 7MERK PT. M E R C K INDONESIA 8 MLBI PT. MULTI B INTANG INDONESIA 9 UNVR PT. UNILEVER INDONESIA

10 BATA PT. S E P A T U BATA 11UNTX PT. UNITEX 12 SCCO PT. S U C A C O 13 BYSP PT. BAYER INDONESIA (PS) UPNBN PT. PANIN B A N K 15SQBI PT. SQUIBB INDONESIA 16 PNLF PT. PANIN LIFE 17 SHDA PT. SARI H U S A D A 18 PNIN PT. PANIN INSURANCE 19SNGR PT. S INGER INDUSTRIES 20 PFIN PT. PFIZER INDONESIA 21 DLTA PT. DELTA DJAKARTA 22 HPSP PT. H O T E L PRAPATAN (TS) (CS) 23 JIHD PT. J A K A R T A INT. H O T E L 24 PRDT PT. P R O D E N T A INDONESIA

T O T A L 1977-1988

1ABDA PT. A S U R A N S I BINA D H A R M A A R T A 2 SSGS PT. S E P A N J A N G SURYA G A S 3 JPRS PT. J A Y A PARI STEEL 4 FCOR PT. F ICORINVEST OHERO PT. H E R O M I N l S U P E R M A R K E T 6 BNBR PT. BAKRIE & B R O T H E R S 7MREI PT. MASKAPAI REASURANSI . IND. 8 UNTR PT. UNITED T R A C T O R S 9 LPPF PT. LIPPO PACIFIC F INANCE

10 PWON PT. PAKUWON JATI II MYTX PT. M A Y A T E X D I A N 12GSMF PT. G A J A H S U R Y A MULTI F INANCE 13JPFA PT. J A V A C O M F E E D INDONESIA 14 LPLI PT. LIPPO LIFE I N S U R A N C E 15 BAYU PT. BAYU BUANA TRAVEL SERVICE 16 GRIV PT. G R E A T RIVER G A R M E N T IN. 17BRNA PT. BERLINA 18 MLPL PT. MULTIPOLAR 19 UNIC PT. U N G G U L INDAH C O R P O R A T I O N 20 LPBN PT. LIPPO B A N K 21 BNSY PT. B A N K S U R Y A INDONESIA 22 DNKS PT. D A N K O S L A B O R A T O R I E S 23ASGR PT. A S T R A - G R A P H I A 24 BNII PT. B A N K INTERNATIONAL IND. 25 CTBN PT. CITRA TUBINDO 2SASBI PT. ASURANSI BINTANG 27 BNGA PT. BANK NIAGA 28INTP PT. INDOCEMENT TUNGGAL P. 29 BDMN PT. BANK DANAMON 30ASDM PT. ASURANSI DAYIN MITRA 31INCF PT. INDOCITRA FINANCE 32 INTO PT. INTER-DELTA

TOTAL 1989

1 BNU PT. BANK BALI »2LP!N PT. LIPPO INDUSTRIES

SHARES OFFERED

178,750 116,000

6,600,000 1,100.000

280,000 6,150,000 1,680,000 3,520,012 9,200,000 1,200.000

733,500 4.800,000 2,324,100 1,637.500

972.000 1.020.000 1.000,000

765,000 523,500 600,000 347,400

1,460,000 6,618,600

221,000 53,047,362

900,000 ' 3,700,000 3,360,000 5,000,000 1,765,000 2,850,000 2,000,000 2,700,000 2,140,000 3,000,000 2,500,000 2,000,000 4,000,000 1,071,400 2,000,000 4,900,000 1,750,000 4,328,000 9,000,000 6,800,000 4,000,000

525,000 3,075,000

12,000,000 1,600,000 1,000,000 5,000.000

89,832.150 12.000.000 2.000,000 1.200,000 1,250,000

199,246,550

3,999,000 1,250,000

OFFERING PRICE

(Rp)

10,000 5,500 2,500 7.250 3,000 1,250 1,900 1,570 3.175 1,270 1,475 1,100 1.325 3,475 1,050 2,950 1,850 1.150 1,540 1,425 2,950 1,050 1,500 1,450 .

3,800 4,100 7,800

10,000 7,200 7,975 5,000 7,250 7,900 7,300

11,000 8,500 7,200 8,500 4,500 8.700 7,900

10,500 17,250 15,000 7,500 6,500 8,550

11,000 10,000 7,950

12,500 10,000 12,000 6,500 8,000 7,200

9,900 8,900

LIST. DATE

10-Aug-77 22-May-79 20-Dec-79 26-Feb-80 28-Apr-80 22-Dec-80 23-Jul-ai

15-Dec-81 11-Jan-82 24-Mar-S2 28-Jun-S2 20-Jul-82 4-Aug-82

29-Dec-82 29-Mar-83 14-Jun-83 5-Aug-83

20-Sep-83 30-D©c-83

9-Feb-84 27-Feb-84 29-Feb-84 29-Feb-84 4-Dec-84

6-Jul-89 18-Jul-89 4-Aug-89

14-Aug-a9 21-Aug-89 28-Aug-89

4-Sep-89 19-Sep-89

&-Oct-89 9-Oct-89

10-Oct-89 23-Oct-89 23-Oct-89 23-Oct-89 30-Oct-89 3-Nov-a9 6-NOV-89 6-NOV-89 6-NOV-89

IO-Nov-89 13-NOV-89 13-N0V-89 15-Nov-a9 21-NOV-89 28-NOV-89 29-NOV-89 29-N0V-89 5-Dec-89 6-Dec-89

15-Dec-89 18-Dec-89 18-Dec-89

15-Jan-90 5-Feb-90

375

t/estments Decisions and the Puzzle of Share Price Movements

3 AQUA 4 RIGS 5RMBA 6UNSP 7ASRM 8ASTR 9BLTA

10TMBN 11 BDNI 12TKIM 13 ASH 14 MTDL 15 MTFN 16 PNSE 17 BBLD 18SDPC 19 SMRA 20 DART 21 GJTL 22SHID 23CPPR 24RDTX 25 BFIN 26 INCO 27 PTRO 28 TBMS 29POFC 30LMSH 31HDTX 32 SCPI 33TGKA 34BDTA 35 CPDW 36INRU 37 TRST 38ULTJ 39 MYOR 40ALKA 41 BNUM 42 PRAS 43INKP 44TPFC 45 INCI 46TRPK 47 BUMI 481NDR 49 DPNS 501NDS 51 EKAD 52 HMSP 53 PBRX 54ERTX 55 INPC 56 CFIN 57 GGRM 58 BRAM 59 AHAP 60TOTO 61 MYRX 62 IGAR 63GGST 64ITMA 65 TEXT 66VOKS

1 ARGO 2IKBI 3 POLY 4CPIN SPOOL

_6KKGI

PT, PT. PT. PT. PT. PT, PT, PT, PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT. PT.

PT PT PT PT PT PT.

AQUA GOLDEN MISSISSIPPI RIG TENDERS INDONESIA RIMBA NIAGA IDOLA UNITED SUMATRA PLANTATIONS ASURANSI RAMAYANA ASTER DHARMA INDUSTRY BERLIAN LAJU TANKERS TAMARA BANK BANK DAGANG NASIONAL IND TJIWI KIMIA ASTRA INTERNATIONAL METRO DATA EPSINDO METROPOLITAN FINANCE CORP. PUDJIADI & SONS ESTATES BBL DHARMAU\ FINANCE NVPD SOEDARPO CORPORATION SUMMARECON AGUNG DUTA ANGGADA REALITY GADJAH TUNGGAL HOTEL SAHID JAYA INT. CENTRAL PROTEINA PRIMA RODA VIVATEX BUNAS FINANCE INTERNATIONAL NICKEL IND. PETROSEA TEMBAGA MULIA SEMANAN PDFCI UONMESH PRIMA HADTEX INDOSYNTEX SCHERING-PLOUGH INDONESIA TIGA RAKSA SATRIA BANK DUTA CIPENDAWA FARM ENTERPRISE INTI INDORAYON UTAMA TRIAS SENTOSA ULTRAJAYA MILK INDUSTRY MAYORA INDAH ALUMINDO PERKASA UTAMA BANK UMUM NASIONAL PRIMA ALLOY STEEL UNIVERSAL INDAH KIAT PAPER & PULP TJIU^TJAP PELLETI2ING FACT. INTAN WIJAYA CHEMICAL IN. TRAFINDO PERKASA UTAMA BUMI MODERN INDO-RAMA SYNTETIC DUTA PERTIWI NUSANTARA INDOSPRING EKADHARMA TAPE INDUSTRY H.M. SAMPOERNA PANBROTHERS TEX ERATEX DJAJA INTER-PACIFIC FINANCE CORP. CLIPAN FINANCE GUDANG GARAM BRANTA MULIA ASURANSI HARAPAN AMAN PRT. SURYA TOTO INDONESIA MAYERTEX INDONESIA IGAR JAYA GREAT GOLDEN STAR ITAMARAYA GOLD INDUSTRY TEXTRONIC PERMAI ELECTRONIC VOKSEL ELECTRICS TOTAL 1990 ARGO PANTES IKl INDAH KABEL POLISYNDO EKA PERKASA CHAROEN POKPHAND INDONESIA POOL ASURANSI INDONESIA • KURNIA KAPUAS GLUE

1,000.000 15,000,000 1,200,000

11.100.000 2.000.000 2,000,000 2,100.000 3,000.000

11.000.000 9.300,000

30.000,000 1.468.000 2,000,000 2.000.000 2.500,000 2,600.000 6,667.000

10,000,000 20,000.000 11.000,000 1,000.000 1,000.000 2,125,000

49,681,694 4,500,000 3,367,000 5,000,000

600,000 7,000.000

892.800 2,500,000

27,500,000 3,000,000

27,200,000 3,000,000 5,000,000 3,000,000 1,500,000 8,000,000 2,000,000

60,000,000 5,000,000 4,000,000 1,000,000

10,000,000 7,000,000 3,000,000 3,000,000 1,000.000

27,000,000 3,800,000 6,139.750 5.000,000 1,500,000

57,807,800 12,500,000 1,000,000 2,687,500 1.000,000 1.750.000 6.000,000 4.000.000 3,000.000 3,080,000

540,315,544 15,882,000 3,500,000

12,000,000 2,500,000 1,800,000 4,500,000

\

7,500 2,500 3,380

10,700 6.000 4.500 8.500 8,000 8,500 9,500

14,850 6,800 3,500 6,800 6.250 5,000 6,800 7.500 5.500 7,000 4,000 7,500 5,750 9,800 9,500

14,100 8,750 7,200

11,750 12,750 5,750 8.000 5,900 9,850

11,800 7,500 9,300 9.800 9,000 6,750

10,600 8,500 8,250 9,800 4,500

12.500 8,100 9,000 6,500

12,600 8,700 7,550 9.750 8.850

10.250 9.250 4.250

14,300 9,900 5.100 8.800 6,950 5,300 6,500

9,950 4,950 8,900 5,100 9.000 5.700

1-Mar-90 5-Mar-90 5-Mar-90 6-Mar-90

19-Mar-90 26-Mar-90 26-Mar-90 28-Mar-90

2-Apr-90 3-Apr-90 4-Apr-90 9-Apr-90

16-Apr-90 1-May-90 7-May-90 7-May-90 7-May-90 8-May-90 8-May-90 8-May-90

14-May-90 14-May-90 16-May-90 16-May-90 21-May-90 21-May-90 25-May-90 25-May-90

6-Jun-90 8-Jun-90

11-Jun-90 12-Jun-90 18-Jun-90 18-Jun-90

2-Jul-90 2-JUI-90

12-Jul-90 12-Jul-90 12-Jul-90 12-JUI-90 16-Jul-90 18-Jul-90 24-Jul-90 24-Jul-90 30-JUI-90 3-Aug-90 8-Aug-90

10-Aug-90 14-Aug-90 15-Aug-90 16-Aug-90 21-Aug-90 23-Aug-90 27-Aug-90 27-Aug-90

5-Sep-90 14-Sep-90 30-Oct-90 31-Oct-90 5-NOV-90 3-Dec-90

10-Dec-90 12-Dec-90 20-Dec-90

7-Jan-91 21-Jan-91 12-Mar-91 18-Mar-91 20-Mar-91

1-Jul-91

376

- vestments Decisions and the Puzzle of Share Price Movements

7SMGR 8LPLD 9MDRN

10 NIPS 11 KLBF 12 ZBRA 13 DYNA 14 IDVS 15 DILD 16 DSST 17SUBA

ITKGA 2MTSM 3 KBLM 4 PUN 5 0MTR 6KBU 7S0NA 8S0BI 9EST1

10JECC 11 SMAR 12 AKPI 13 MPPA

1SKBM 2SRSN 3MDLN 4TPEN 5SA1P 6 FAST 7TIRA 8DMAD 9GDWU

10 UON 11 INTA 12 SKLT 13 TCID 14 BRPT 15ADMG 16CNBE 17 Kiel 18 BNTA 19 IMAS 20 ANSI 21 SUMI

PT. PT. PT. PT. PT PT. PT. PT. PT. PT. PT

PT PT. PT. PT. PT PT. PT. PT PT. PT. PT. PT. PT

PT. PT. PT. PT. PT. PT. PT PT PT. PT. PT. PT. PT. PT PT PT. PT. PT. PT. PT PT.

SEMEN GRESIK LIPPO LAND DEVELOPMENT MODERN PHOTO FILM COMPANY NIPRESS KALBE FARMA ZEBRA NUSANTARA DYNAPLAST INDOVEST DHARMALA INTILAND DHARMALA SAKTl SEJAHTERA SUBA INDAH TOTAL 1991

TOKO GUNUNG AGUNG METRO SUPERMAKET REALITY KABELINDO MURNl PLAZA INDONESIA REALITY OMETRACO FINANCE KABEL METAL SONA TOPAS SORINI CORPORATION EVER SHINE TEXTILE INDUSTRY JEMBO CABLE COMPANY SMART CORPORATION ARGHA KARYA PRIMA INDUSTRY MATAHARI PUTRA PRIMA TOTAL 1992

SEKARBUMI SARASA NUGRAHA MODERNL^ND REALITY TEXMACO PERKASA ENG. SURABAYA AGUNG IN.PULP FAST FOOD INDONESIA TIRA AUSTENITE DHARMINDO ADHIDUTA GANDA WANGSA UTAMA LION METAL WORKS INTRACO PENTRA SEKAR LAUT TANCHO INDONESIA BARITO PASIFIC TIMBER ANDAYANI MEGAH CONCORD BENEFIT KEDAUNG INDAH CAN INDUST BANK TIARA ASIA INDO SEPAMAS ANGGUN ANWAR SIERAD SUPER MITORI UTAMA TOTAL 1993

40,000,000 15,000.000 4.500.000 4.000.000

10,000.000 850,800

2,500.000 3,567,200

12,000,000 15.000.000 3,000.000

150,600,000

1.000.000 1.500.000 3.100.000

35,000.000 2,500.000

10.000.000 1,500.000 3.500.000 4,000,000

10,000,000 30,000.000 16,000,000 8,700,000

126,800,000

7,500,000 5,000,000

22,800,000 1,000.000

20,000,000 4,462,500 2,000,000 ^

10,000.000 f 10,000.000 3,000.000 6.000,000 6,000,000 4,400,000

85,000,000 20,000,000 6,300,000

10,000,000 25,000,000 6,000,000

18,000,000 6,800.000

279,262,500

7.000 4.900 6.800 5,000 7.800 1,500 5.600 5,500 4.450 3.000 3.700

5.000 5.000 6.000 4.950 1,950 3,500 3,750 6,000 5,400 4,750 3,000 3,800 7.150

5,000 3,500 4,650 4,800 3,500 5,700 3,100 2,500 2,350 2,150 3,375 4,300 7,350 7,200 4,250 2,450 2.600 2,400 3,800 4,300 2,400

-

8-Jul-91 15-Jul-91 16-Jul-91 24-JU1-91 30-Jul-91 1-Aug-91 5-Aug-91

12-Aug-91 4-Sep-91

27-Sep-91 9-Dec-91

6-Jan-92 8-Jan-92 1-Jun-92

15-Jun-92 25-Jun-92

6-JUI-92 21-Jul-92 3-Aug-92

13-Oct-92 18-NOV-92 20-NOV-92 18-Dec-92 21-Dec-92

5-Jan-93 11-Jan-93 18-Jan-93 11-Mar-93 3-May-93

11-May-93 27-Jul-93 2-Aug-93

13-Aug-93 20-Aug-93 23-Aug-93

8-Sep-93 30-Sep-93

1-Oct-93 20-Oct-93 27-Oct-93 28-Oct-93 8-NOV-93

15-NOV-93 22-NOV-93 20-Dec-93

377

t/estments Decisions and the Puzzle of Share Price Movements

Market Capitalizatior^

Appendix No. 9

. „':'•;.:,:v.-'

Jan '93

Feb

Mar

Apr

'/ay

June

July

Aug

Sept

Oct

lov

Dec

Year/

Month

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

No.of

Usted

1

1

4

6

8

13

23

24

24

24

24

24

56

122

139

153

172

156

156

157

157

157

157

158

162

164

168

171

172

No.of listed

Shares

260,260

330,260

7,058,116

14,588,116

19.788,126

39,948,208

48,005,208

57,498,184

57,827,872

58,349,872

58,569,311

72,844,043

432,839,874

1,779,936,594

3,729,481,279

6,253,916,082

9,787,393,323

6,406,240,834

6,626,732,783

6,703,607,187

6,885,410,120

7.191.657.229

7.271,216,844

7.488,099,588

7,716,561,007

7,895,464.594

8,798,590,653

9,067,164,811

9,787,393,323

Market

Capitalization

2,730,000,000

4,050,000,000

23,930,000,000

41.040,000,000

48,600,000,000

99,260,000,000

102,660.000.000

91,060.000,000

89.330,000,000

94,230,000,000

112,080,000,000

481,560,000,000

4,358,500,000,000

12,440,150,000,000

16,438,000,000,000

24,839,446,042,275

69,299,599,701,000

26,064,381,970,975

28,346,352,798,100

29,713,492,590,475

30,498,355,061,500

33,883,812,585,000

35,757,218,607,775

36,055,112,995,100

42,963,566,840,775

43,536,040,957.225

54,510,355,860,150

60,696,217,023,250

69,299,599,701,000

378

Trading Activities

-vestments Decisions and the Puzzle of Share Price Movements

Appendix No. 10

Jan 'S3

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

Year/

Month

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

No.of

Usted

1

1

4

6

8

13

23

24

24

24

24

24

56

122

139

153

172

156

156

157

157

157

157

158

162

164

168

171

172

Volume

14,577

19,541

119,310

1,656,290

2,889,547

5,014,806

3,507,748

1,218,833

1,886,601

1,431,921

2,523,374

6,944,592

95,791.539

702,587,441

1,007,920,460

1,706.269,484

3,844,031,699

219,021,212

272,098,247

222,285,236

136,755,456

228,361,219

324,089,795

318,739,890

344,506,286

382,441,395

409,726,602

501,855,062

484,151,299

Value (Rp)

153,100,000

218,500,000

1,333,500,000

5,733,800,000

7,650,200,000

12,624,800,000

10.104,400,000

2,139,300,000

3,266,500,000

1,815,900,000

5,184,000.000

30,591,960,720

964,272,000,000

7,311,288,727,968

5,778,248,697,009

7,953,299,560,350

19,086,237,219,525

1,441,003,909,325

1,179,910,073,550

1,097,060,828,925

541,504,718,325

911.545,007,325

1,448,389,196,850

1,240,316,212,450

1,612,207,820,500

1,879,641,143,700

2,559,424,646,275

2,603,349,466,075

2,571,884,196,225

379

vestments Decisions and the Puzzle of Share Price Movements

Company Listing, Initial Public Offering and Public Ownership

Appendix No. 11

1ABDA PT.

2 SSGS 3 JPRS

4 FCOR

OHERO

6 BNBR 7MREI

8 UNTR

9 LPPF

10 PWON

11 MYTX 12 GSMF

13 JPFA

14 LPLI

15 BAYU

16 GRIV

17 BRNA 18 MLPL

19 UNIC

20 LPBN

21 BNSY

22 DNKS

PT

PT.

PT.

PT

PT PT.

PT. PT.

PT.

PT

PT.

PT.

PT.

PT

PT.

PT. PT.

PT

PT.

PT. PT.

ASURANSI BINA DHARMA ARTA SEPANJANG SURYA GAS

JAYA PARI STEEL

FICORINVEST

HERO SUPERMARKET

BAKRIE & BROTHERS

MASKAPAI REASURANSI .IND. UNITED TRACTORS

LIPPO PACIFiC FINANCE

PAKUWON JATI

MAYATEXDIAN

GAJAH SURYA MULTI FINANCE JAVA COMFEED INDONESIA

LIPPO LIFE INSURANCE

BAYU BUANA TRAVEL SERVICE GREAT RIVER GARMENT IN. BERLINA MULTIPOLAR UNGGUL INDAH CORPORATION LIPPO BANK BANK SURYA INDONESIA DANKOS LABORATORIES

900.000 3.800 6-Jul-89

3.700,000 3,360,000

5,000,000

1,765,000 2,850,000 2,000,000

2,700,000

2,140,000

3,000,000

2.500.000

2.000.000

4,000.000

1,071,400

2,000,000

4,900,000 1.750,000

4,328,000 9,000,000

6,800,000

4,000,000

525,000

4,100

7,800

10,000

7,200 7,975 5,000

7,250 7,900

7,300

11,000

8,500

7,200

8,500

4,500

8,700 -

7,900 10,500 17,250

15,000

7,500

6,500

18-Jul-89

4-Aug-89

14-Aug-89 21-Aug-89

28-Aug-89

4-Sep-S9

19-Sep-89

9-Oct-S9

9-Oct-89

10-Oct-89

23-Oct-89

23-Oct-89

23-Oct-89

30-Oct-89

3-NOV-89

&-N0V-89 6-NOV-89

6-NOV-89

IO-Nov-89

13-N0V-89

13-NOV-89

J CODE

1 SMCB

2CNTX

3 BATI 4TFC0

5 PGIN

6 GDYR 7MERK

8 MLBI

9 UNVR 10 BATA 11 UNTX

12 SCCO

13 BYSP UPNBN

15SQBI

15 PNLF

17 SHDA

18 PNIN

19SNGR

20 PFIN 21 DLTA 22 HPSP 23 JIHD 24 PRDT

PT

PT

PT.

PT.

PT

PT

PT.

PT

PT. PT. PT.

PT PT.

PT.

PT

PT.

PT.

PT

PT.

PT PT. PT. PT PT.

COMPANY

SEMEN CIBINONG

CENTEX

BAT INDONESIA

TIFICO

PROCTER & GAMBLE IND

GOODYEAR INDONESIA

MERCK INDONESIA

MULTI BINTANG INDONESIA

UNILEVER INDONESIA SEPATU BATA

UNITEX SUCACO BAYER INDONESIA (PS)

PANIN BANK SQUIBB INDONESIA

PANIN LIFE

SARI HUSADA

PANIN INSURANCE

SINGER INDUSTRIES

PFIZER INDONESIA DELTA DJAKARTA HOTEL PRAPATAN (TS) (CS) JAKARTA INT. HOTEL PRODENTA INDONESIA TOTAL 1977-1988

SHARES OFFERED

178,750

116,000

6,600,000

1,100,000

280,000

6.150.000

1,680,000

3,520,012 9,200,000 1,200,000

733,500 4,800,000

2,324,100

1,637,500 972,000

1,020,000

1,000,000

765,000

523,500

600,000 347,400

1,460,000 6,618,600

221,000

53,047,362

OFFERING PRICE

(Rp) _

10,000

5,500

2,500

7,250

3,000

1,250

1,900 1,570

3,175 1,270 1,475 1,100 1,325

3,475 1,050

2,950

1,850

1,150

1.540

1,425 2,950 1,050 -1,500 1,450

UST. DATE

10-Aug-77

22-May-79 20-Dec-79 26-Feb-80

28-Apr-80

22-Dec-80

23-Jul-81

15-Dec-81 11-Jan-82 24-Mar-82 28-Jun-82 20-Jul-82 4-Aug-82

29-Dec-82 29-Mar-83 14-Jun-83

5-Aug-83

20-Sep-83

30-Dec-83

9-Feb-84 27-Feb-84 29-F6b-84 29-Feb-84 4-Dec-84

PUBLIC OWN

44,25%

35.00% 30.00%

8.00%

30,00%

15.00%

30.00%

16.70%

15.00% 35,00%

31,45%

30,00%

56.01 % 30.00% 34.65%

26.31%

15.12%

15.00% 84.32% 37.68%

28.60%

65.69% 16,00% 25,00% 36,66% 27.64% 36.13%

41.20% 15.11% 48.62% 53.00% 17.53%

49.93%

30,00%

100,00%

25,00% 31.00% 36,89% 13,75%

45.62% 16.00% 28.54%

380

/estments Decisions and the Puzzle of Share Price Movements

23ASGR

24 BNII

25 CTBN

26 ASBI

27 BNGA

28 INTP

29 BDMN

30ASDM

31 INCF

32INTD

1BNL1

2LPIN

3 AQUA

4 RIGS

5RMBA

6UNSP

7ASRM

8ASTR

9BLTA

10TMBN

11 BDNI

12TKIM

13 ASH

14 MTDL

15 MTFN

16 PNSE

17 BBLD

18SDPC

19 SMRA

20 DART

21 GJTL

22SHID

23 CPPR

24RDTX

25 BFIN

26 INCO

27 PTRO

28 TBMS

29PDFC

30 LMSH

31HDTX

32 SCPI

33TGKA

34BDTA

35 CPDW

36INRU

37 TRST

38ULTJ

39 MYOR

40ALKA

41 BNUM

42 PRAS

PT. PT. PT. PT.

PT

PT.

PT.

PT.

PT.

PT

PT. PT. PT.

PT

PT.

PT.

PT

PT.

PT.

PT.

PT

PT PT. PT, PT.

PT.

PT.

PT

PT.

PT

PT. PT.

PT. PT. PT.

PT

PT

PT.

PT

PT

PT.

PT.

PT.

PT PT.

PT

PT.

PT

PT.

PT

PT

PT

ASTRA-GRAPHIA

BANK INTERNATIONAL IND.

CITRA TUBINDO

ASURANSI BINTANG

BANK NIAGA

INDOCEMENT TUNGGAL PRAKASA BANK DANAMON

ASURANSI DAYIN MITRA

INDOCITRA FINANCE

INTER-DELTA

TOTAL 1989

BANK BALI LIPPO INDUSTRIES AQUA GOLDEN MISSISSIPPI RIG TENDERS INDONESIA

RIMBA NIAGA IDOLA

UNITED SUMATRA PLANTATIONS ASURANSI RAMAYANA

ASTER DHARMA INDUSTRY

BERLIAN LAJU TANKERS

TAMARA BANK

BANK DAGANG NASIONAL IND TJIWI KIMIA ASTRA INTERNATIONAL METRO DATA EPSINDO

METROPOLITAN FINANCE CORP. PUDJIADI & SONS ESTATES

BBL DHARMALA FINANCE

NVPD SOEDARPO CORPORATION SUMMARECON AGUNG

DUTA ANGGADA REALITY

GADJAH TUNGGAL

HOTEL SAHID JAYA INT. CENTRAL PROTEINA PRIMA RODA VIVATEX BUNAS FINANCE INTERNATIONAL NICKEL IND.

PETROSEA

TEMBAGA MULIA SEMANAN

PDFCI

UONMESH PRIMA

HADTEX INDOSYNTEC

SCHERING-PLOUGH INDONESIA TIGA RAKSA SATRIA

BANK DUTA CIPENDAWA FARM ENTERPRISE INTI INDORAYON UTAMA

TRIAS SENTOSA

ULTRAJAYA MILK INDUSTRY

MAYORA INDAH

ALUMINDO PERKASA

BANK UMUM NASIONAL

PRIMA ALLOY STEEL UNIVERSAL

3,075,000

12,000,000 1,600.000 1,000,000

5,000,000

89,832,150

12,000.000

2.000,000

1,200,000

1,250,000

199,246,550

3,999,000 1.250.000 1,000,000

15,000,000

1,200,000 11,100,000

2,000,000

2,000,000

2,100,000

3,000,000

11,000,000

9,300,000 30,000,000

1,468,000

2,000,000

2.000,000

2,500,000

2,600,000

6,667,000

10,000,000

20,000,000 11,000,000 1,000,000 1,000,000 2,125,000

49,681,694

4,500,000

3,367,000

5,000,000

600,000

7,000,000

892,800

2,500,000

27,500,000 3,000,000

27.200,000

3.000.000

6,000,000

3,000,000

1,500,000

8,000,000

2,000,000

8,550

11,000 10,000

7,950

12,500

10.000

12.000

6.500

8,000

7,200

9,900 8,900 7,500 2,500

3,380 10,700

6,000

4,500

8,500

8,000

8,500

9,500 14,850 6,800 3,500 1,

6,800 6,250

5,000 _

6,800

7,500

5,500 7,000 4,000 7,500 5,750 9,800

9,500

14.100

8,750

7,200 11,750

12,750

5,750

8,000 5,900

9,850

11,800

7,500

9,300 -

9,800

9,000

6,750

15-NOV-S9 21-NOV-S9 2&-NOV-89 29-NOV-89

29-N0V-89

5-Dec-89

6-Dec-89

15-Dec-89

18-Dec-89

18-Dec-89

15-Jan-90 5-Feb-90 1-Mar-90 5-Mar-90

5-Mar-90

6-Mar-90

19-Mar-90

26-Mar-90

26-Mar-90

28-Mar-90

2-Apr-90

3-Apr-90 4-Apr-90 9-Apr-90

16-Apr-90

1-May-90 7-May-90

7-May-90

7-May-90 8-May-90

8-May-90

8-May-90 14-May-90 14-May-90 16-May-90 16-May-90 21-May-90

21-May-90 25-May-90

25-May-90

6-Jun-90 8-Jun-90

11-Jun-90 12-Jun-90 18-Jun-90

18-Jun-90 2-Jul-90

2-JuI-90

12-Jul-90

12-Jul-9C

12-Jul-90 12^ul-90

20.00%

10.72% 49.67% 21.74%

26,84%

18,92%

20,00%

12.95%

19,89%

58.05% 71.76% 24.83% 41.21% 31.58%

20.00% 19.80%

48,48%

20,00%

8.62%

6.74% 24.11% 38.16% 20.00%

8.53% 25.13%

28.57%

10,00% 36.01%

22.07%

17,35% 10.69% 11.50% 20.00% 20.00% 33,33%

13,30% 20,00%

26,87%

21.06% 24.80%

38.04% 19.55% 30.00%

15.20% 18.75%

29.22%

27.85%

24.07%

8,10% 30.00%

381


43 INKP 44TPFC

45 tNCl 46TRPK

47 BUMI

481NDR 49 DPNS

50INDS

51 EKAD

52 HMSP 53 PBRX 54ERTX 55 INPC

56 CFIN

57 GGRM

58 BRAM

59 AHAP

60 TOTO

61 MYRX 62 IGAR 63GGST 641TMA

65 TEXT

66VOKS

1 ARGO

2IKB1

3 POLY

4CPIN

SPOOL 6KKGI 7SMGR 8 LPLD

9MDRN

10 NIPS

11 KLBF

12 ZBRA

13 DYNA

14 IDVS

15 DILD 16 DSST

17 SUBA

ITKGA

2MTSM

3 KBLM

4 PUN

5 0MTR

6 KBLl

^ O N A

PT,

PT,

PT.

PT

PT.

PT.

PT

PT.

PT.

PT. PT. PT.

PT.

PT.

PT.

PT.

PT.

PT.

PT. PT. PT. PT.

PT

PT.

PT.

PT.

PT.

PT.

PT. PT. PT.

PT.

PT.

PT.

PT.

PT

PT.

PT.

PT PT.

PT.

PT.

PT

PT.

PT

PT

PT.

PT

INDAH KIAT PAPER & PULP TJILATJAP PELLETIZING FACT. INTAN WIJAYA CHEMICAL IN.

TRAFINDO PERKASA UTAMA

BUMI MODERN

INDO-RAMA SYNTHETICS

DUTA PERTIWI NUSANTARA

INDOSPRING

EKADHARMA TAPE INDUSTRY H.M. SAMPOERNA PANBROTHERS TEX ERATEX DJAJA INTER-PACIFlC FINANCE CORP. CLIPAN FINANCE

GUDANG GARAM

BRANTA MULIA

ASURANSI HARAPAN AMAN PRT. SURYA TOTO INDONESIA

MAYERTEX INDONESIA

IGAR JAYA GREAT GOLDEN STAR ITAMARAYA GOLD INDUSTRY TEXTRONIC PERMAI ELECTRONIC VOKSEL ELECTRICS

TOTAL 1990

ARGO PANTES

IKl INDAH KABEL POLYSINDO EKA PERKASA

CHAROEN POKPHAND INDONESIA POOL ASURANSI INDONESIA

KURNIA KAPUAS GLUE SEMEN GRESIK LIPPO LAND DEVELOPMENT

MODERN PHOTO FILM COMPANY NIPRESS

KALBE FARMA

ZEBRA NUSANTARA

DYNAPLAST

INDOVEST

DHARMALA INTILAND

DHARMALA SAKTl SEJAHTERA SUBA INDAH TOTAL 1991

TOKO GUNUNG AGUNG METRO SUPERMAKET REALITY KABEUNDO MURNl

PLAZA INDONESIA REAUTY

OMETRACO FINANCE

KABEL METAL SONA TOPAS

60,000,000

5,000,000

4,000,000

1,000,000

10,000,000

7,000,000

3,000,000

3,000,000

1,000,000

27,000,000 3,800,000 6,139,750 5,000,000

1,500,000

57,807,800

12,500,000

1,000,000

2,687.500

1,000,000

1,750.000 6.000.000 4.000.000

3,000,000

3,080,000 540,315,544

15,882,000

3,500,000

12,000,000

2,500,000

1,800.000 4,500,000

40,000,000

15,000,000

4,500,000

4,000,000

10,000,000

850,800

2.500.000

3,567,200 12,000,000

15,000.000

3,000,000 150,600,000

1,000,000

1,500,000

3.100,000

35.000.000

2.500,000

10,000,000

1.500,000

10,600

8,500

8,250

9,800

4,500

12,500

8,100

9,000

6,500

12,600 8,700 7,550 -9,750

8,850

10,250

9,250

4,250

14,300

9,900 5.100 8,800 6,950

5,300

6,500

9,950

4,950

8,900

5,100

9,000 _ 5,700 7,000 4.900

6,800

5,000 7,800

1,500

5,600

5,500

4,450 3,000

3,700

5,000

5,000

6,000

4,950

1,950

3,500

3,750 -

16-Jul-90

18-JUI-90

24-Ju!-9G

24-JUI-90

30-JUI-90

3-Aug-90

8-Aug-90

10-Aug-90

14-Aug-90

15-Aug-90 16-Aug-90 21-Aug-90 23-Aug-90

27-Aug-90

27-Aug-90

5-Sep-90

14-Sep-90

30-Oct-90 31-OGt-90

5-NOV-90 3-Dec-90

10-Dec-90

12-Dec-90

20-Dec-90

7-Jan-91

21-Jan-91

12-Mar-91

18-Mar-91

20-Mar-91 1-Jul-91 8-Jui-91

15-JUI-91

16-Jul-91

24-Jul-91 30-Jul-91

1-Aug-91 5-Aug-91

12-Aug-91

4-Sep-91 27-Sep-91

9-Dec-91

6-Jan-92

8-Jan-92

1-Jun-92

15-Jun-92 25-Jun-92

6-Jul-92 21-Jul-92

16,93%

19.57%

18.18%

49.00%

6.72%

27.48%

23.00%

20.00%

27.18%

19.00% 26.69% 50.00% 19.70%

20.27% 12.02% 10.00%

25.00%

13.40%

14.29%

18.00% 19.35% 23.50%

43.50%

15.40%

15.00%

15.56%

30.33%

29.70%

30.00% 70,00% 26.90%

33.34%

10.11%

80.20% 37.49%

93.42% 52.63%

14.00%

11.03% 34.00%

33.02%

34.92%

17.01%

29.14%

30.43% 20.00%

45.50% 41.50%

382

^vestments Decisions and the Puzzle of Share Price Movements

8S0B1

9ESTI

10 JECC

11 SMAR

12 AKPI

13 MPPA

1 SKBM

2SRSN

3 MOLN

4TPEN

5SAIP

6 FAST

7 TIRA

8 DMAD

9 GDWU 10 UON 11 INTA

12 SKLT 13 TCID 14 BRPT

15ADMG

16CNBE

17KICI

18 BNTA

19 IMAS

20 ANSI

21 SUMI

PT.

PT

PT.

PT,

PT,

PT.

PT.

PT

PT.

PT.

PT.

PT.

PT.

PT.

PT. PT. PT. PT. PT

PT

PT

PT

PT.

PT

PT.

PT PT.

SORINI CORPORATION

EVER SHINE TEXTILE INDUSTRY JEMBO CABLE COMPANY

SMART CORPORATION

ARGHA KARYA PRIMA INDUSTRY MATAHARI PUTRA PRIMA TOTAL 1992

SEKARBUMI

SARASA NUGRAHA

MODERNLAND REALITY

TEXMACO PERKASA ENG.

SURABAYA AGUNG IN.PULP&KERT FAST FOOD INDONESIA

TIRA AUSTENITE

DHARMINDO ADHIDUTA

GANDA WANGSA UTAMA UON METAL WORKS INTRACO PENTRA SEKAR LAUT TANCHO INDONESIA

BARITO PACIFIC TIMBER

ANDAYANI MEGAH

CONCORD BENEFIT

KEDAUNG INDAH CAN INDUSTRIAL BANK TIARA ASIA

INDOSEPAMAS ANGGUN

ANWAR SIERAD

SUPER MITORY UTAMA TOTAL 1993

3,500,000

4,000,000

10,000,000

30,000,000

16,000,000

8,700,000 126,800,000

7,500,000

5,000,000

22,800,000

1,000,000

20,000,000

4,462,500

2,000,000

10,000,000

10,000,000 3,000,000 6,000,000 6,000,000 4,400,000

85,000,000

20,000,000

6,300,000

10,000,000

25,000,000

6,000,000

18,000,000 6,800,000

279,262,500

6,000

5,400

4,750

3,000

3,800

7.150

5.000

3.500

4.650

4,800

3.500

5.700 -

3.100

2.500

2,350 2,150 3,375 4,300 7,350

7,200

4,250 2,450

2,500

2,400

3,800

4,300 2,400

3-Aug-92

13-Oct-92

1&-N0V-92

20-NOV-92

18-Dec-92

21-Dec-92

5-Jan-93

11-Jan-93 18-Jarv93

11-Mar-93

3-May-93

11-May-93

27-Jul-93

2-Aug-93

13-Aug-93 20-Aug-93 23-Aug-93

8-Sep-93 30-Sep-93

1-Oct-93

20-Oct-93

27-Oct-93

28-Oct-93

8-NOV-93 15-NOV-93

22-N0V-93 20-Dec-93

23.33%

20.51%

23.80%

20,00%

20,00%

20.68%

19.48% 29.40%

30.49%

4.80% 17.86%

20.00%

20.00%

27.80%

22.22% 23,07% 20.89% 28.60% 33,85% 12.14%

25.00% 29.97%

20.00%

33.33% 27.27%

36.73%

32.38%

383

ivestments Decisions and the Puzzle of Share Price Movements

Daily Composite Stock Price Index 1988-1993

Appendix No. 12

Dally Composite Stcxik Price Index 19 88

Date 1 2 3 4 5 6 7 8 9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

High Low Close

Jan 0

0

0 82,600

82,708

82,622

82,622

0

0

0

82,622

82,979 83,149 83,393 83,593

0 0

83,624 83,830

0

84,113

84,113

0

0

83,229 83,229 83,300 83,300 83,531

0 0

84,113

82,600

83,531

¥ ^ :'••:•'':

0

83,737

83,880 84,124

0 0

0

84,362

85,096

85,168 85,362 85,531

0 0

85,362

85,362

85,362

85,653

85,811

0

0

86,269

86,403 87.081 87,202 87,750

0 0

87,966 0 0

87,966

83,737

87,966

Mar

88,175

88,216

88,127 88,326

0

0

87,698

88,225

88.636 89,000 89,291

0 0

89,559 90,660

0

90,581 90,764

0

0 91,171

91.713

92.426 92,619 92,974

0 0

93,188 93,050 93,479 93,749

93,479

87,698

93,479

Daily Composite Stock Price Index, 1989

Apr ¥;: May

0

0

0 93,464 93,529 93,650 93,632 93,804

0

0

93,917

94,017

93,987

94.348

95,040

0

0

95,009

95,476

95,569

95,793

95,915

0

0 96,342 98,268 98,565 98,989

100,528 0 0

0

0

103,190 105.577

107,580 109,904

0

0

110,199

110,727 112,068

0 112,795

0 0

0 0

0 0

113,643

0

0

113,815 115,034 115,389 114,068 114,153

0 0 0 0

June

0

114,049

115.455 0

0 115.984

115.669 115.644

115.644 115,644

0 0

114,198 114,231 113,928 113,592 113,860

0 0

113,882 113,763 114,714 114,774 115,046

0 0

115,046 115,046 115,414 114,414

0

Date Jan Feb Mar

100,528

93,464

100,528

Apr

115,389

103,190

114,153

May'

115,984 113,592 115,414

Ji-ty ;i 115,253

0

0 115,776

115,688 115,688

115,688

115,688

0

0 0

115,951 115,829 115.829 115,602

0 0

115,541 115,626 115,482 115,518 115,833

0

0 116,345 116,514 116,651 117,110

0 0 0

117,110

115,253

117,110

? August 118,343

119,272

119.612 119.996 120.470

0 0

121.064 121.857

122,165 122,771 12,344

0 0

124,601 124,756

0 126,505 127,125

0 0

128,711 129,090 129,093

130,172 132,351

0 0

132,683 133,276

0

133,276 118,343 133,276

Sept

134,659

0 134.578 135.151 135.438 135,903

135,984

136,912 0 0

137,025 137,307 137,733

137,779 138,014

0 0

137,430 136,486

134,878

132,996 132,937

0 0

132,937 132,220 132,261 132,411

0

0

138,014 132,220 132,411

Oct 0 0

134,147 134.959 135,806

136,683 136,124

0 0

136,059 136,114 135.555 135.555 135,708

0 0

135,440 135,418

135,429 135,738

135,926

0

0

135,947 135,916 136,107 136,158 136,695

0 0 0

136,695 134,147 136,695

Nov 137,490 137,835 137,920 137.750

0 0

138,082 138,437

138,860

139,013 139,538

0 0

139,585 139,585 139,933 140,160 140,386

0

0 149,809

149,866

150,199 150,707 151,521

0 0

152,153 152,199

0 0

Dec 152,955 155,056

0 0

155,742 156,473 160,124

164,639 167,034

0 0

172.001 180.290

0 244,997

366,528

0

0

435,445

442,204

422,689

373,084

337,443

0

0

318,707 313,876 303,632

0

0

0

152,199 442,204 137,490 152,955 152,199 303,632

June Si;-July :;,:. August Sept Oct Nov Dec

1 2 3 4

5 6

7

8

9

10

11 12 13 14 15

16

17 18

0 0 0

0

0

0

0

0

0

0

0 0 0 0 0

0

0

0

297,819 297,116

297,910

0 0

296,578

296,112 294,890

295,033

293,742 0 0

294,155 204.340

314,655

314,825 315,348

0 0

316,136

316,943 317,923

0

0 0 0

316,765 317,206 334,413

332,400

0 0

335,640

336,428

336,081 335,879

336,024

0

0

336,994 338,240 296,551 296,207 296,654

0

0 295,926

295,780

335,640

336,428 336,081

0 335,879

0

0 0

0

336.024

336,994 338,240

0 0

296,551

296,207 296,654

295,926

302,873 303,404

0 0

302,734

300,610

297,327 292.595

292.981 0

0 291.937 292.038 293,576 293.548

293,548 0

0

0 0

303.949

306,548

309,011 307.154

307,889 0

0

308.332 321.090 312.075

0 312,306

0

0

318,440

302,660

324.070 343,339

0 274,088

0

0 0

295,532

342,877

376,055

378.678 0 0

396.856

409,679

405,710

0 404,150

478,711

0 0

488,844

491,647

493,757 502,827

507,403

0

0 504,085 504.507 500.619 503.532 491,056

0

0 473,550

451,388

454,414 459,994

463,489 463,007

0 0

467,214

0 469,403

0 461.922

0

0 0

0

0 0

446.643

446.721 447.304

0 0

449.606 438.173 437.494

435,578

435,920

0 0

434,253

432,122 430,068

426,930

425,304

0

401,928

0 0

399,951 401,888

0 0

398,621

0

0 396,531 398,582

0 394,255 394,648

0

0 0

384

tvestments Decisions and the Puzzle of Share Price Movements

19 20 21 22 23 24 25 26 27 28 29 30 31

High Low Close

0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0

296,350 296,308 296,205

0 0

296,497

296,514

296,430

295,982 295,954

0 0 0

338,240 295.780 295,954

295,780

0 0

296,350 296,308

296,205 296,497

296,514 0 0

298,439

295,832

295,954

338,240 295,780 295,954

295,828

295,815 294,488 294,465 295,236

0 0

295,998 297,474

0 298,127

300,886

302,022

303,404 291,937 302,022

304,346

307.776 310,538

0 0

310,319

309,392

311,623 311,080 315,501

0 0

320,785

321.080 0

320,735

0 0

404,189 404,870 403,040

401,798

402,490

0 0

465,145 457,940

484,351 475.873

475.872 274.098 475.873

467,846 455.667 459,329 453,717

0 0

457,888

440.440 450.089

448,888 448,913

0 0

507,403 0

448,913

0 0 0 0 0 0 0 0 0 0 0 0 0

469,403 451,396 461,922

0 432,145 431.036 417,393 413,316 405.290

0 0

400.139 399,743

404.421 401,922

0

449,608 399,743 401,922

392,290 0

392,913 0 0 0 0 0 0 0 0 0 0

401,928 392,290 392,913

Dally Composite Stock Price Index, 1990

Date;:

1 2 3 4 5 6 7 8 9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Low Close

• J a n :•:•;;;;¥;;

0

0

398,773

399,611

406,490 0 0

414,760 443,760 449,839 456,074 460,532

0 0

461,680

458,972

455,205

452,168

451,308

0 0

449,642 448,111 443,539 443,559 445,627

0 0

441,252 439,738

441,805

461,680 398,773 441,805

, Feb •

444,576 446,112

0 0

449,317 452,113 454,238 459,414 458,840

0 0

457,850 459,565 459,764 464,516 468,015

0

0

473,237 479,391 488,357 490,592

0 0 0

492,825 498,280 504,267

0

0

0

504,270 444.580 504.267

Mar

515.885

527,365 0 0

587,911

584,323 585,904 577,634 585,890

0 0

592,949 587,172 561,718 580,763 581,634

0

0

583,158 588,233 592,077 588,802 591,849

0 0

596,732 0

601,882

605.862 612.200

0

Apr

0 611.136

614.161

681,944

654,511 641,269

0 0

633,485 632,086 634,693 639,614

0 0 0

640,014

641.873 640.528 643.906 641.481

0 0

643.910 638.798

0 0 0 0 0

0

0

May

639,010

636,154

642,160 643,094

0 0

641,946 642,984 645,012

0 643,312

0 0

638,922 640,855 639,337 644,441

646,283 0 0

647,216 647,401 646,247

0 647,366

0 0

640,131 641,140

640,580

0

612,200 681,944 647,401 515,885 611,138 636,150 612,200 638,798 636,401


°ate Jan F^.:i<x^'':- McS-^fiMApr:

Jur«:|;:;|-July ::::;:i August Sept

635,026 0 0

636,243 637,087

636,642 636,002 636,064

0 0

634,761 634,421 631,687 630,003 628,281

0 0

626,908 621,791

622,433 622,983 623,958

0 0

626,147 623,762 627,105 626,763 624,326

0 0

0

629,448 0

629,708

627,423

626,811 0 0

623,298 624,601 627,469 627,969 630,021

0 0

630,734 629,531 631,170 629,473 630,096

0 0 0

625,906 627,960 625,786 624,087

0 0

619,662 613.574

611.981

612.222 613,494

0

0 607,626 603,124 595,935 593,473 591,969

] 0 0

590,011 587,334 584,156 585,150

0 0 0

583,471 577,477 573,298 563,490 551,782

0 0

546,830 551,571 556.337 559.383 571.020

637,087 631.170 613.494 621.791 613.574 546,830 624,326 613,574 571,020

0 0

567,407 562,336 557.058 557,147 546,599

0 0

544,666 541,870 539,391

530,423 529,120

0 0

523,114 515,144

507,072 500,690 500,299

0 0

494,494 477,378

464,253 454,512 468,509

0 0 0

567,407 454,512 468.509

Oct •

0 460.580

456,901 452,615

450,058 0 0

446,341 441,766 433,500 428,560 425,397

0

0 419,243 414,747 407,543

398,558 396,981

0 0

407,675 405.112 409,128 417,576 437,757

0 0

453,229 430,686 416,489

Nov

416,343 419,732

0 0

416,623 415,081 414,507 412,826 412,030

0 0

408,968 406,419 402,510 398,955

398,521 0

0 395,210 391,794 391,930 390,042 390,987

0 0

389,658

388,472 387,377

384,799 382.203

0

Dec.'

0 0

378.119

376,287 371,198 380,968 380,723

0 0

378,582 381,494 383,657 386,116 390,414

0 0

395,212 398,216

397,868 398,241 400,458

0 0 0 0

403,458 410,615 417,788

0

0

0

460,580 419,732 417,788 396,981 382,203 371,198 416,489 382,203 417.788

May -June W July August - S e p t Oct Nov

0 383.626 387.925 407.093 413,368 0 0 0 404,104 412,221

0 342,919 337,573

0 340,386 336,055

0 250,735 226,961

363,505 251,371 0

Dec:;;

0 243,041

385

Jnvestments Decisions and the Puzzle of Share Price Movements

3 4 5 6 7 8 9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

High

Low

Close

408,538 408,491

0 0

404,817 401,647 399,163 397,383 394,786

0 0

391,170 390,510 389,224 389,541 393,190

0 0

389,123 387,467 387,076 384,980 384,210

0 0

384,836 385,100 384.404 383.018

408,538 383,018 383,018

0 383,866 382,783 381,000 382,298 381.275

0 0

381.230 0

381.238 382.439 382,268

0 0

385,401 388,301 396,175 400,827 419,533

0 0

427,019 411,402 403,399 391,330

0 0 0

0 0

391,330

0 404,539 407,481 396,525 339,465 382.202 406,116 0 395,130 342.845 378,582 382,407 386.352 390,046

0 0

398,405 397.098 398,776 400,407 401,030

0 0

398,866 398,150 398.760 397710 398.236

0 0

400,875 403,227 406,980 408,110

0 0

406,775 0 0

408,065 410,793 412,072 411,782 412,480

0 0 0 0 0 0 0 0 0

415,554 419,581 421,912 423,191 423,150

0 0

420,571 413,713

0 407,585 406,527 406,652

0 407,675

0 0

406,926 404,937 404,782 403,057 404,873

0 0

406,018 406,457 406,703 403,503 402,730

0 0

397,866 0

396,508 397,743

0 397,600

394,000 395,634 395,929

0 0

390,510 390,363 387,246 382,857 379.765

0 0

374.439 374.959 373.924 374.629 372,714

0 0

370,242 367,992 360,386 354,206 346,266

0 0

341,779 0 0

338,308 332,249 333,377 328,558 328,616

0 0

325,527 324,134 323.257 324.628 322,946

0 0

324,904 325,258 327,756 332,955 332,479

0 0

337,434 338.803

0 339,958

408,110 423,191 378,582 404,104 408,110 413,713

413,368 396,508 397.600

0 0

346,266

342,919 322,946 339,958

334,010 332,760 330,685 332.439

0 0 0

337.646 334,250 331,696 329,945 329,938

0 0

322,104 316,469 315,313 320,295 318,579

0 0

314,046 313,684 313,925 308,597 300.980

337,646 300,980 300,980

1,

299,864 299,341 301.091 300,543

0 0

298.330 297.072 296,965 294,540 295,300

0 0

288,088 281,287 271.588 259.296 254.843

0 0

253.094 253.818 258.275 258,119 250,298

0 0

249.187

303,505 249,187 249,187


Date Jan : Feb; Mar Apr May June July August Sept

250,654 250,465

0 0

248,232 246,367 246,373 241.559 241,945

0 0

240,529 239,183 238,157 236,928 233,453

0 0

253,008 230,823 230,985 230,314 229,602

0 0

227,428 227,220 224,706 226,584

251,371 224,706 226,684

: Oct:"

0 227,786 229,332 229,061 227.939 229.275

0 0

229,816 237,243 242,252 247,544 248.884

0 0

243,638 243,508 242,795 241,259 239,983

0 0

240,575 240,907 240,644 240,375 241,318

0 0

242,737 242,772 243,126 242.955 245,572 245,737 244,831 243,032 243,446

0 0

245,571 246,057 245,860 248,762 247,912

0 0 0

246,258 247,390

0 0 0 0 0 0 0 0

248,884 248,762 226,961 242,737 241,318 247,390

Nov Dec

1 2 3 4 5 6 7 8 9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

0 246,953 247,300

0 0

249,763 248,272 250,529 250,656 250,202

0 0

252,096 251,406

0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0

287,197 286,090 288,466 287,061 294,226

0 0

295,310 290.525 291.341 292,551 293,118

0 0

290,910 286,747 280,198

0 279,922

0 0

282.933 281,186 280,301 280,139 280,995

0 280.428 292,856 282,205

0 283,208

0 0

283,998 282,344 282.458 282,212 282,325

0 0

280,615 277,246 275,820 276,813 277,496

0 0

276,974 279,326

0 273,094 277,926

0

0 0

335,640 336,428 336,081 335,879 336,024

0 0

336,994 338,240 296,551 296,207 296,654

0 0

295,926 295,780 296,350 296,308 296,205

0 0

296,497 296,514 296,430 295.982 295.954

277,908 298,95 0 0

280,038 283,119 286,273 291,227 293,870

0 0

288,654 288,784 289,583 290,243 290.184

0 0

290,984 292,473 294,233 296,305 295,468

0 0

295,477 296,536 297,005

0

303,580 307,911 313,494 315,573

0 0

323,075 0

329,660 0

329,618 0 0

328,644 329,609 330,868 330,900 331,057

0 0

326,104 325.861 322.525 319.671 319.390

0 0

314,200 0

315,506 0 0

318,333 319,016 319,702 320,132 321,110

0 0

321,544 322,200 321,373 321,711 321,010

0 0

320,418 320,257 319,212 318,599 321.010

0 0

318.940 317.188

0 0

136,189 315,570 314,589 312,770 312,729

0 0

313,833 314,196 310,556 310.609 310.257

0 0 0

308,296 304,397 301,561 300,279

0 0

301,144 301,002 300,211 301,413 302,055

301,584 300,085 300,345 298,893

0 0

299,656 298,916

0 297,176 296,101

0 0 0

295,565 295,351 296,723 296,391 296,197

0 0

295,175 295,605 297,848 297,872 297,525

0 0

298,562 299.863

Q 0

300,784 299,434 299,669 299,828 302,857

0 0

304,654 304,917 305,642 306,145 306,322

0 0

306,717 306,706 307,128 306,445 309,614

0 0

308,398 308,254 305,884

0 306,202 305,305 304,532 304,535 304,536

0 0

302,405 301,467 300,619 299.376 296.741

0 0

291.718 292,652 290,666 288,812 288,878

0 0

288,520 287.999 285,870 287,066 284,660

0

284,349 282,357 281,211 280,454

0 0

279,365 278,570 277,563 278,950 278,577

0 0

278,387 295,351 272,776 273,030 271,855

0 0

270,454 272,189 271,746 271,278

0 0 0

271,693

386


29 30

31

h

V

se

0

0 0

0

0

0

0 0

0

295,310

276,387 280,995

0

278,550 278,688

283,998

275,820 278,688

0

0 0

338,240 295,780

295,954

299,223 318,125 0 313,568

0 313,057

299,223 331,057

277,908 298,59

299,223 313,568

316716

317,948

317,186

322,200

314,200

317,186

0

0

0

316,189

300,211

302,055

298,861

298,392 0

309,614

298,562

307.577

305,368

307,577 0

469,403

451,396

461,922

0 271,77

285,604 274,335

0 0

306,202 295,351

284,660 270,454 285,604 274,335


}ate .

1

2 3

4

5

6

7

8

g 10 11 12 13 14

15 16

17 18

19

20

21 22 23 24 25 26 27 28

29 30 31

High

Low

Close

,:Jan :

0

0

0

273,582 273,308

274,841

276,848

279,105 0 0

278,521 278,069 277,413 276,423

277,267

0

0 277,938

277,152

0

276,743 277,051

0 0

276,703 276,289 275,969

277,242 280,146

0 0

280,146

273,308

280,146

Feb

280.886

280,385 283,945

289,195

292,040

0

0

295,812 297,910 299,399 299,606 300,540

0

0 301,776

301.994

302,693

301,924 300,443

0

0

301,221 299,818 299,814 300,216 300,378

0

0 0

Q 0

302,693

280,385

300,378

:Mar ;>

300,445 300,839

302,075 304,775

307,194

0

0

308,503

310,080 311,779 312.687 312,951

0

0 311,696

311,089

310,776 310,375

312,067

0

0 0

0 0 0 0 0 0

310,504

311,273 310,758

312,951

300,445

310,758

.Apr : ,

311.125

310,078 0

0 309,601

309,346

308,371

307,810

0 0 0

308,445 307,227 307,293

308,673

308,680 0

0 310,488

312,001

312,002 311,283 310,778

0 0

311,142 311,265 312,187 313,215 314,099

0

314,099 307,277

314,099

May ;

0 0

313,688

313,912

313,607

315,075

0

0 0

316,372 316,409 319,121 321,842 323,547

0 0

325,434 325,316

326,411 326,437

0 0 0

328,797 330,636 334,914 333,924 337,172

0 0

341,850

344,860

313,507

341,850

June W

0 345,991

349,817

349,662 0

0

349,343 352,001

352,826 351,380 350,296

0 0

351,344

351,703

354,008 354,926 355,636

0

0

0 356,175

358,383 358,394 358,889

0 0

358,624

358,841 460,346

0

360,346

345,991 360,346

;: Ju)y . | . :

360,534

360,724 0

0

359,583

361,050

360,277 360,126

359,672 0 0

359,423 356,755

357.192 356,576

356,742 0

0 356,364

354,826

355,073 355,196 355,430

0 Q

355,329 355,498 354,639 354,055 356,721

0

361,050

354,055

356,721

August

356,842 358,130

358,690

359,999

362,607

0

0 0

364,607 369,830 377,354 380,289 379,941

0 0

382,014

0 383,429

384,846

387,910

0 0

390,175 393,631 398,491 405,561 409,673

0

0 0

417,301

417,301

356,842

417,301

Sept

422,825 418,409 417.161

0 0

416,128

418,057

422,349

426,110 427.986

0 0

428,334

428,366 431,313 430,053

430,357 0 0

431,490

430,567 427.756 425.343 424,044

0 0

420,903 418,399 419,504 419,961

0

431,490 416,128

419,961

Oct

443.269 0 0

446,245

441,571

439,421 436.490

438,547 0 0

440.409 443,874 448,980

453,954 454,838 456,795

0

0

469,025 463,093

466,308 466,218

0 0

464,468 464,640 464,801 485,105 466,147

0

0

466,308

436,490 466,147

Nov

439.097 474,008 484,251 500,754

507,222 0

0

507,777 508,050 510,231 511,349 512,869

0 0

516,812 523,190 533,183

535,250 535,114

0 0

536,460

523,314 523,834 524,200 522,417

0 0

520.460 518,779

0

536,460

439,097 518,779

Dec i;

517,859 520,005 521.728

0 0

523,536

523,412 523,317

525,317 528,457

0 0

527.932 536,080 543,835

553,358 556,947

0 0

552.896 552,197

550.072

557,343 560,598

0 0

565,941 572,566 587,883 588,765

0

588.765

517,859 588,765

387

^/estments Decisions and the Puzzle of Share Price Movements

Market Capitalization, Share Listed and Foreign Ownership in 1993

Appendi.x No. 13

No Code Company Name CapltallMtlon Total Usted 49%o/ToUI ForelgnOwnershlp

(mtfiion Rp) Shares Listed Shares Available Owned

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

23

29

30

31

32

33

34

35

36

A8DA

ADES

ADMG

AHAP

AKPt

AKRA

ALKA

ANSI

AQUA

ARGO

ASBI

ASDM

ASGR

ASIA

ASH

ASRM

ASTR

BATA

BATI

BAYU

BBLD

BDMN

BDNI

BOTA

BFIN

BIMA

BIRA

BLTA

BNBM

BNBR

BNGA

BNII

BNU

BNPS

BNSY

BNTA

Dhamia la Insurance

Adas AHindo

Andayani M e g a h

A H A P Insurance

Argha Karya Prima Ind.

Aneka Kimia Raya

Alumindo PerVasa

Anwar Sierad

Aqua Golden Mississipl

Argo Pantos

AsuransI Bintang

Asuransi Dayin Mitra

Astra Graphia

Asiana Inti Industries

Astra International Inc

Asuransi R a m a y a n

Aster Dharma Industry

Sepatu 8a ta

BAT Indonesia

Bayu Buana

BBL Dharmala F inance

Bank D a n a m o n

BDNI

Bank Duta

Bunas Finance Indonesia

Bintang Kharisma

Bank Bira

Beriian Laju Tanker

Bank Mashill U t a m a

Bakri & Brothers

Bank Niaga

Bank Int'l Indonesia

Bank Bali

Bank Papan Sejahtora

Bank Surya

Bank Tiara Asia

13,756

79 ,800

4 7 2 , 0 0 0

20 ,400

303 ,500

367,250

23,595

124,000

26,200

92,194

13,800

43,000

23,370

63,000

3,400,460

16,500

33,390

17,973

26,400

90,000

175,500

944,280

1,724.324

163,731

165,770

73,750

196,000

123,480

158,000

1.659,002

502,664

1,544,776

1.153,795

176.938

24.000

281,250

9,826,000

38,000,000

160,000,000

6,000,000

132,000,000

65,000,000

21,450,000

62,000,000

9,000,000

30,227,500

4,500,000

20,000,000

6.150,000

30,000.000

1.162,550.400

3.000,000

25,200,000

4,550,000

6,600,000

24,000,000

45,000,000

292,800,000

469,203,898

81.865,512

57,659.116

25,000,000

80,000,000

58,800,000

68,000,000

242.190,000

57.777.417

316,303.104

166,096,000

74.500,000

8,000,000

75,000,000

1,414,740

18,620,000

78,400,000

2,940,000

64.580,000

31,850,000

10,510,500

60,760,000

4,410.000

14,811.475

2,254,000

9,800,000

3,013,500

14,700,000

569,649,696

f

1,470,000 •

12,348,000

2,229,500

3,234,000

11,760,000

22,050,000

143,472,000

229,909,910

40,114,101

28,252,967

12,250,000

39,200,000

28,812,000

33.320.000

118,673.100

28,310,934

154,988,521

91,187.040

36.505,000

3,920,000

36,750.000

3,461,990

-18,299,000

44,716.600

2,834.900

28,835,115

17,733,000

7,953,450

5,460,000

2,640,750

913,875

1,702,900

5,650,000

250

7,570,000

.

695,000

7,173,600

- 16

200

330 2889470

102691000

71831842

38337101

20734022

10,513,000

25,150,000

254,570

18.119,500

52.711,644

19539067

133

48

14103008

3909500

13.666,000

1,352,750

8,321.000

33.683.400

105.100

35.844.885

14.117.000

2.557.050

55,300,000

1,769,250

13,897,600

551,100

4,150.000

3,013.250

7,130,000

569,649,696

775,000

S.174,400

2,229,484

3,233,800

11,759,670

19,160,530

40,781,000

158,078,068

1,777,000

7,518,945

1,737,000

14,050,000

28,527,430

15,200,500

85,961,456

8,771.867

154,988,388

91,186,992

22,401,992

10,500

23.084,000

28.10

44.69

42,96

3,57

55,42

44,32

24,33

91,01

40,12

93,83

24,45

42,35

99,99

48,50

100,00

52,72

41,90

100,00

99,99

100,00

87,89

28,42

68,76

4,43

26.61

14,18

35,84

99,01

45,62

55,58

30,98

100,00

100,00

61,37

0.27

62,81

388


"̂ T~BNUM

iS BRAM

39 BRNA

40 BRPT

41 BUMI

42 BYSB

43 BYSP

44 CFIN

45 CMPP

46 CNBE

47 CNTX

48 CPDW

49 CPIN

50 CPPR

51 CTBN

52 CTRA

53 DART

54 OAVO

55 DILD

56 DLTA

57 DMAD

58 DNKS

59 DPNS

60 DSST

61 DUTl

62 DVUV

63 DYNA

54 EKAD

65 EMPT

66 ERTX

67 ESTl

68 FAST

69 FASW

70 FCOR

Bank Umum Nasional

Branta Mulia

Berlina

Barito Pasific Timber

Bumi Modem Hyatt

Bayer Indonesia (Com .Stock) Bayer Indonesia (Pref.Slock) Clipan Rnance Indonesia

Centris MuttI Persada Pratama Concord Benefit Enterprise Centex

Cipendawa Farm Enterprise Charoen Pokphand Indonesia Central Protein Prima

Citra Tubindo

Ciputra Development

Duta Anggada Realty

Davomas AbadI

Dharmala Intiiand

l^lta Djakarta

Dharmindo Adhiduta

Dankos (.^boratories

Duta Pertiwi Nusantara

Dharmala Sakti Sejahtera

Duta Pertiwi

Darya Varia Laboratories

Oynaplast

Ekadamia Tape Industries

Enseval Putera Megatrading

Eratex Djaja

Ever Shine Text

Fast Food Indonesia

Fajar Surya Wisesa

Ficorinvest Bank

71 GDWU Ganda Wangsa Utama

72 GDYR

73 GGRV

74 GGST

75 GJTL

76 GRIV

77 GSMF

78 HOTX

Goodyear Indonesia

Gudang Garam

Great Golden Star

Gajah Tunggal

Great Rwer Industries

Gajah Surya Mutti Rnance

Hadtex Indosyntec

70,604

804,375

43,700

4,865,000

90,000

6,113

4.415

20.825

143.100

93,539

6.213

33.150

506.761

426,240

166,500

1,400,000

412,500

91,603

505,526

14,704

21,600

480,533

20.760

542,700

714,375

214,063

146,602

39,131

432,000

22,103

227.707

156.188

710.400

52.500

53.000

36.900

6.313.414

118.800

1,188,000

129,360

192.192

242.250

26.149,752

225.000,000

23.000,000

1.400,000,000

45,000,000

2,324,100

2,324,100

3,966,572

5.400,000

21,020,000

3,500,000

13,000,000

56,306,767

153,600,000

45,000,000

250,000,000

275,000,000

45,801,250

243,627,000

2,940,819

36,000,000

42,525,000

34,600.500

324,000,000

225,000,000

31,250,000

32,578,200

11,180,400

60,000,000

24,559,000

126,504,000

44,625,000

222.000,000

20,000,000

63,000,000

6,150,000

481.022.000

12.000.000

396.000.000

84,680,000

160,160,000

190,000,000

12,813,378

110,250,000

11,270,000

686.000,000

22,050.000

1.138,809

1,138,809

1,943,620

26,460,000

10.299,800

1,715,000

6,370,000

27,590,316

75,264.000

22,050.000

122,500,000

134,750,000

22,442,613

119,377,230

1,441.001

17,640,000 ,

20,837,250

16,954.245

158,760.000

110,250,000

15,312,500

15,963,318

5,478.396

29,400,000

12,033,910

61,986,960

21,866,250

108,780,000

9,800,000

30,870,000

3,013,500

235,700,780

5,880,000

194,040,000

41,493,200

78,478,400

93,100,000

11,717,878

88,305,280

6,444,550

523,897,100

16,261,500

159

260.709

321

21,549,500

2.256.700

1,690,350

3,729,000

2,954,466

2,409.260

14,900

74,921.000

55,980,074

14,476.113

22,341,760

391

13,191,700

10,439,412

1,673,796

24,988,937

86,039,000

7,163,500

6,050

2,880,024

18,008,000

310

7,335,781

13,517,150

66,850,000

6,196,800

11,387,530

350

183,767,824

5,880,000

27,471,535

15,754,738

18.149,445

36.272,850

1,095,500

21,944,720

4,825,450

162,102,900

5.788,500

1.138,550

878,100

1,943,299

4,810,500

8,033,100

24,650

2,641,000

24,635,850

72,854,740

22,035,100

47,579,000

78,769,926

7,966,500

97,035,470

1,440,610

4,448.300

10,397,838

15,280,449

133,771,063

24,211,000

8,149,000

15,957,268

*% rr^a ' ^ ^ ^ 2,598,372

11,392,000

12,033,600

54,651,179

8,349,100

41,930,000

3.603,200

19,482,470

3,013,150

51,932,956

166,568,365

25,728,462

60,328,955

56.827,150

8,55

19,90

42.82

23,63

26.25

99,99

77,11

99,98

18,18

77.99

1.44

41.46

89.29

96.80

99.93

38.84

58.46

35.50

81.28

99.97

25.22

49.90

90.13

84.26

21.96

53.22

99.96

47.43

38.75

100.00

88.17

38.18

38.55

36.77

63.11

99.99

22.03

0

85.84

62.01

76.87

61.04

389

jivestments Decisions and the Puzzle of Share Price Movements

79 HERO Hero Supermarket

80 HMSP Hanjaya Mandala Sampoerna

81 HPSB Hotel Prapatan

82 IDVS Indovest Bank

83 IGAR Igaqaya

84 IKBI IKl Indah Kabei Indonesia

85 IMAS Indosepamas Anggun

86 INA) Indal Alumunjum Industry

87 INCF IndocHra Finance

88 INCI Intan Wijaya Chemical Ind

89 INCO International Nickel Indonesia

90 INDF Indofood Sukses Makmur

91 INDR Indo-rama Synthetics

92 INDS Indospring

93 INKP Indah Kiat Paper 4 Pulp Ind

94 INPC Inter Pacific Bank

95 INRU Intl Indorayon tJtama

96 INSA Intinusa Selareksa

97 INTA Intraco Penta

98 INTD Inter Delia

99 INTP Indocement Tunggal Prakarsa

00 ISAT Indosat

01 ITIvtA ttamaraya Gold Industry

02 JECC Jemtxj Cable Company

03 JIHD Jakaria Int'l Hotel& Dev

04 JPFA Japfa

05 JPRS Jaya Pari Steel

06 JRPT Jaya Real Property

07 JWJl Jeewon Jaya Indonesia

08 KARW Karwelllndonesia

09 KBLl Kabel Metal Indonesia

10 KBLM Kabelindo Mumi

11 KIAS Keramika Indonesia Assosiasi

12 KICI Kedaung Indah Can 13 KKGI Kumia Kapuas Utama

Glue Ind. 14 KLBF KableFarma 15 UON Lion Metal Worits

15 LMPI Langgeng Makmur Plastic Ind.

17 LMSH Lionmesh Prima

18 LPBN LippoBank

19 LPIN Lippo Industries

20 LPLD Lippo Land Development

21 LPU Lippo Life Insurance

392,808

4,860,000

59,366

110,000

17,500

84.600

109,615

173,800

14,000

37,400

155,255

6,599,950

482,537

60,000

1,615,663

45,805

2,322,259

52,871

79,025

34,704

7,653,709

8,154.553

57,750

264,600

1,100,122

383,524

30,000

1,645,000

32,951

188,500

420,000

105,000

242,250

147.500

33,750

1,954,800

10,039

206,500

7,920

971,244

38,888

746,431

110,650,000

450,000,000

49,517,113

50,000.000

17,500,000

36,000,000

24,912,568

44,000.000

11.200,000

44,000,000

49,581,694

763,000,000

50,317,149

37,500,000

673,192,741

19,085,500

407.413,827

15,325,000

29,000,000

15,088,800

4,207,226,660

1,035,500

21,000,000

75,600,000

386,007,840

148,941,466

15,000,000

235,000,000

7,322,455

65,000,000

140,000,000

14,000,000

85,000,000

50,000,000

50,000.000

216,000,000

5,501,000

59,000,000

4,800,000

285,660,000

7.625.000

248,826,846

54,218,500

220,500,000

24,263,385

24,500,000

8,575,000

17.640,000

12,207.158

21,560,000

5,488,000

21.560,000

24,344.030

373.870.000

29.555,403

18,375,000

329,864,443

9,351,944

199,532,775

7,509,250

14,210,000

7,393,512

. 591,541,063 ,

507,395,000

10,290,000

37,044,000

189,143,842

72,981,318

7,350,000

115,150,000

3,588,003

31,850,000

58,600,000

6,860,000

41,650,000

24,500,000

24,500,000

105,840,000

2,695,490

28,910,000

2.352,000

139,973,400

3.736.250

121.925.155

12,130,450

27,102,500

5,897,330

5,231,159

6,830,633

342,000

1,503,190

13,305.000

4.853.750

10.120.900

-

932.239

1.543,640

15,637,600

81

244

59.153,574

4,953,750

7,971.900

2,945,792

486,096,735

172,111,000

10,130,500

3,754,500

63,845,222

3,509.690

5,792,550

80.720,500

350,503

21,595,500

7,614,500

2,943,800

18,888,000

8,000

3.168,600

27,889,756

34,790

25,721,000

519,750

35.073,495

-

15,572,371

42,088,050

193.397,500

17,366,055

19.268,841

1,744,367

17.298,000

10,703,968

8,255,000

634.250

11.439.100

24.344,030

372.937,761

28,011,763

2,737,400

329,864,362

9,351,700

140,479,201

2,555,500

6,238,100

4,447,728

106,444,328

335,254,000

159.500

33,289,500

119,298,520

69,471,628

1,557,450

34,429,500

3,237,500

10,254,500

60,985,500

3,916,200

22,762.000

24.492.000

21,331,400

77,950,244

2,660,700

2,189,000

1,832,250

104,899,905

3,736.250

106,352.784

77.63

87.71

71.57

78.65

20.34

98.06

87.59

38.29

11.56

53.06

100.00

99.75

94.78

14.90

100.00

100.00

70.37

34.03

43.90

60.15

17.99

66.08

1.55

89.86

63.07

95.19

21.19

29.90

90.23

32.20

88.90

57.09

54.65

99.97

87.07

73.65

98.71

7.57

77.90

74.94

100.00

87.23

100.00

390


r 122 LPPF i-ippo Pasific R n a n c e

123 LPPS Lippo Securit ies

2̂4 MAMI M a s Muri Indonesia

125 MBAi Multibreeder Ad i rama Indonesia

126 MDBN M o d e m Bank

127 MDLN Modemland Realty Ltd.

128 MDRN M o d e m Photo Fi lm Company

129 MEDC Medco Energi Corporation

130 MERK Merck Indonesia

131 MLBI Multi Bintang Indonesia

132 WILIA Mulia Induslrindo

133 MLND Mulialand

134 MLPL Multipolar Corporation

135 MPPA Matahari Putra Pr ima

136 MREI Maskapai Reasuransi Indonesia

137 MTDL Metrodata Electronics 138 MTFN Bakrie F inance

Corporation 139 MTSM Metro Supermaricet Realty

140 MYOR Mayora

141 IrfYRX Mayartox Indonesia

142 MYTX Mayatexdin Industry

143 NIPS Nipress

144 NISP BankNISP

145 MORE Ometraco Realty

146 OMTR Ometraco Rnance

147 PBRX Panbrothers Tex

148 PCMF Perdanacipta Multi F inance

149 PDFC Bank P D F C I

150 PGIN Procter i Gamble Indonesia

151 PLIN Plaza Indonesia Realty

152 PNBN PaninBank

153 PNIN Panin Insurance

154 PNLF Panin Life

155 PNSE Pudjiadi i Sons Estates

'56 POLY Polysindo Eka Perkasa

157 POOL Pool Asuransi Indonesia

158 PRAS Prima Alloy Steel Universal

'59 PSDN Prashida Aneka Niaga

'80 PTRA Putra surya Pefkasa

'51 PTRO Petrosea

'82 PTSP Putra Sejahtera P.

'63 PUDP Pudjiadi Prestige Umited

312,430

44,557

201,600

66,000

186,250

264,000

448,800

1,200,465

567,840

15,960

21,472

750,000

850,000

55,712

616,365

21,540

38.537

81.671

52.920

1.379.851

86,240

47.600

74.000

196.875

219,375

431,250

33,600

162,500

157,031

7,980

879.750

649.949

135,161

147,998

92,664

1,145,400

100.000

15.500

375,000

653,625

70,200

151.125

192.500

45,610,294

18,964.300

28,000,000

55,000.000

50,000,000

120,000,000

74,800,000

133,384,950

101,400,000

1,680,000

3,520,012

125,000,000

378,000,000

34,284,000

150,333,000

18,200,000

18,351,026

49,497,450

26,460,000

127,764,000

15,400,000

68,000,000

20,000,000

62,500,000

135,000,000

125,000,000

38,400,000

50,000,000

93,750,000

840,000

345,000,000

240,721,850

90,107,370

73,999,228

23.760,000

276,000,000

25,000,000

20,000,000

120,000,000

315,000,000

18,000,000

31,000,000

100,000,000

22,349,044

9,292,752

13,720,000

26,950,000

24,500,000

53,800,000

36,552,000

55,358,625

49,586,000

823,200

1,724.806

61,250.000

185,220,000

16,799,160

73,563,170

8,918,000

8,992.003

24,253,751

12,965,400

62,504,360

7,546,000

33,320,000

9,800,000

30,625,000

66,150,000

61,250,000

18,816,000

24,500,000

45,937,500

411,600

169,050,000

117,953,707

44,152,511

36,259,622

11,642,400

135,240,000

12,250,000

9,800,000

58,800,000

154,350,000

8,820,000

15,190,000

49,000,000

1

1,499,188

-

21,962,500

10,458.560

43,696.500

14,000.500

27.316.626

29,056.500

349,755

56

36,422.000

166,268,000

1,889,340

23,459,910

8,223,808

295

12,891,411

6,055.100

4.440.427

6,311,900

.' 29,414,400

3,717.500

20.514.500

45.947,000

33,294,000

162,800

17,717,000

12,542,559

-

135,461,300

207

2,580

9,193

9,469,874

56,434,825

8,575,000

8,626,000

34,582,500

77,649.500

300

8,476,000

25,815,500

22,349,043

7,793,564

13,720.000

4.987.500

14.041.440

15,103.500

22.651.500

38.042.000

20.629.500

473.435

1.724.750

24.828.000

18.952.000

14.909,820

50,203,250

694,192

8,991,708

11,362,340

6,910.300

58,163,933

1,234,100

3,905,500

6,082,500

10,110,500

20,203.000

27,956,000

18,653,200

6,783,000

33.294,941

411,600

33,588,700

117,953,500

44,149,931

36,250,429

2,172,526

78,805,175

3,675,000

1,174,000

24,217,500

76,700,500

8,819,700

6.714,000

23.184,500

83.87

100.00

18.51

57.31

25.59

61.80

58.21

41.52

57.51

100.00

40.54

10.23

88.75

68.15

7.78

100.00

46.85

53.30

92.91

16.35

11.72

62.07

33.01

30.54

45.64

99.13

27.69

72.48

100.00

19.87

100.00

99.99

99.97

18.66

58.27

30.00

11.98

41.19

49.69

100.00

44.20

47.32

391


164 PWON

165 PWSI

166 RAMA

167 RDTX

158 RIGS

169 RMBA

170 SAFE

171 SAIP

172 SCCO

173 SCPI

174 SDPC

175 SHDA

176 SHID

177 SIMA

178 SKBM

179 SKLT

180 SMAR

181 SMCB

182 SMGR

183 SMRA

184 SOBI

185 SONA

186 SPMA

187 SQBI

188 SRSN

189 SSGS

190 SUBA

191 SUU

192 SUMI

193 TBMS

194 TCID

195 TEJA

196 TEXT

'97 TFCO

'98 TGKA

'99 TIRA

2M TKGA

Pakuwon Jati

Panca Wiratama Sakti

Bank Rama

Roda Vitatex

Rig Tenders Indonesia

Rimba Niaga Idola

Steady Safe

Surabaya Agung Sakti P.K

SUCACO

Sobering Plough Indonesia NVPD Soedarpo

Corporation Sari Husada

Hotel Sahid Jaya

Super Indah Makmur

Sekar Bumi

SekarLaut

SMART Corporation

Semen Cibinong

Semen Gresik (Persero)

Summarecon Agung

Sorini Corporation

Sona Topaz Tourism Industry

Suparma

Squibb Indonesia

Sarasa Nugraha

Spanjang Surya Gas

Suba Indah

Sumalindo Lestari Jaya

Supermitory Utama

Temt>aga Muiya Semanan

Tancho Indonesia

Texmaco Jaya

Textron ic Permai Electronics Tifico

Tiga Raksa

Tira Austenite

Toko Gunung Agung

388,500

181.500

178,125

196.000

33,502

10,540

247.800

159.500

283.248

7.290

17.110

224.668

34.877

61.250

290.290

103.950

588,000

836,707

518,000

147,603

360,000

195,960

164,350

5,540

72,250

7,950

45,000

587,500

16,800

13,131

91,000

420,000

49,333

17,388

360,450

70,000

46,800

210,000,000

33,000,000

75,000,000

56,000,000

60,915,000

6,650,000

59,000,000

112,000,000

45,685.200

1,080,000

13.550,000

21,396,975

24,912,000

35,000,000

100,100,000

37,800,000

210,000,000

164,205,000

70,000,000

41,000,700

40,000,000

27,500,000

86,500,000

972,000

28,900,000

5,300,000

22,500,000

125,000,000

21,000,000

3,367,000

13.000,000

100,000,000

13,333,280

6,440,000

40,500,000

14,000,000

26,000,000

102,900,000

16,170.000

36.750.000

27.440.000

29.848.840

3,258,500

28.910,000

54,880,000

22.385.748

529,200

6,688,500

10,484,518

12,206,880

17,150,000

49,049,000

18,522,000

102,900,000

80,460,450

34,300,000

20,090,343

19,500,000

13,524,000

42,385,000

476,280

14,161,000

2,597,000

11,025,000

61,250,000

10,290.000

1,649,830

5,370,000

49,000,000

6,533,307

3.155,600

19,845,000

6,860,000

12,740,000

3,993,454

6,551,000

21,730.000

280

200

41.900

20.459.500

51.204.108

-

28

6,650.350

5,830.902

9,376,140

15,420,500

10,670,650

8,305,120

9,043,100

100

" -

11,005,478

10,542,665

1,259,980

23,963,500

70,080

2,962,100

8,000

3,801,100

42,700,500

9.509.500

246,800

-

32,253,000

-6,443,807

2.077.520

5,117.747

4,383,900

3,589,000

98.906.536

9.619.000

15.020,000

27.439.720

29.843,540

3,216.500

8.450.500

3,675.892

22.385.748

529.172

38.150

4,553,515

2,830,740

1,729,500

38,378.350

10.216,880

93,856,900

80,460,350

34,300.000

9,084.865

9,057.335

12.254,020

18,421,500

406.200

11.198,900

2,589,000

7,223,900

18,549,500

780,500

1,403,030

6,370,000

16,747,000

89,500

1,078,080

14,727.253

2.476,100

9,151,000

96.12

59.49

40.87

100.00

100.00

98.71

29.23

6.70

100.00

99.99

0.57

44.39

23.19

10.08

78.24

55.16

91.21

100.00

100.00

45.22

46.21

90.68

43,46

85.29

79.08

99.69

65.52

30.28

7.59

85.04

100.00

34.18

1.37

34.16

74.21

36.09

71.83

392

^vestments Decisions and the Puzzle of Share Price Movements

201 TKIM

202 TMBN

203 TOTO

204 TPEN

205 TPFC

206 TRPK

207 TRTS

208 TSPC

209 UGAR

210 ULTJ

211 UNIC

212 UNSP

213 UNTR

214 UNTX

215 UNVR

216 VOKS

217 WICO

218 ZBRA

Tjiwi Kimia

Tamara Bank

Surya Toto Indonesia

Texmaco perkasa Enginering Dharmala Agrifoods

Trafindo Perkasa

Trias Sentosa

Temp Scan Pasifik

Ugahari

Ultra Jaya Milk

Unggul Indah Corp

Bakrie Sumatra Plantation

United Tractor

Unit ex

Unilever Indonesia

Voksel Electric

Wicaksana Overseas Int'l

Zebra Nusantara

TOTAL

1,216,928

77,750

154,741

336,000

150,360

38,400

336,000

791.250

34.560

457,740

346,500

30.248

648,600

22,973

400,793

158,000

415,800

19,131

103,835,241

296,811,758

43,200.000

33,620,625

105,000.000

125,300,000

24,000,000

96,000,000

75,000,000

21.600.000

83,026.330

132,000.000

11.100,000

138,000,000

1,584,360

11,451.225

42,000.000

66.000,000

15,942,675

23,854,339,821

145,437,761

21,158,000

16,474,106

51,450,000

51,397,000

11,750.000

47,040,000

36,750,000

10,584.000

43.133.171

64,580.000

5,439,000

67,620,000

776,336

5,611,100

20,580,000

32,340,000

7,811,911

11,746,446,512

57,633,020

20,747.500

2.120,293

28,736,000

50,605,500

6,790,500

18,909,600

19,990,000

10,350,500

2,700

32,367,985

3,740,800

13,870,767

665,986

266,677

12,000

13,756,000

236

4,683,576,376

77,804,741

420.500

14,353,813

22,714,000

10,791,500

4,969,500

28.130.400

16.750.000

233.500

43.130.471

32.312,015

1.698,200

53,749,233

110,350

5,344,423

20,568,000

18,534,000

7,811,675

7,062,870,136

53.50

1.99

87.13

44.15

17.58

42.26

59.80

45.61

2.21

99.99

49.96

31.22

79.49

14.21

95.25

99.94

57.46

100.00

Sorce: JSX Statistics 1994, vVarious Issue

393


Appendix No. 14

Share Price Movements in August 1993

No" Co! ^ W~- , ;:::?A' V W~^: 3 ,:,:• , 4 5 6 9 10 11 12 13 16 18 IS ; 20 23 , . 24 , 2 3 26 27 31

1 P T A B D A ' '• '^^ ' ' • ° ^ ^ ° ° ^ ^ ^^^ ®^^ ^^^ 825 825 550 925 950 825 675 950 900 900 900 900

2 P T A D E S ^ ' '^^ ^•''^^ ^•^'^ ^•^°° ''•'^°° ^ ' '^^ •'•'^°° ' ' • ' ' ^ • ' • ' '^ •'•®°° ^•''25 1.200 1.200 1,200 1,175 1.200 I.ISO 1.150 1,600

o p j A O M G ^ ' ^ ^ ^ ' '^^ ^'^^^ ' ' ^ "^ ^'^"^ ^•''^^ ''•^°° ' ' • ' ' ^ ' ' • ' ' ^ ' ' • ^^ ''•''25 1.125 1.200 1,200 1,200 1,175 1,200 1,150 1,150

4 PT A H A P ^ • ' ' ^ •'•"'^^ ^•''•^^ ^ • ' ' ^ ^ • ' ' ^ ^•''^^ ^•''^^ ^•"'25 3.125 3,125 3,125 3,125 3,125 3,125 3,125 3,125 3,125 3,125 3,125

5 PT AKPI ^•°°° *'°°° ^•°°° ^•°°° ^•''°° ^^"^ *'^°° *'^''^ •̂®°° ''•*'° '̂̂ ^̂ ^•''^ *'^^ *'^°° *'^^ *'^°° *'^^ *'^^ ^-^^

fi PT AKRA ^•^°° "'•®°° •̂ •®°° ^^"^ •'•^°° •'•®°° •'•®°° •'•®°° •'•*^ •'•®°° •'•*'° ^^^ •'•*" ^•*'° '̂̂ "̂ ^•*'° ''•*'° '̂̂ ^̂ ^•*°°

7 P T A L K A ''•®°° ' ' • ^ ^ ^ ' ^ ^ ^ ' ^ ^ • ' •^^ ^ • ' ' ^ ' ' • ^ ^ •̂ ••̂ °° ^•^'^ ^ ' 3 ^ 2,400 2.350 2.325 2,300 2,325 ^325 2.325 2.325 2.000

8 P T A N S I '̂̂ ^̂ '̂̂ ^̂ ''•̂ ^̂ '̂̂ ^̂ '̂̂ ^̂ •̂''̂ ^ •'•̂ ^̂ ''•^^ •'•^^ ^•''^ •'•'̂ ^ •'•'^ ^'^^ ''•̂ ^̂ ^-^^ ^'^^ '̂̂ ^̂ ^'^^ '̂

9 PT A Q U A ^•°°° ''•°°° ''•°°° '̂"̂ ^ ^•°°° ^•°°° '*'°°° ^•°°° ''•°°° '̂""^ ^•°°° ^•°°° ^•°°° '̂"̂ ^ '*'°°° '̂"̂ ^ *'°°° ^•°°° ^

10 PT A R G O •̂ •̂ °° •̂ •'̂ °° ^•^°° •'•*°° ^•'*°° •'•®°° •̂ •®°° '^•^^ -̂ '̂ ^̂ ^'^^ ^'^^ ^'^^ •̂̂ '̂ ^•^°° ''•'°° '̂̂ '̂ ^'^^ *''^°° *

11 PT ASBI •̂•'̂ ^ •̂''̂ ^ •'••'̂ ^ '•''̂ ^ '•''̂ ^ •̂''̂ ^ ^•''^ ''•''̂ ^ '•''^ ^''^ •̂•'̂ ^ ^''^ ^•''^ •̂''̂ ^ ^'^^ '̂̂ "̂ ''^"^ ^•^°° '•'

12 PT A S D M ' ' ^ ^ ' ' ^ ^ ^'^^^ ' ' ^ ^ ^'250 1.225 1,250 1.225 1,175 1,125 1,125 1,200 1,200 1.200 1,175. 1,200 1,150 1,150 1

13 PT ASGR ^•®°° ^•^'^ ^'^°° ^'^^^ ^ ' ^ ^ ^ ' ^ ^ ^ ' ^ ^ ^•^'^ ^ ^ ^ ^ ' ^ ^ ^ ' ^ ^ •,5,eoo 5,6OQ s.eoo s.soo s.soo 5,60o s.eoo 5,700

14 PT ASIA '̂̂ ^̂ ^•'"^ '̂̂ ^̂ -̂ '̂ ^̂ ^'^^ •̂®°° ^'^^ '̂̂ ^̂ '̂̂ ^̂ ^•*°° '̂̂ ^̂ ^®^^ ^'^^ ^'®°° ^'®°° ^'^^ ^'^^ ^'"^ '•

15 P T A S H 13,000 13,000 13,000 13,200 13,550 14,300 14,450 14,400 14,400 14,450 14,600 14,700 14,950 15,000 15,150 16,000 17,500 17450 17

15 PT ASRM ^'^^ ^'^^ •̂'®°'̂ ^'®" '̂̂ "̂ '̂®°° ^'^°° ^-^^^ ̂ •^°° •̂®°° •̂®°° •̂®°° '̂̂ ^̂ ^'*^ ^'^°° ^'^^ ^'^°° ^'^°° ^'^°°

17 PT ASTR ^' '°° ^•'°° ' •° ' '^ '•''°° ^•'°° ''^"^ '̂'̂ ^ '̂̂ ^̂ ' • '°° '̂̂ "̂ '̂̂ ^̂ ^''^ '̂̂ ^̂ '̂̂ ^̂ •̂̂ '̂ '̂̂ ^̂ ^'^°° ^'^°° ^'^^

18 PT BATA '̂-̂ ^ •'•''°° •'•''°° ^•''°° ^•'^°° ^'^^ ^•'*°° •̂ •'*°° •̂''̂ ^ ^''^ •'•"^ '̂̂ "̂ ''•®°° '''^°° ^'^^ ''•^°° ^'^^ ^'^^ '^'*°°

19 PT B A T I 2.150 2,150 2,150 2,150 2.150 2.350 2,350 2,350 2,350 2.350 2.350 2.400 2,500 3,100 3,150 3,000 2.800 3.100 3,100

20 PT BAYU I'®"" ^•^°° ^•^°° ^•^°° ^•'̂ °° ''^^ ^'^^ ^'®^ •̂'̂ ^ •̂'̂ ^ ''•̂ ^̂ ^'^^ ^'^^ ^'^^ ''^^ ^'^^ ^'*^ ^'^^ ^'^^

21 PT BBLD ^•^^°° ^•^°° ^•^°° ^•3°° ^•^°° ^••'°° •'•^°° ^•^°° ^•^°° ^•^°° ^•^°° ^•^°° '̂̂ "̂ ^'^°° ^'^°° ^'^°° ^'^°° ^'^°° ^'^°°

22 PT B D M N ^,625 S.SSO 3,650 3.625 3,600 3,625 3,650 3,650 3,675 4,000 4,025 4,025 4,050 4,175 4,350 4,625 4,725 4,900 5,425

23 P T B D N I 2''50 2,150 Z075 2,125 2,100 Z125 2,350 2,375 2,325 2400 2525 Z675 2,775 Z800 2.600 Z92S 3,150 3,175 3,375

24PTBDTA ^ ' ^ 2,550 2750 2,825 2,775 2,775 2,875 2,925 2,925 3,250 3,225 3,400 3,4oo 3,37s 3,400 3,4oo 3,450 3,450 3,700

25 PT B F I N 2,725 2,900 2,750 2,850 2,775 2,700 2,700 1,525 1,525 1,525 1,675 1,700 1,750 1,750 1,700 1,700 1,725 1,800 1,900

26 PT B I M A 2,750 ^750 2,750 2,600 2,500 2600 2,600 2,600 2.600 2.650 2,750 Z750 2,750 Z750 Z60Q i600 2,600 2.600 Z600

27 P T B I R A <825 4,825 4,825 4,825 4,825 4,825 4,900 5,000 5,300 5,500 4,900 5,000 5,300 5.500 4,825 4,825 4,625 4,825 4

28 PT BLTA 2,750 2,750 2,750 2,750 2,750 2,725 2,750 2,900 2750 Z750 2,750 2.600 2,600 2,600 2,600 2,600 2,600 2,650 2750

29 P T B N B M "-^^o 4.700 4.625 4,825 4.825 4,825 4,825 4,825 4.825 4,750 4,700 4,825 4,625 4,82s 4,82s 4.825 4,825 4.825 4

750

1,000

.000

125

.800

375

,000

.825

394


" ^ 0 PT BNBR

31 PT B N G A

32 PT BNII

33 PT BNLI

34 PT BNPS

35 PT BNSY

36 PT BNTA

37 PT BNUM

4.650

7,150

3,650

4,200

1,600

2,550

7,150

1,900

4,600

7,250

3,825

4,275

1,800

2,550

7,150

1,900

4,650

7,250

3,650

4,200

1,600

2.550

7 1 5 0

1,900

4,500

7,450

3,925

4,275

1,600

2,550

7,150

1,900

4,500

4,650

3,975

4.275

1,800

2.500

7,150

1,950

4,500

8,400

4,025

4,275

1,600

2,450

7,000

1,800

4,750

8,350

4,325

4,275

1,800

2,700

7,000

1,800

4,700

8,125

4,575

4,275

1,800

2,775

7000

1,950

4,825

8,100

4,600

4,275

2000

2,850

7000

1,900

4.825

8,000

5,000

4,275

2,350

3,050

6,600

1,900

4,825

8,050

5,000

4,350

1.600

3,450

8,950

2,000

4,825

8.000

5,000

4,300

1,800

3,450

7.150

2,100

4,825

8,000

5,050

4,325

1,800

3,100

7150

2,175

4,825

8,000

5,200

4,375

1,800

2,925

7000

2225

4,825

7,875

5.800

4,475

1,800

3,000

7000

2,250

4,900

7,875

5,750

4,850

1,800

3,050

7,000

2200

5,000

7,800

5,800

5,300

1,800

3,150

7000

2300

5.300

8.000

5,800

5.300

2000

3,150

6,800

2400

5.500

8,000

6.525

5,600

2350

3,150

6,950

2,600

,200

50

,300

38 PT BRAM ^ ' ' " ^ ^•'*°° ^•''°° ^'2°° 5,2oo 5.200 5,300 5,400 5,400 s,5oo 5.500 5,500 5,500 5,500 s,6oo 5,800 6,000 6,200 6,200

39 P T B R N A 2,000 2,000 2,000 2,000 1,450 1,450 1,65Q 1,65Q 1,750 I.SOO l.aOO 1,8Q0 1,800 I.8OO 1,800 1.800 1,800 ZOOO Z350

4f) PT BRPT '̂̂ ^̂ ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^̂ ^̂ ^•°'-'° ^•°°° ^•°°° ^•°°° '̂̂ "̂ ^•°°° ^'°°° ^'°^ ^'°°° ^•'^

41 P T B U M I 2,200 2,200 2,200 2,200 2,200 2,250 2,250 2,250 2275 2,275 2275 2,275 2,275 2,275 2.275 2275 2275 2275 2,275

42 PT BYSB 2,150 2,150 2,150 2,150 2,150 2150 z i s o 2150 2150 2.150 2,150 2150 z i so 2150 2150 2150 z i so z i s o 2

43 P T B Y S P 2,025 2,075 2,075 2,075 2,150 2,150 2,150 2,150 2,150 Z150 2,150 2,150 2150 2,150 2150 2150 2150 2150 21

44 PT CFIN ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•'^ ^'"^ ^•'^ ^'^^^ ^'^°° '̂̂ *°° ^"^°° ^ 45 P T C M P P ^ • ° " *'2^S 7,600 4,850 4,600 4,550 4,450 4,400 4,000 4,000 4,075 4,075 4,275 7600 4,850. 4,600 4,550 4,450 4,400

46 PT CNBE ^•^^°° '̂̂ "̂ ^•^°° *'''°° ^•''̂ ^•2°" ^•'^°° •̂•̂ °° '̂''̂ ^ ^'*" *''̂ *̂ •,®'̂ °̂° ^'^°° ^''^ •̂•̂ °° ' '^°° ^'^°° ^'*^ *•*"

47 PT CNTX ^•°°° ^•°°° ^•°°° ^•°°° ^•'^ ^•°°° ^•°°° ^•°°° ^•°°° ^•^°° ^'^^ ^"^ ^'^^ ^'^°° ^'^^^ ^'^" ^'^^ ^'^^ '̂'*°°

48 PT C P D W ''^^ ^ ' ^ ^'^^ ^'^^ ^'^^ ''•^^ ''•^°° ^ '^ ^•^°° ^'"^ '̂̂ ^̂ ^'^^ ^•^^ '̂̂ ^ •̂̂ °° ^'^ '̂̂ ^ ^ ° ^ ^'°^

49 PT CPIN ^••'50 ^.ISO 7150 7,150 7,150 7000 7,000 7,000 7000 6,8O0 8,950 7,000 7000 7,000 7,000 7,050 7,200 7,425 7,425

50 PT CPPR ^•2°0 8,950 8,950 8,700 8,400 8,000 8,000 8,000 8,250 8,300 8,300 8,300 8,100 8,150 8,200 8,100 8,300 8,425 8,475

51 PT C T B N "•250 4.250 4,250 4,250 4,250 4,250 4,250 4.250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250 4,250

52 P T C T R A 2,400 2.400 2,400 2,400 2,40Q 2,400 2,525 2,525 2,550 ZSSO 2400 2400 2,400 2400 2400 2.525 2,525 ZS50 2,550

53 PT DART *'°°° "•0°° ^•°'^^ '•°^^ ^'^'^ " ' ^ "'"^ ''^ ' ' ^ ' ^^ '• '°° ' • '°° "'"^ * ' ^ ^°°° ^'°^ ^'^ ^ ' ^ ̂ '^^^

5 4 P T D A V O 3,800 3,825 3,800 3.800 3,800 3,800 3,850 3,850 3,950 3,950 3,800 3,825 3,800 3,800 3,800 3,800 3,850 3,850 3,950

55 PT DILD I.™ '•'°° 1.̂ °° '•'°° ''"^ '• '°° ^ '^ '•'"' '•' ' ' '•' ' ' ''"^ '-"^ '•' ' ' ^°^ '•""' '•' ' ' ''"^ ' ' ° ^ ' ' ' ' °

56 P T D L T A ^s.ooo IS,QOO IS,OOO 15,000 15,000 15,000 is,ooo 15,003 15,000 15,000 15,000 s,ooo 5,000 s,ooo 5,000 5,000 5,000 5.000 5,000

57 PT DMAD ^'^ '-^ '-^ ^ ' ^ ^ '^ ^ ' ^ ''^ ''^ ''^ ''^ ''^ ''"^ ' • ' °° ' • '°° ' • ' °° ' ' ' ° ° ' '"^ ''"^ ' • '°°

58 PT DNKS 1̂ .500 ^^•^ ^^.^ ''^^ ^^•'^ ''•°°° ''•'^ ''-"^ ''•'^ ''•'^ ''•'^ ''•'°° ''•'°° ' ' • ' ° ° ' ' • ' ° ° '"'"^ '''"^ ' ' ' ' ' ° ' ' '°°°

59 PT DPNS 2,075 2100 ZIOO ZIOO 2100 Z125 Z150 2175 2,200 2.200 2.200 Z500 2550 Z550 Z550 Z775 3,100 3,100 3,225

60 PT D S S T 2.700 Z700 Z700 Z700 2700 2700 2725 2.^ 2.^ Z400 2,403 2.403 Z403 Z ^ 2,403 Z525 2525 2550 2

61 PT DVIA 3,900 3.800 3,825 3.800 3,803 3,800 3,S03 3,850 3,850 3,950 3,803 3,825 3,803 3,803 3,803 3,803 3,850 3,850 3,

62 PT DYNA 3 . - «.-° «.^ «'-° «•-= ^ ' ^ ^ ' ^ '-^ '"^ ' '"^ ''^ ' " ° ' " ' " ° ' " " ' " ' " ' " ' ' "

.550

.950

595


6 3 P T E K A D ^ôo 3,8oo 3,800 3,800 3,600 3,900 3,800 3,800 3,82s 3,900 3,800 3,825 3,aoo 3,800 3,600 3.800 3.850 3550 3950'

6 4 P T E M P T 3025 3,250 3,250 3.500 3,575 3.350 4,550 4,300 4,250 3,025 3,025 3,250 3,250 3,500 3.575 3.350 4,550 4,300 4 250

6 5 P T E R T X 2,200 Z200 2,200 2,200 2200 2,150 2,200 2,300 Z300 2,300 Z300 Z300 Z300 Z300 2300 Z300 Z275 Z250 2400

6 6 P T E S T l 5,0X3 S,OX3 5,OX 5,030 5,003 5,030 5,103 5,200 5,200 5,20) 5,0)0 5,030 5,030 S,O30 5,030 5,030 4,950 4,950 4,950

6 7 P T F A S T 7.°5o 7,050 7,050 7,103 7,150 7225 7,225 7.225 7,301 7303 7.32s 7,32s 7325 7,325 7,403 I.AOO 7.403 7403 7,425

6 8 P T F C O R 3,900 3,850 3,875 4.075 3,875 3,850 4,100 4,030 3.950 3,950 4,100 4,400 4,500 4,350 4,350 4,200 4,475 4,475 4,775

6 9 P T F S A W 3,025 3,250 3,250 3,500 3,575 3,350 4.550 4,300 4,250 4.250 3.025 3,250 3,250 3,500 3,575 3,350 4,550 4,300 4.250

7 0 P T G D W U 2.950 2,950 Z875 Z850 Z825 Z800 Z800 Z850 2,575 2800 Z950 Z950 Z950 Z875 Z850 Z82S 2,800 2800 Z850

71 P T G D Y R "•200 4,200 4,200 4,200 4,300 4,300 4,400 4,450 4,450 4,575 4,600 4,450 4,475 4,450 4,575 4,600 4,600 4,703 4,800

7 2 P T G G R M 5,550 5,550 5,550 S,S50 5,550 5,57s 5,575 5,700 5,750 5,750 5,975 6,050 8,050 6,400 6,300 8,300 6.100 6.250 6.675

73 P T G G S T ^•^°o 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9.900

7 4 P T G J T L 2,500 2,500 Z52S Z575 Z600 Z8S0 3,600 3,600 3,025 3,025 3,250 3,350 3,500 3,575 4,100 4,550 4,300 4,250 4.250

75 P T G R I V 3,000 3,100 3,200 3.300 3,300 3,350 3,450 3,450 3,450 3,450 3,475 3,475 3,400 3,350 3,375 3,400 3,400 3,200 3,200

76 P T G S M F i^®o° i^«25 i.eso i.eso i.eso i.ezs 1,725 1,700 1,700 1,700 1,72s 1,725 1,725 1,700 1,700 1,725 1.700 1,725 1,77s

77 P T H D T X 2,050 ZOOO 2.000 ZOZS 1,975 ZOOO Z100 ZlOO Z250 Z425 2400 Z275 Z27.S Z325 Z275 2300 Z275 2300 2375

78 P T H E R O •̂"OO S.'WM 8,450 8,475 8,475 8,500 8,600 8,700 8,750 8,825 8,875 8,875 9,125 9,200 9,400. 8,400 9,300 9,325 9,325

79 P T H M S P ^•''50 8.150 8,150 6,200 6,200 6,200 6,300 6,550 6,875 7,000 7100, 7,250 7500 7300 7500 7500 7600 8,100 8.100

80 P T H P S B "•200 4,200 4,200 4,200 4,200 4,200 4,200 4.200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200

81 P T H P S P *'°°° "•ooo 4,000 4.000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4.000

82 P T I D V S 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000

83 P T I G A R i'ôo 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1.700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700

84 P T I K B I ^^350 1,300 1,350 1.425 1,525 1,575 1,600 1,575 1,575 1,600 1,625 1,400 1,625 1,600 1,525 1,525 1,500 1,400 1.375

85 P T I M A S 2,300 Z100 Z400 Z400 2,400 2400 2400 2550 2,550 2550 2,400 2,400 2^00 Z400 2500 ZSOO Z500 2600 3,000

86 P T I N A I "•^^^ 5,000 5,200 S,600 5,600 5,500 5,700 5,800 5,900 6,100 8,200 6,200 6,250 6,250 7,000 7,500 8,000 8,000 8,000

87 P T I N C F 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450

88 P T I N C I ^'275 1,275 1,275 1,275 1,275 1,575 1,350 1,450 1,400 1,400 1,400 1,600 1,900 1,875 1,700 1,800 1,900 1,850 1,875

89 P T I N C O 2,975 3,025 3,025 3,025 3,050 3,025 3,075 3,075 3,050 3,000 3,050 3,050 3,100 3,125 3,100 3,075 3,050 3.075 1,875

90 P T I N D F 2,275 Z275 Z275 2,275 2025 2,025 Z350 Z350 Z100 Z100 ZIOO ZIOO ZIOO ZIOO ZIOO Z100 ZIOO Z300 Z300

91 P T I N D R ^•^°° ''•^°° ^'500 7500 7500 7500 7500 7,soo 7500 7S00 7500 7,500 7,500 7,500 7S00 7soo 7,500 7500 7500

92 P 7 I N Q S 2.300 ZIOO 2,400 Z400 Z400 Z400 Z400 Z550 ZS50 Z550 Z'tOO ZÔO Z'lOO Z400 ZSOO ZSOO Z500 Z600 3,000

9 3 P T I N K P •̂̂ ^ •̂̂ ^ •̂̂ ^ '̂̂ ^̂ ^'^^ '̂̂ ^ ^•°°° ^•°°° ^^^ ^^°° ^'"^ ^^^ " ^ ^^^ ^•^°° ^^^ ^'^^ ^^^ ^ ^

94 P T I N P C "^3^5 5^°°° ^^200 5.600 5,600 5,500 5,700 5,800 5,900 6,100 6,200 6,200 6,250 6,250 7000 7500 8,000 8,000 8,000

95 P T I N R U "•325 "^350 4.425 4,425 4.403 4,400 4,575 4,550 4,550 4,550 4,550 4,703 4,803 4.603 4,850 4,850 4,750 4.750 4.750

396

-vestments Decisions and the Puzzle of Share Price Movements

96 P T I N S A 3,300 3,250 3,075 3,000 3,150 3,150 3,200 3,300 3,250 3,075 3,000 3,150 3,300 3,250 3,075 3,000 3,150 3,150 3,200'

9 7 P T I N T A 2,500 2,700 2,450 2,450 2,450 2,700 2,700 2,700 Z700 2700 Z600 2,800 Z900 Z900 3,100 3,900 3,250 3.250 3,250

98 P T I N T D 2,275 Z275 2,275 2,275 2025 2,025 2,350 Z350 Z100 ZIOO Z I M ZIOO ZIOO ZIOO ZIOO Z100 Z100 Z300 2,300

99 P T I N T P ^•'•°50 11.050 11,050 11,17S 11.175 11.175 11,500 11,700 11,550 11,550 11,700 11,850 11,850 11.725 11,800 1Z400 11.900 12,000 12,000

100 P T I S A T 2,500 2,700 2,450 Z450 2,450 2,700 2,700 Z700 Z700 Z700 2,600 ZSOO 2,900 Z900 3,100 3,900 3,250 3,250 3,250

101 P T I T M A 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3.000 3,000 3,000 3,000 3.000 3,000 3,000

102 PT JECC *'^°° 8,600 6,600 8,900 6,800 6,800 6,600 6,825 6,825 6,825 6,800 6,800 6,800 6,800 7.000 7,000 7,200 7200 7,200

103 P T J I H D ^"• '^^ ^"•^oo 10,800 11,000 11,200 11,225 11,200 11,400 ii,4oo 11,250 11,250 11,100 11,100 11,000 11,000 11,000 11,700 11,500 n.soo

104 P T J P F A 2.575 Z87S Z750 Z7S0 Z750 2,750 Z750 2,725 2,775 Z750 2,750 2,750 Z700 Z72S Z700 Z703 Z925 3,050 3,100

105 P T J P R S ''•^^^ ^•^°° ''•^25 1,775 1.775 1,775 1,875 1.800 1,800 1,825 1,800 1,825 1,825 1,825 1,600 1,825 1,850 1,850 1,925

106 P T J R P T 2,500 Z700 Z450 Z450 2450 2700 2,700 2,700 2,700 2700 Z600 2800 2900 2900 3,100 3,900 3,250 3,250 3.250

107 P T J W J l 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,600 3,600 3,600 3,600 3,625 3,800

108 P T K A R W 3,300 3,250 3,075 3,000 3,150 3,iso 3,200 3,300 3,250 3,07s 3,000 3,150 3,300 3,250 3,075 3,000 3,150 3,150 3,200

109 PT KBLl 5,800 5,600 S.aSO S,850 5,900 5,950 5,960 5,950 5,950 8,050 8,100 6,150 6,250 6,250 8,300 6,400 6,500 6,500 9,700

110 P T K B L M 13500 13,500 13,500 13,500 13,500 13,SO0 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500

111 P T K I A S ' ' • 8 ^ ''•850 1.850 1,850 1,850 1,850 1,850 1,850 1,825 1.825 1,825 1,850 1.850 1,850 1.850. 1,850 1,850 1,850 1,850

112 PT K I C I "^325 4,325 4,375 4,400 4,825 4,800 5,800 4,850 4,800 4,900 5,000 •, 5,000 4,900 5,050 5,175 5,250 5,500 S.S75 5,625

113 P T K K G I 2,500 2,700 2,450 2.450 2.450 Z700 2,700 2.700 2,700 Z70C Z800 Z800 2,900 2,900 3,100 3.900 3,250 3,250 3,250

114 P T K L B F 12,850 1Z850 1Z800 1Z800 1Z800 13,000 13,000 13,000 13,100 13,100 13,100 13,150 13,150 13.200 13,300 13,350 13,350 13,400 13,500

115 P T L I O N 3,300 3,250 3,075 3,000 3,150 3,150 3,200 3,300 3,250 3,075 3,000 3,150 3,300 3,250 3,075 3,000 3,150 3,150 3,200

116 P T L M P I 5,550 5,550 5,700 5,700 5,700 5.750 5,750 5,650 5,850 5,850 5,850 5,850 6,000 6,000 6,000 6,000 6,000 6,200 6,300

117 P T L M S H 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,700 3,600 3,600 3,600 3,600 3,625 3,800

118 PT LPBN "^325 4,325 4,375 4,400 4,625 4,800 5,600 4,850 4,800 4,900 5,000 5,000 4,900 5,050 5,175 5,250 5,500 5,575 5,625

119 PT LPIN 5'800 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600

120 PT L P L D 8,425 6,425 6,500 6,600 6,600 6,625 6,625 6,625 6,625 6,625 6,675 6,675 6,675 6,700 6,700 6,750 6,800 6,800 6,800

121 PT LPLI "850 4,650 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675 4,675

122 P T L P P F ^^850 l.aSO 1,850 1,S50 1,850 1,850 1,850 1,850 1,825 1,825 1.825 1.850 1.850 1,850 1,850 1,850 1,850 1,850 1,850

123 P T L P P S 2,500 Z700 Z450 2,450 Z450 2,700 2700 Z700 Z700 Z700 Z600 2,800 2900 Z900 3,100 3,900 3,250 3,250 3,250

124 P T M A M I "'825 4.825 4,750 4.750 4,750 4,725 4,750 4,750 4,725 4,725 4,725 4,725 4,725 4,725 4,725 4.725 4,725 4.703 4,600

125 P T M B A I ^'^ ^•°'^^ ^•°^5 •̂"̂ ^ ^•°^^ ^•°^^ '̂"̂ ^ ^•°^^ ^'"^ ^•°^^ ^'"^ '̂"̂ ^ ^'"^ ' ' •°^^ ^'"^ '̂"̂ ^ ^ ' ° " ^'"^ ^ ' ° ^ ^

126 PT MDBN ^-^ ^•9°° ^-^ ^-^ '̂̂ ^̂ ^'^^ ^-^^ ^'^ ^ -^ ''^ ' ' "^ ' ' ^ ' ' ^ ' ' ^ ''^ ''^ ''^ ' ' * " ^ ° ^

127 P T M D L N ^ ' ^ ^ ' ^ ^,703 5,703 S,703 S,750 S,750 5,850 5,850 5,850 5,850 5.850 8,a» 6,030 8,030 6,030 6,0X3 6,20) 6,30)

128 P T M D R N ^5.503 15,750 15,303 15,303 15,303 15,303 15.403 15,425 15,425 1S,425 1S,425 15,550 15,550 15,550 15,550 15,550 16,a» 16.0X3 16,030

397

itments Decisions and the Puzzle of Share Price Movements

.000

.075

,600

nJ29 P T M E D C 4,500 4,500 4.500 4,500 4.500 4.500 4,500 4,500 4,500 4,500 4,500 4,500 4.500 s.ooo 5,000 5.000 5,000 s.ooo s

130 P T M E R K 8,000 6.000 6,000 6,000 6,000 6,000 6,000 7,000 7,000 7,000 7000 7,000 7000 7000 7,000 7,000 7,000 7,000 8,000

131 P T M L B I 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 7400 7200 7200

•132 P T M L I A 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5.575 5,575 5,575 5,575 5,575 5,575

133 P T M L N D •'•®°° ^ • ^ ^ I.̂ OO I.̂ OO 1,875 1,750 1,750 1,&50 1,850 1.850 1,775 1,850 1,850 1,850 1,850 1,850 1,800 1,875 2.050

•|34 P T M L P L ^ • ^^ ''•^50 1,750 1,800 1,800 1,825 1,950 2,000 2000 2,000 2,000 Z050 Z050 Z125 2,150 Z150 2200 Z200 2350

135 P T M P P A ^°^''°° •'"•''OO 10,100 10,100 10,100 10,100 10,100 10,100 9,625 9,825 9,625 9,625 9,625 9,625 9,625 9,625 9,625 9,625 9,525

136 P T M R E I ' ' • ° ^^ '^•°'^^ ^•° ' '5 1,075 1,075 1,075 1,075 1,075 1.075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1

137 P T M T D L "^825 ".825 4,750 4,750 4,750 4,725 4.750 4,750 4,725 4,725 4,725 4,725 4,725 4,725 4,725 4,725 4,725 4,700 4,

138 P T M T F N ^•°°° ^•°°° •'•°°° ^•"oo 1,000 1,000 1,02s 1,02s 1,02s 975 975 1,025 1.025 1,100 1,100 1,100 1,100 1,100 1.100

139 P T M T S M "•500 4.500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 s.ooo 5,000 5,000 5,000 5,000 5,000

140 P T M Y O R 8,550 8,550 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 8,600 6,600 8,600 6,700 6,900 7000 7000

141 P T M Y R X ^•^^^ ^^5^5 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575 5,575

142 P T M Y T X ' ' •^5 1,875 1,375 1,925 1,950 1,950 1,975 1,925 1,925 1,900 1,900 ZIOO 2,075 2,000 1,925 1,900 1,900 1.900 1,900

143 PT NIPS ^•°50 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050 5,050

144 P T N I S P 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 s,ooo s.ooo 5,000 5,000 5,000. s.ooo 4,975 4,97s 4,975

145 PT O M R E ''•^°° ' '•^'^ ^•^°° ''•^°0 ''•8'^5 1,750 1,750 1,850 1,850 1,350 1,775 1,650 1,550 1,850 1,550 1,850 1,800 1,875 2,050

146 P T O M T R ^^550 1.550 1,550 1,550 l.SSO I.SSO 1,550 1,550 1,550 1,600 1,600 1,600 1,500 1,500 1,550 1,550 1,550 1,550 1,825

^J p j P B R X ^'550 1.575 1,625 1,625 1,800 1,625 1,750 1,750 1,725 1,750 1,700 1,725 1,750 1,750 1.750 1,700 1,875 1,700 1

148 PT P C M F 2,150 2,150 2,175 2,175 Z175 2,175 Z175 2,300 Z300 2300 Z30Q 2,300 Z3Q0 Z300 Z300 2.300 2,500 Z950 3

149 P T P D F C 2.000 2,000 2050 Z07S Z125 Z100 Z175 Z125 Z100 Z12S Z150 Z125 2125 Z125 2,050 2100 2,200 2225 2375

150 P T P F I N ^^350 8,000 8,000 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200 8,200

151 PT P G I N 36,000 36,000 36,000 36,000 38,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000 38.000 36.000 36,000 36,000 36,000 36,000

152 P T P L I N 5,000 5,000 s.ooo S.OOO 5,000 5,000 5,000 5,000 5,000 5,000 S,000 S,000 5,000 5,000 S,000 5.000 4,975 4,975 4,975

153 P T P N B N ^^^25 1,950 1,950 1,950 1,950 2000 2,000 2,025 2,025 Z025 ZIOO ZIOO ZIOO ZIOO Z075 2,075 ZIOO Z1S0 Z325

154 P T P N I N 2,200 Z20Q Z20Q Z2Q0 2,200 Z200 2,200 2,200 2,025 Z075 2200 2,200 2200 Z200 2200 Z200 Z200 Z200 1,400

155 P T P N L F ^•®°° ^•^°° '•^°° ' • ^ ° ° ^ '8^5 1.750 1,750 1,850 1,850 1,850 1,775 1,850 1,850 1,850 1,850 1.850 1.800 1.875 2,050

156 P T P N S E 2,150 Z150 Z175 Z175 Z175 Z175 2,175 Z300 Z300 Z300 Z300 Z300 Z300 Z300 Z300 Z300 ZSOO Z950 3,

157 P T P O L Y ^3,30) 13,350 13.403 13,403 13,403 13,40) 13,400 13.400 13,403 13.403 13,400 13,400 13,400 13,400 13,403 13,403 13,40) 13,400 13,400

158 P T P O O L 3,800 3,800 3,803 3,600 3,800 3.803 3,800 3,800 3,600 3,80) 3,803 3,803 3,803 3,803 3,800 3,800 3,803 3,80) 3,800

159 P T P R A S ^'500 1.500 1,503 1,503 1,503 1,503 1.503 1,803 1,575 1.575 1.S7S 1,575 1,575 1,550 1,550 1.550 1,550 1,603 1.650

160 PT P R D T 8,500 s,soo a.soo 8,900 a,90o 8,900 6,900 9,200 9,200 9,200 9,100 9,103 9,100 9.100 9,100 8,500 8,500 8,soo 8,soo

161 P T P S D N 2.0X3 ZaX3 2050 Z075 Z125 Z IOI Z175 Z125 Z103 2125 Z150 Z12S Z125 Z125 Z050 ZlOO 2,203 Z22S Z37S

,850

,500

398


^ 6 2 P T P T R A 5,000 5,000 s,ooo 5,000 5,000 s.ooo 5,000 5.000 5,000 5,000 5,000 5,000 5,000 s,ooo 5,000 5,000 5,000 5.000 5.000

1 6 3 P T P T R O ''•000 7,000 7,000 7,000 7,000 7.000 7,200 7300 7300 7.300 7,300 7,300 7,300 7.250 7.200 7,200 7200 7.200 7.700

1 f i 4 P T P T S P 5.000 5,000 5.000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 5,000

I f i ' i P T P U D P '^^25 1.950 1,950 1,950 1,950 ZOOO ZOOO 2,025 2,025 2.025 20OO 2,000 Z025 Z025 2025 ZOOO Z025 Z025 Z025

i f i f i P T P W O N 2,050 2050 2,050 2,050 Z100 2050 2,200 Z300 Z275 2,275 2,275 2275 2,300 2200 Z225 Z275 2350 Z400 3,025

1R7 P T P W S I 8,200 6,200 6,200 8.175 6,100 6,100 6,100 6,100 6,100 6,100 8,200 6,200 6,200 6,175 6,100 6,100 6,100 6,100 6,100

168 P T R A M A ^ ^ 2 ^ ''•3°° ^'325 I.SOO 1,300 1,275 1,275 1,250 1,275 1,275 1,250 1,300 1,325 1,300 1,300 1,275 1,275 1,250 1,275

169 PT RDTX •̂̂ '̂ ^'^^ •̂̂ '̂ ^•^°° ^•^°° ^•^°° •̂̂ '̂ ^•^°° ^•^°° ^•^°° ^•^°° ^'^°° ^ ' ^ '̂̂ "̂ ^•^°° ^•^°° •̂'̂ °° ^•^°° '̂̂ "̂

170 P T R I G S 850 875 875 875 900 875 900 925 950 900 900 900 900 900 900 900 875 900 925

171 P T R M B A ^°° ^°° ®°° 900 900 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 * 3 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 9 0 0

179 P T S A F E 8,000 8,000 8,000 8,000 8,000 a.ooo 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,

173 P T S A I P 3,400 3,300 3,200 3,325 3,375 3,375 3,375 3,800 3,600 3,550 3,550 3,550 3,550 3,600 3,500 3,250 3,250 3,600 4,

174 P T S C C O 8'"^^ 8,475 8,475 8,475 8,475 8,600 8,600 6,900 8,900 8,900 9,100 9,100 9,000 9,075 8,600 9,000 9,000 9,000 9,

175 PT SCPI ^•*°° ^•'*°° ^•"°° ^•"°° '̂""̂ ^•"^ •̂̂ ^ ^•^°° ^'^^ ^•'^°° ^•^°° ^'"^ ^'^°° ^'"^^ *'^°° *'^°° ^'^^ ^'^°° ^''

176 P T S D P C •'•300 1.300 1,300 1,300 1,250 1,250 1,300 1,250 1,250 1,300 1,325 1,300 1,300 1.275 1,275 i,2So 1,27s 1,27s 1,32s

. _ p ^ S H D A ^•°°° 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8.000 8,000 8,000 8,000 8,000 8,000. 8,000 8,000 8,000 8,000

178 P T S H I D ^•^'^ ^•^°° ^•^°° ^•^'^ • ' ' ' ° ° ^ ' ^ ^ ^ ' ^ ^ ' " ^ ^•^''^ ^-^^ 1,950,1,950 1,650 1,700 1.700 1.700 1.700 1.703 1,725

179 P T S I M A 8,900 9,103 9,103 9,0x3 9,075 3,603 9,0X1 9,aX) 9,030 9,030 9,103 9,103 9,0x3 9,075 8,603 9,003 9,0X3 9,0X3 9,0X3

180 P T S K B M 8.103 6,103 6,103 8,103 8,103 6,103 6,103 6,103 6,10) 8,103 6,103 6,103 6,103 6,103 6,103 6,0X3 6,0X3 S.OOO 6,10)

181 P T S K L T 5,403 5,403 5,403 5,403 5,400 5,450 5,550 5,7OT 6,203 5,403 5.403 5,403 5.403 5,403 5,450 5,550 5,703 6,203 6,203

182 P T S M A R "^325 5,aX) 5,103 5.ISO 5,175 S.AOO 5,550 5,60) 5,550 S.ACC 5,40) 5,350 5,350 5,350 5,350 5,30) 5,450 5,775 8,40)

183 P T S M C B ^-^ ^.850 7,850 7850 7,850 7825 8,0X3 8,0X3 8,0X3 8,0X3 7803 7903 7803 7803 7803 7,903 7603 7,825 7,650

184 P T S M G R 8,350 6,27s 9,325 6,503 6.703 7,203 7,703 7.750 7.750 7,6a) 7303 7303 7303 7,303 7350 7,603 7,625 8,32s 8,5a)

185 P T S M R A 3,103 3,103 3,10) 3,103 3,150 3,203 3,203 3,403 3,301 3,401 3,503 3,503 3,503 3,503 3,550 3,503 3,503 3,603 3,725

1 8 6 P T S N G R 8,103 6,103 6,103 6,103 6,103 6,103 6,103 8,103 6.103 6,0x3 6,ox) 6,0x3 6,io) 6,101 6,103 e.ox) e.ooa 6,0x3 6,103

187 PT SOBI ^"•0°° "̂•°<» '''°°° '^•°°° ''•°°° ''•°°° ''•°°° ''•°°° ''•'^ '"'^ ' ' • '°° '*-^ ' " ' ^ ' ' • '°° ' ' • '°° ' ' ' ^ ' ' • '°° '''^ ' " ' ^

188 PT SONA '°'°°o 1°^°°° ^°'°°° ^°^°°° ^° '°~ ^°'°°° '°'°°° '°'°°° '"•'^ '°'°°° '°'°°° '°'°°° '°'°°° '°'°°° '°'°°° '°'°°° '°'°°° '°'°°° '°'°°°

189 P T S P M A 5,403 5,403 5,350 5,350 5,350 5,350 5.303 5,450 5,775 5,403 5,403 5,350 5,350 5,350 5,350 5,303 5,450 5,775 6.403

190 P T S Q B I 5.103 5,103 5,103 5,103 5,103 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250

191 P T S R S N 3,450 3,450 3,450 3,450 3,450 3,550 3,5«3 3,525 3,5«3 3,503 3,450 3,403 3,503 3,5«3 3,503 3,503 3,5«3 3,503 3,503

192 P T S S G S 2,803 2,803 Z803 2.803 2,80, 2603 Z803 Z803 ZSOD Z80) 2803 2,803 2,803 2,803 Z803 Z803 2.803 Z803 ZSO)

193 P T S U B A 8.100 S.OSO e.OSO e.OSO 6,050 6,050 6,050 S.OSO 6,103 6,10) 6,103 6,10, 6,103 6,103 6,103 6,103 6,10) 8,103 6,1

1 9 4 P T S U L I 3,3«3 3,40, 3,503 3,503 3,503 3,503 3,550 3,503 3,5(» 3,8«) 3,725 3,50) 3,SCX3 3,550 3,503 3,50) 3,600 3,725 3,725

000

,000

,000

iOO

399

tvestments Decisions and the Puzzle of Share Price Movements

,650

,800

1 9 5 P T S U M I 5.650 5,650 5,650 5,650 5,650 5,650 5,650 5,650 5,650 5,650 5,650 5,650 5,850 5,850 5,650 5,650 5,650 5,650 5

1 9 6 P T T B M S 5,400 5,400 5,400 5,400 S,403 5,400 5,300 5,600 5,500 S,500 5,400 5,503 5,500 5,500 5,400 5,500 5,650 5,650 5

1 9 7 P T T C I D 5,650 S.650 5,650 5,650 5,650 5,550 5,850 5,850 5,650 5,550 5,650 5,650 5,650 5,850 5,650 5,650 5,650 5,650 5,650

1 9 8 P T T E J A 1.800 I.SSO 1,57s 1,575 1,800 1,825 1,625 1,603 1.675 I.SSO 1,575 1,575 1,800 1.S2S 1,625 1,600 1,675 1,675 1,825

1 9 9 P T T E X T 3,700 3,700 3,700 3,700 3,700 3,700 3,703 3,700 3,700 3,700 3,700 3,700 3,700 3,703 3,700 3,700 3,700 3,700 3,700

2 0 0 P T T F C O 5,600 5,600 5,600 5,800 5,800 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600

2 0 1 P T T G K A 7,300 7,300 7,300 7,300 7,300 7,100 7,100 7,100 7,100 7100 7000 7000 7,000 7000 7,000 8.900 7000 7000 7,000

2 0 2 P T T I R A 3,750 3,750 3,750 3,800 3,800 3.800 3.900 3,900 3,900 3,900 3,900 3,900 3,900 3,900 4,000 4,000 4,000 4,000 4,000

2 0 3 P T T K G A 3,soo 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3.500 3,500 3,500 3,500 3,soo 3,500

2 0 4 P T T K I M 3,300 3,300 3,350 3,400 3,450 3,600 3,725 3,825 3,800 3.800 3,72s 3,72s 3,72s 3,800 3.725 3,750 3,750 3,750 3.775

2 0 5 P T T M B N ^'825 i.soo i,60o 1,700 1,675 1,675 1,575 1,750 1,725 1,77s 1,725 1.725 1,700 1,750 1,77s i,7so 1,900 1,900 2,200

2 0 6 P T T O T O 8,000 6,000 6,000 8,000 8,000 6,000 6,000 8,000 8,000 8,000 8,000 6,000 6,000 6,000 6,000 8,000 6,000 6,000 6,000

2 0 7 P T T P E N 5,850 5,650 5,650 5,650 5,850 5,650 5,650 5,650 5,650 5,650 5,850 5,850 5,650 5,650 5,650 5,650 5,650 5,850 5

2 0 8 P T T P F C 1^575 1.550 1,550 1,575 1,575 1,575 1,575 1,600 1,550 1,575 1,575 1,600 1,625 1.625 1,600 1,675 1,675 1,625 1,675

2 0 9 P T T R P K ^'^^^ 2.000 1.900 1,92s 2,000 z i so 2,250 zzzs z ioo z i so z i s o z i s o Z2oo z i s o z i s o z i s o 2,12s 1,97s 2

2 1 0 P T T R S T "'800 4,800 5,000 5,075 5,200 S,350 5,500 5,700 5,700 5,950 5,950 5,950 5,950 5,950 5.900. 5,500 5,600 5,600 5,900

211 P T T S P C ^^^50 1,725 1,775 1.725 1,725 1,700 1,750 1,775 1,750 1.900 1,900 2200 1,700 1,750 1,775 1,750 1,900 1,900 2

2 1 2 P T U G A R 8,000 6,000 6,000 8,000 8,000 8,000 8,000 8,000 8,000 6,000 8,003 6,000 6,000 6,000 8,000 8,000 8,000 6,000 a

2 1 3 P T U L T J 8,800 8,800 8,800 8,800 8,800 8,800 8,800 8,800 6,800 8,800 8,800 6,800 6,800 6,800 6,800 6,800 8,800 8,800 8

2 1 4 P T U N I C 5^^75 8,300 8,300 6,300 6,350 8,400 8,650 8,925 8,900 6,900 8,500 8,500 6,600 6,600 6,600 6,500 6,500 8,700 7

215 P T U N S P 2,050 Z050 zoso zoso 1,97s 1,900 1,900 1,900 1,875 1,875 1,875 1,925 1,925 1,925 1,925 1,900 1,950 1.900 2

216 P T U N T R 18.000 16,000 16,000 16,100 16.100 16,100 le.lOO 16,600 16,600 17,000 17000 17,000 17,000 17,000 17,050 17,100 17,100 17,100 17,100

217 PT UNTX ^"'""^ ^"•"°° ''"•"°° ^"'""^ 1"'"°° ^"•''°° ^̂ ••*°° ^*-*°° ^*'^°° '*'*°° ^*'*°° ^^•*°° ^ •̂'*°° ^^''*°° ^̂ ••*°° ^*'*°° ^*'*°° ^*'*°° ^*'*°°

2 1 8 P T U N V R 31.250 31,250 31,250 31.250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 32,000 32,000 32,000

2 1 9 P T V O K S 7.500 7,500 7500 7,500 7500 7500 7500 7500 7,500 7S00 7500 7500 7500 7500 7,500 7500 7,500 7,500 7,SO0

220 PT ZBRA ^•^°° ^•^°° ' ' 8 ° ° ^•^°° ' • 8 ° ° •'•8OO I.8OO I.eOO 1,800 1,500 1,800 1,800 1,800 1.800 1,800 1,800 1,800 1,800 1,800

Source: JSX Statistic, Various Issue

,200

,000

,800

,300

,025

400

estments Decisions and the Puzzle of Share Price Movements

IND. 25 CTBN PT. CITRA TUBINDO 26 ASBI PT. ASURANSI BINTANG 27 BNGA PT. BANK NIAGA 28 INTP PT. INDOCEMENT TUNGGAL

PRAKASA 29 BDMN PT. BANK DANAMON 30 ASDM PT. ASURANSI DAYIN

MITRA 31 INCF PT. INDOCITRA FINANCE 32 INTD PT. INTER-DELTA

Listed in 1990 1 BNLI PT. BANK BALI 2 LPIN PT. LIPPO INDUSTRIES 3 AQUA PT. AQUA GOLDEN

MISSISSIPPI 4 RIGS PT. RIG TENDERS

INDONESIA 5 RMBA PT. RIMBA NIAGA IDOLA 6 UNSP PT. UNITED SUMATRA

PLANTATIONS 7 ASRM PT. ASURANSI RAMAYANA 8 ASTR PT. ASTER DHARMA

INDUSTRY 9 BLTA PT. BERLIAN LAJU

TANKERS TAMARA BANK BANK DAGANG NASIONAL IND TJIWI KIMIA ASTRA INTERNATIONAL METRO DATA EPSINDO METROPOLITAN FINANCE CORP. PUDJIADI & SONS ESTATES BBL DHARMALA FINANCE NVPD SOEDARPO CORPORATION SUMMARECON AGUNG DUTA ANGGADA REAUTY GADJAH TUNGGAL HOTEL SAHID JAYA INT.

23 CPPR PT. CENTRAL PROTEINA PRIMA RODA VIVATEX BUNAS FINANCE INTERNATIONAL NICKEL IND. PETROSEA TEMBAGA MULIA SEMANAN PDFCI LIONMESH PRIMA HADTEXINDOSYNTEX SCHERING-PLOUGH INDONESIA TIGA RAKSA SATRIA BANK DUTA CIPENDAWA FARM ENTERPRISE

36 INRU PT. INTI INDORAYON UTAMA

37 TRST PT. TRIAS SENTOSA 38 ULTJ PT. ULTRAJAYA MILK

INDUSTRY 39 MYOR PT. MAYORA INDAH 40 ALKA PT. ALUMINDO PERKASA

10 TMBN 11 BDNI

12 TKIM 13 ASH 14 MTDL 15 MTFN

16 PNSE

17 BBLD

18 SDPC

19 SMRA 20 DART

21 GJTL 22 SHID

PT. PT.

PT. PT. PT. PT.

PT.

PT.

PT.

PT. PT.

PT. PT.

24 RDTX 25 BFIN 26 INCO

27 PTRO 28 TBMS

29 PDFC 30 LMSH 31 HDTX 32 SCPI

33 TGKA 34 BDTA 35 CPDW

PT PT PT

PT PT

PT PT PT PT

PT PT PT

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0 0

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54 53 0 0

0 0

0 0

0 0 0

320 125 0 0

150 125

150 0

0 75 200

0 0

200 0

150 200

0 100

0 0

200

22 100 200 250

150 125

50 120

100 50 200

0 100 200 250

150 125

50 120

100 50 200

0 0

0 0

0 0

0 0

45 31

70 50

0 0

0 0 0 0

0

0

0

0 0

0 0

0 0

0 0 0 0

0

0

0

0 0

0 0

0 0

0 0 0 0

0

0

0

0 0

0 0

70 125

0 150

no 41

100

150

90

194 50

0 100

0 200

150 125 80 0

0

200

90

0 100

200 0

0 125

50 100 85 0

50

200

0

146 100

150 125

125 175 700

0 0

0 0

60

150 100

205 240

250 0

200 80

31

0 0

0 0

0 0

0 0

0 0

0 0

0 146

0 0

35 0

115 0

0 0

129 60

0 0

129 60

SO

35 125

50 100

85 0

50

200

90

146 100

150 125

n 0 0

0 0

0 0 0 0

0 0 0

0 0 0

0 0

0 0 0 0

0 0 0

0 0 0

0 0"

0 0 0 0

0 0 0

140 135 0

0 300

300 150 100 140

60 0 50

75 0

330

350 350

65 100 60 0

90 200 75

100 75 330

475 350

65 60 80 250

100 200 100

100 75

330

475 350

0 60 80 250

100 200 100

0

75 100

70 20

80

75 100

70 20|

402

mestments Decisions and the Puzzle of Share Price Movements

41 BNUM 42 PRAS

43 INKP

44 TPFC

45 INCI

46 TRPK

47 BUMI 48 INDR 49 DPNS

50 INDS 51 EKAD

52 HMSP 53 PBRX 54 ERTX 55 INPC

56 CFIN 57 GGRM 58 BRAM 59 AHAP

60 TOTO

61 MYRX 62 IGAR 63 GGST 64 ITMA

65 TEXT

66 VOKS

1 ARGO 2 IKBI 3 POLY

4 CPIN

SPOOL

6 KKGI 7 SMGR 8 LPLD

9 MDRN

10 NIPS 11 KLBF 12ZBRA 13 DYNA 14 IDVS 15 DILD 16 DSST

17 SUBA

1 TKGA 2 MTSM

3 KBLM 4 PLIN

5 OMTR L_ 6 KBLl

UTAMA PT. BANK UMUM NASIONAL PT. PRIMA ALLOY STEEL

UNIVERSAL PT. INDAH KIAT PAPER &

PULP PT. TJILATJAP PELLETIZING

FACT. PT. INTAN WIJAYA

CHEMICAL IN. PT. TRAFINDO PERKASA

UTAMA FT. BUMI MODERN PT. INDO-RAMA SYNTETIC PT. DUTA PERTIWI

NUSANTARA PT. INDOSPRING PT. EKADHARMA TAPE

INDUSTRY PT. H.M. SAMPOERNA PT. PANBROTHERSTEX PT. ERATEX DJAJA PT. INTER-PACIFIC

FINANCE CORP. PT. CLIPAN FINANCE PT, GUDANG GARAM PT. BRANTA MULIA PT. ASURANSI HARAPAN

AMAN PRT. PT. SURYA TOTO

INDONESIA PT. MAYERTEX INDONESIA PT. IGAR JAYA PT. GREAT GOLDEN STAR PT. ITAMAFIAYA GOLD

INDUSTRY PT. TEXTRONIC PERMAI

ELECTRONIC PT. VOKSEL ELECTRICS

Listed in 1991 PT. ARGO PANTES PT. IKl INDAH KABEL PT. POLISYNDO EKA

PERKASA PT. CHAROEN POKPHAND

INDONESIA PT. POOL ASURANSI

INDONESIA PT. KURNIA KAPUAS GLUE PT. SEMEN GRESIK PT. LIPPO LAND

DEVELOPMENT PT. MODERN PHOTO FILM

COMPANY PT. NIPRESS PT. KALBE FARMA PT. ZEBRA NUSANTARA PT. DYNAPLAST PT. INDOVEST PT. DHARMAbMNTILAND PT. DHARMALA SAKTl

SEJAHTERA PT. SUBA INDAH

Listed in 1992 PT. TOKO GUNUNG AGUNG PT. METRO SUPERMAKET

REAUTY PT. KABEUNDO MURNl PT. PLAZA INDONESIA

REAUTY PT. OMETRACO FINANCE PT KABEL METAL

0 0

0

0

0

0

0 0 0

0 0

0 0 0 0

0 0 0 0

0

0 0 0 0

0

0

0 0 0

0

0

0 0 0

0

0 0 0 0 0 0 0

0

0 0

0 0

0 0

0 0

0

0

0

0

0 0 0

0 0

0 0 0 0

0 0 0 0

0

0 0 0 0

0

0

0 0 0

0

0

0 0 0

0

0 0 0 0 0 0 0

0

0 0

0 0

0 0

0 0

0

0

0

0

0 0 0

0 0

0 0 0 0

0 0 0 0

0

0 0 0 0

0

0

0 0 0

0

0

0 0 0

0

0 0 0 0 0 0

0

0

0

0

0

0

0 0

0 0

0

0

0

0

0 0 0

0 0

0 0 0 0

0 0 0 0

0

0 0 0 0

0

0

0 0 0

0

0

0 0

0

0

0 0 0 0 0 0

0

0

0

0

0

0

0 0

0 0

0

0

0

0

0 0 0

0 0

0 0 0 0

0 Q 0 0

0

0 0 0 0

0

0

0 0 0

0

0

0 0

0

0

0 0 0 0 0 0 0

0

0 0

0 0

0 0

150 0

100

0

200

300

0 300 150

150 0

50 150 160 250

7 150 150 85

100

118 100

0 50

0

60

0 90

100

50

37.9

0 0 0

0

Q 0 0 0 0 0 0

0

0 0

0 0

0 0

0 0

0

0

80

150

50 0

100

60 100

0 200

0 300

108 0 0 0

0

0 50 0 0

0

85

100 0

200

175

0

0 285

0

0

0 200 588 240

85 50 0

50

54.2 0

0 0

0 0

82 50

0

50

50

0

50 175 100

30 160

0 70

180 330

135 150 100 65

50

50 50 0

20

39

185

50 110 225

315

15

350 268

Q

100

100 70

150 200

50 50

100

0

67.6 0

229 50

100 100

82.35 50

0

50

50

150

50 175 100

30 160

100 70

180 330

135 150 100 65

50

50 50 0

20

39

185

50 110 225

315

15

250 267.8

0

100

100 70

150 200

50 50

100

55

67.64 150

228.5 50

100 100

403

-'estments Decisions and the Puzzle of Share Price Movements

7 SONA 8 SOBI 9 ESTl

10 JECC

11 SMAR 12 AKPI

13 MPPA

1 SKBM 2 SRSN 3 MDLN 4 TPEN

5 SAIP

6 FAST 7 TIRA 8 DMAD 9 GDWU

10 UON 11 INTA 12 SKLT 13 TCID 14BRPT

15 ADMG 16 CNBE 17 KICI

18 BNTA 19 IMAS

20 ANSI 21 SUMI

PT. SONA TOPAS PT. SORINI CORPORATION PT. EVER SHINE TEXTILE

INDUSTRY PT. JEMBO CABLE

COMPANY PT. SMART CORPORATION PT. ARGHA KARYA PRIMA

INDUSTRY PT. MATAHARI PUTRA

PRIMA

Listed in 1993 PT. SEKARBUMI PT. SARASA NUGRAHA PT. MODERNLAND REAUTY PT. TEXMACO PERKASA

ENG. PT. SURABAYA AGUNG

IN.PULP&KERT PT. FAST FOOD INDONESIA PT. TIRA AUSTENITE PT. DHARMINDO ADHIDUTA PT. GANDA WANGSA

UTAMA PT. UON METAL WORKS PT. INTRACO PENTRA PT. SEKAR U U T PT. TANCHO INDONESIA PT. BARITO PASIFIC

TIMBER PT. ANDAYANI MEGAH PT. CONCORD BENEFIT PT. KEDAUNG INDAH CAN

INDUSTRIAL PT. BANK TIARA ASIA PT. INDO SEPAMAS

ANGGUN PT. ANWAR SIERAD PT. SUPER MITORI UTAMA

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

6" 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0

0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

250 100 145

115

60 40

0

70 65

0 100

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

250 100 145

115

60 40

0

70 65

0 100

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0


404

Bstments Decisions and the Puzzle of Share Price Movements

7 SONA 8 SOBI 9 ESTl

10 JECC

11 SMAR 12 AKPI

13 MPPA

1 SKBM 2 SRSN 3 MDLN 4 TPEN

5 SAIP

6 FAST 7 TIRA 8 DMAD 9 GDWU

10 LION 11 INTA 12 SKLT 13 TCID 14BRPT

15 ADMG 16 CNBE 17 KICI

18 BNTA 19 IMAS

20 ANSI 21 SUMI

PT. SONA TOPAS PT. SORINI CORPORATION PT. EVER SHINE TEXTILE

INDUSTRY PT. JEMBO CABLE

COMPANY PT. SMART CORPORATION PT. ARGHA KARYA PRIMA

INDUSTRY PT. MATAHARI PUTRA

PRIMA

Listed in 1993 PT. SEKARBUMI PT. SARASA NUGRAHA PT. MODERNLAND REAUTY PT. TEXMACO PERKASA

ENG. PT. SURABAYA AGUNG

IN.PULP&KERT PT. FAST FOOD INDONESIA PT. TIRA AUSTENITE PT. DHARMINDO ADHIDUTA PT. GANDA WANGSA

UTAMA PT. UON METAL WORKS PT. INTRACO PENTRA PT. SEKAR LAUT PT. TANCHO INDONESIA PT. BARITO PASIFIC

TIMBER PT. ANDAYANI MEGAH PT. CONCORD BENEFIT PT. KEDAUNG INDAH CAN

INDUSTRIAL PT. BANK TIARA ASIA PT. INDO SEPAMAS

ANGGUN PT. ANWAR SIERAD PT. SUPER MITORI UTAMA

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

o" 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

" 0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

0 0 0

0

0 0

0

0 0 0 0

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

250 100 145

115

60 40

0

70 65

0 100

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0

2501 100 145

115

60 40

0

70 65 0

100

0

0 0 0 0

0 0 0 0 0

0 0 0

0 0

0 0


404

stments Decisions and the Puzzle of Share Price Movements

Appendix No.16

Overseas Subsidiary Companies of Some Indonesian Group Companies

405


-estments Decisions and the Puzzle of Share Price Movements

Source : Tempo, 26 September 1991

406


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