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 Putrasemadhi University of Wollongong

Putrasemadhi, Ngurah Arya, Investment decisions and the puzzle of share price movements in capital markets: a case study, Doctor of Philosophy thesis, Department of Accounting 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

Appendix No.7: The Effect of Dividend Announcements on Share Price Movements: 299

361

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

Investment Decisions and the Puzzle of Share Price

Movements

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

A.

Financial Information : 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) Non Financial Information 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:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 B. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

Mean Scores 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 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

Please see print copy for image

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


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% 2 0 - 30% more than 30% Total

Number of Companies

Mean Disclosure : l » i Msasmi

25 20 18 63

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

1983

Policy Description

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)

1984

[3]

New Tax laws implemented. (January 1984)

[2]

Presidential Instruction No.5/1984 issued. Instructing Ministries to relax licensing requirements for private businesses.

1985

[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].

1986

Measures to provide internationally-priced inputs to exporters. Tariff paid to the government can be reclaimed after the realisation of exports. Bonded zones were opened .

[4]

Rupiah devalued by 34%. (September 1986)

[1]

314

[4]


Policy Description

Year

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.

1987

[2]

Substantial reduction of non-tariff barriers on imports. (January 1977)

[4]

Further relaxation of tariff and non tariff barriers. [4]

(December 1987)

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)

1988

[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]

315


Year

1988

Policy Description

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)

1989

[3], [6] and [7j

Further liberalisation of financial markets. Eliminates the ceiling on offshore loans by banks and NBFIs. Eliminates the requirement for the Central

Bank's approval on medium and long term loans. (March 1989)

[3]

316


Year

Policy Description

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)

1990

[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.

Policy Group

Number

1).

Exchange Rate Policies

1

2).

Fiscal Policies

5

3).

Monetary and Financial Policies

8

4).

Trade Policies

8

5).

Investment Policies

4

6).

Institutional Improvement Policies

7

7).

Capital Market Policies

6 39

Total:

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 K e p - 0 1 / P M / 1 9 9 3 , 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

GDP 1)

Inflation Rate 2)

1973-82 (average)

7.5

18.2

1983-85 (average)

6.0

9.0

1986-88 (average)

5.4

8.6

1989

7.5

1990

7.2

7.4

1991

6.9

9.2

1992

6.4

7.5

1993

6.5

10.2

Period

)

6.5

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

Growth Rate •Income Percapita ($US)

^g ss 0ss )0) ~
—

f^ , -

(^

OO T -

O) O) oo

,-

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

Oil & Gas (1) (in million of US$) 9.9 15.0 8.2 8.7 11.1 10.9 10.7 9.7

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

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 5.6

\ | 1 1

8.9 1 13.5 14.3 18.2 23.3 27.1

1 1 1 1 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

Year

3

•—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

1992

1993

Number Of Listed Companies Market Capitalization (OOO.OOO)

Year

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

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

« 3

> V .Q

E 3 Z

180 160 140 120 100 80 60 40 20 0

20,000,000

/H'

- •

15,000,000 10,000,000

:•::••'•

1

-- 5,000,000

ra 1 W 1988

1989

) W 1

1990

1991

'

1992

1 ^

Number Of Listed Companies Trading Activities (000.000')

-

1993

Year

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.

Trend of the Monthly Composite Stock Price Index 1990

c

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 450,000

X

u c

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 4E 160 i 155150 -145 -

W m C (0

J3 a>

! 5

s

) <

5

^ > 5

>

< 3

l

> T

P i

I

I

m^m.m > < <

0 ) W

D . O

Q Number

-

H Z

> 0 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

I Number Of Listed Companies •^-O m r? ^ TO < U 5 S - ™

<» C

>• S

O) 73

-fi -fi > S " r ^ 5

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• Marl
Month

Figure 2.9, Trend of the Market Capitalisation and the listed Companies January-December 1993

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

0)

.a E

I Number Of Listed Companies •Trading Activities (000.000')

Month

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

:iiKS:>:1 991 :::..:: ., .: 1992 : . ., ^::.:.::: 1 ^ 2,151,192 5,054.028 4,795,191 663,833 824,562 983,759 404,239 35,527 168,797 45,603 1,356,479 85,277 634,003 144,137

64,750 231,619 342,257 750,162 2,842,988 218,281 3,055,413 973,885

4,816 234,011 329,634 738,437 3,126,777 364,252 3,151,583 1,182,797

34,607 16,659 59,399 489,866

498,228 173,134 166,533 2,000,799

639,549 165,998 242,596 1,829,398

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

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

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

515 2,533 325J 9,400 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

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

337

547

522

2,905

3,177

250

-

10,350

15,400

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


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

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

Stock Price Low Close (Rp) (Rp) 10,400 12,700 10,400 13,550 10,400 12,400 10,400 13,150 10,400 12,700 10,400 10,900 10,400 9,750 10,050 10,050 7,400 7,300 7,150 7,550 7,400 9,150 9,400 8,300

Shared Traded Value Number (million Rp> COOO) 1,643 22,681,934 59,909,860 4,481 17,206,090 1,318 2,655 35,030,475 24,935,580 1,936 26,393,345 2,153 38,528,795 3,780 34,561,750 3,208 39,037,145 4,098 1,636 12,052,035 2,406 20,909,195 5,009 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.

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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

Source: Personal Data

343

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 Value Number (miifion Rp) (•000) 5,562.330 1,600 10,142,190 2,940 10,544,660 3,365 9,010,320 2,777 12,806,525 4,713 3,456,565 1,378 14,214,470 5,691 9,424,950 3,855 8,002,645 1,942 3,855,265 1,942 4,248,925 2,143 7,388,000 3,722


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

Shansd Traded

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

Nurpiber COOO) 2,664 1,549

643 789 720 310

Market Capitalisation

Value (millian Rp) 7,267 4,210 1,645 2,023 1,858

1,234 9,778 4,688 1,273 11,658 2,422

768 3,055 30,830 19,003 4,685 57,012 12,442

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 rumours.

344

most of them

dealt with


Table 4.3 Summary of Financial Position (1988 and 1987) • 1987 (Rp) 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 INVESTMENTS: Investments in Stocks Investments in Bonds Total Investment: FIXED ASSETS : Land Buildings and Houses Transportation Equipment Office Equipment and Fixtures Total Fixed Assets Accumulated Depreciation Total Net Fixed Assets OTHER ASSETS : Other Real and Chattel Properties Pre-Operating Expenses (net) Construction in Progress Goodwill (net) Other Assets Total Other Assets TOTAL ASSETS 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 STATEMENT OF INCOME ; OPERATING REVENUE Interest Revenue Fees and Commissions Gains on Foreign Exchange Other Operating Revenue

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

'^Mmrnm

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

2,065,510,000 2,065,510,000

2,035,510,000 500,950,000 2,536,460,000

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

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

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

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

32,500,000,000 96,537,555 10.000,000,000 10,118,447,442 52,714,984,997 1,038,738,179,341

13,500,000,000 6,805,362,555 12,055,948,427 32,361,310,982 705,454,819,432

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

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

150,091,406,594

98,217,124,355

_

345

-


OPERATING EXPENSES Cost of Funds Loss on Foreign Exchange Other Operating Expenses INCOME FROM OPERATIONS OTHER EXPENSES OTHER INCOME PROVISION FOR GRATIFICATION AND OTHER EMPLOYEES' BENEFITS NET INCOME BEFORE INCOME TAX INCOME TAX NET INCOME AFTER INCOME TAX

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 (1,547,261,000 ) 13,647,053,585 ( 5,300,846,650 ) 8,346,206,935

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 ' '

_ 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 30 September 1990 (OOO'Rp) unaudited

1989 (Rp) ICURRENT ASSETS: Cash Bank Indonesia Other Banks Marketable Securities Visa Card Receivable Loans Receivable Foreign Currencies Other Current Assets Total Current Assets INVESTMENTS : Investments in Stocks Investments in Bonds Total Investment:

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

13,574,910,000

12,374,910

— 2,065,510,000

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 OTHER ASSETS :

13,424,587,680

346

62,783,091


Other Real and Chattel Properties Pre-Operating Expenses (net) Construction in Progress Goodwill (net) Other Assets Total Other Assets TOTAL A S S E T S 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 STATEMENT OF INCOME; OPERATING REVENUE Interest Revenue Fees and Commissions Gains on Foreign Exchange Other Operating Revenue

(

18,533,555,908

60,457,706

1,989,554,060,398

2,873,247,520

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

314,601,935 163,923,919 762,874,633 27,218,168 1,252,748,308 103,880,767 42,827,475

32,500,000,000

1,111,882,664 26,044,425 5,206,160 (937,960,914)

22,615,650,441 55,115,650,441 1,989,554,060,398

2,873,247,520

) 206,616,758,720 11,418,908,961 11,477,913,255 9,464,525,850 238,978,106,786

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

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

183,546,031 795,982,885 232,467,434 87,734,777,434

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

INCOME FROM OPERATIONS OTHER EXPENSES OTHER INCOME 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

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

(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 Before Restructuring Paid up Capital Paid up capital in excess of par value Capital Donations Deficit

Proposed Adjustment

Rp 140,596,538,000

Rp-

192,500,000,000 778,786,106,145 (932,754,753,641) Rp 179,127,890,504

(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) 1991 2,831,526 39,273

Total Asset: Cash 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 Paid up capital Paid up capital in excess of par value Retained Earnings Revenue Operating Expenses Operating Profit Other Income (Expenses) Profit before Taxes

^

^

^

^

^

^

18,342 11,287 9,643

(3 rt1iS*rth6j1990 2,473,684

18,837 30,745 325,453

— 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

348

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


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 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 Paid up capital Paid up capital in excess of par value Retained Earnings Revenue Operating Expenses Operating Profit Other Income (Expenses) Profit before Taxes Profit after Taxes Revenue Breakdown Interest Income Other Income Expense Breakdown : Interest Paid Others Per Share Data (Rp) Earnings per share Equity per share Dividends per share Closing share price Financial Ratios PER (X) PBV Dividend Payout (%) Dividend Yield (%) Cash and Bank to Demand Deposit(x)

1991 2,831,526 39,273 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

1993 2,516,033 48,537

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

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

— 479,803

384,389

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

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

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

481,223 88,726

457,305 66,687

339,934 46,014

386,995 151,480

390,537 122,240

261,970 110,476

258 1,581 200 2,225

185 1714 200 2,225

190 1,543

8,63 1,41 77,54 8,99 0.09

349

1992 1 2,717,779 48,140

12,02 1,30 108,07 8,99 0,10

— 5,250 27,57 3,40

— 0,12


0,02 0,08 0,99 0,06 0,06 1,28 16,31

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 (%)

0.03 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:

Dividend

Net Income After Taxes 1. 2.

30-50% 50-70%

less than Rp 25 billion more than Rp 25 billion

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

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

Trading Volume

Tradirig Valiie

33.021.900.000 20.780.325.000 10.331.162.500 12.862.487.500 13.786.487,500

2.858.500 1.875.500 963.500 1.215.500 1.349.500

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 of which: Short-term Investments Receivable from affiliates Inventory Investment Fixed Assets-Net Other Assets Liabilities Current Liabilities of which Bank Borrowing's Trade Payable 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 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 (%)

*ii;ii5i^^^g9fS*S41--:::::: 1,657,023 427,450

::::::::X::,::::::X.:::::^:gg2^-^«^-:->--^^'^'m-'^'imT'''''-''

1,750,042 571,325

2,750,769 1,450,018

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

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

251,602 99,088

267,831 58,099

184,322 85,773

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

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

455,605 1,814,511 700,000 777,000

944 55,460 669,898 483,237 186,661 78,379 108,282 ( 87,421 ) 20,861 17,318

944 135,216 769,441 538,579 230,863 88,611 142,251 ( 38,680) 103,571 79,756

944 336,567 978,619 546,635 431,984 98,707 333,277 78,961 412,238 310,158

42 1,137

194 1,332

443 2,592

-

-

12,800 28,89 4,94

0,95 2,55 0.72 0,28 0.03 3,07 0,40 1,05 3,71

PER = 25,84 x; PBV = 4.42 X

359

-

1,37 2,20 0,69 0,30 0,10 3,48 0,44 4,56 14.59

3,22 0,52 0,34 0,44 0,32 2,01 0,36 11.28 17,09


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 uninformed 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 Holiday), when people need money to

March,

before Idulfitri (Moslem

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. PT. PT. PT. PT.

249.000 341,000 677,400 300,000 314,500 1.881,900

Inco Semen Gresik HM Sampoerna Indah Kiat Indorayon Total :

unit unit unit unit unit unit

shares shares shares shares shares 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 Total Volume Month

Units In "000

Astra Int'l Units in '000

Others

Rp. in million

Units in'000 Rp in million

Jan'93 Feb March April

219,021 272,086 222,285 136,117

100,000 29,000 38,200 ~

1,000,000 290,000 394,740 ~

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 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 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

Trading Activities

tndex Price

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

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


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

Appendix No. 8 COMPANY LISTING A N D I N I T I A L PUBLIC OFFERING 1 9 7 7 - 1 9 9 3 Hgo^CODE

I SMCB 2CNTX 3 BATI 4TFC0 5 PGIN 6 GDYR 7MERK 8 MLBI 9 UNVR 10 BATA 11UNTX 12 SCCO 13 BYSP UPNBN 15SQBI 16 PNLF 17 SHDA 18 PNIN 19SNGR 20 PFIN 21 DLTA 22 HPSP 23 JIHD 24 PRDT

1ABDA 2 SSGS 3 JPRS 4 FCOR OHERO 6 BNBR 7MREI 8 UNTR 9 LPPF 10 PWON II MYTX 12GSMF 13JPFA 14 LPLI 15 BAYU 16 GRIV 17BRNA 18 MLPL 19 UNIC 20 LPBN 21 BNSY 22 DNKS 23ASGR 24 BNII 25 CTBN 2SASBI 27 BNGA 28INTP 29 BDMN 30ASDM 31INCF 32 INTO

1 BNU »2LP!N

SHARES OFFERED

COMPANY

?T. 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.

SEMEN CIBINONG CENTEX BAT INDONESIA TIFICO P R O C T E R & G A M B L E IND GOODYEAR INDONESIA M E R C K INDONESIA MULTI BINTANG INDONESIA U N I L E V E R INDONESIA S E P A T U BATA UNITEX SUCACO B A Y E R INDONESIA (PS) PANIN B A N K S Q U I B B INDONESIA P A N I N LIFE SARI H U S A D A PANIN I N S U R A N C E SINGER INDUSTRIES PFIZER I N D O N E S I A DELTA DJAKARTA H O T E L P R A P A T A N (TS) (CS) J A K A R T A INT. H O T E L PRODENTA INDONESIA T O T A L 1977-1988

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

A S U R A N S I BINA D H A R M A A R T A SEPANJANG SURYA GAS J A Y A PARI S T E E L FICORINVEST HEROMINl SUPERMARKET BAKRIE & B R O T H E R S M A S K A P A I R E A S U R A N S I .IND. UNITED TRACTORS LIPPO PACIFIC F I N A N C E PAKUWON JATI MAYATEXDIAN G A J A H S U R Y A MULTI F I N A N C E JAVA COMFEED INDONESIA LIPPO LIFE I N S U R A N C E BAYU BUANA TRAVEL SERVICE G R E A T RIVER G A R M E N T I N . BERLINA MULTIPOLAR U N G G U L INDAH CORPORATION LIPPO B A N K BANK SURYA INDONESIA DANKOS LABORATORIES ASTRA-GRAPHIA B A N K I N T E R N A T I O N A L IND. CITRA TUBINDO ASURANSI BINTANG BANK NIAGA INDOCEMENT TUNGGAL P. BANK DANAMON ASURANSI DAYIN MITRA INDOCITRA FINANCE INTER-DELTA TOTAL 1989

3,999,000 1,250,000

PT. BANK BALI PT. LIPPO INDUSTRIES

375

'

OFFERING PRICE (Rp)

LIST. DATE

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

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

.

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

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

9,900 8,900

15-Jan-90 5-Feb-90

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

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.

1 ARGO 2IKBI 3 POLY 4CPIN SPOOL _6KKGI

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

376

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

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

9,950 4,950 8,900 5,100 9.000 5.700

7-Jan-91 21-Jan-91 12-Mar-91 18-Mar-91 20-Mar-91 1-Jul-91

-

vestments Decisions and the Puzzle of Share Price Movements

PT. SEMEN GRESIK PT. LIPPO LAND DEVELOPMENT PT. MODERN PHOTO FILM COMPANY PT. NIPRESS P T KALBE FARMA PT. ZEBRA NUSANTARA PT. DYNAPLAST PT. INDOVEST PT. DHARMALA INTILAND PT. DHARMALA SAKTl SEJAHTERA PT SUBA INDAH TOTAL 1991

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

7.000 4.900 6.800 5,000 7.800 1,500 5.600 5,500 4.450 3.000 3.700

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

ITKGA 2MTSM 3 KBLM 4 PUN 5 0MTR 6KBU 7S0NA 8S0BI 9EST1 10JECC 11 SMAR 12 AKPI 13 MPPA

PT TOKO GUNUNG AGUNG PT. METRO SUPERMAKET REALITY PT. KABELINDO MURNl PT. PLAZA INDONESIA REALITY PT OMETRACO FINANCE PT. KABEL METAL 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 TOTAL 1992

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

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

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

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.

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

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

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

7SMGR 8LPLD 9MDRN 10 NIPS 11 KLBF 12 ZBRA 13 DYNA 14 IDVS 15 DILD 16 DSST 17SUBA

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

377

-

t/estments Decisions and the Puzzle of Share Price Movements

Appendix No. 9 Market Capitalizatior^ . „':'•;.:,:v.-' Year/

No.of

No.of listed

Market

Month

Usted

Shares

Capitalization

1977

1

260,260

2,730,000,000

1978

1

330,260

4,050,000,000

1979

4

7,058,116

23,930,000,000

1980

6

14,588,116

41.040,000,000

1981

8

19.788,126

48,600,000,000

1982

13

39,948,208

99,260,000,000

1983

23

48,005,208

102,660.000.000

1984

24

57,498,184

91,060.000,000

1985

24

57,827,872

89.330,000,000

1986

24

58,349,872

94,230,000,000

1987

24

58,569,311

112,080,000,000

1988

24

72,844,043

481,560,000,000

1989

56

432,839,874

4,358,500,000,000

1990

122

1,779,936,594

12,440,150,000,000

1991

139

3,729,481,279

16,438,000,000,000

1992

153

6,253,916,082

24,839,446,042,275

1993

172

9,787,393,323

69,299,599,701,000

Jan '93

156

6,406,240,834

26,064,381,970,975

Feb

156

6,626,732,783

28,346,352,798,100

Mar

157

6,703,607,187

29,713,492,590,475

Apr

157

6,885,410,120

30,498,355,061,500

'/ay

157

7.191.657.229

33,883,812,585,000

June

157

7.271,216,844

35,757,218,607,775

July

158

7.488,099,588

36,055,112,995,100

Aug

162

7,716,561,007

42,963,566,840,775

Sept

164

7,895,464.594

43,536,040,957.225

Oct

168

8,798,590,653

54,510,355,860,150

lov

171

9,067,164,811

60,696,217,023,250

Dec

172

9,787,393,323

69,299,599,701,000

378

-vestments Decisions and the Puzzle of Share Price Movements

Appendix No. 10

Trading Activities Year/

No.of

Month

Usted

Volume

Value (Rp)

1977

1

14,577

153,100,000

1978

1

19,541

218,500,000

1979

4

119,310

1,333,500,000

1980

6

1,656,290

5,733,800,000

1981

8

2,889,547

7,650,200,000

1982

13

12,624,800,000

1983

23

5,014,806 3,507,748

1984

24

1,218,833

2,139,300,000

1985

24

1,886,601

3,266,500,000

1986

24

1,431,921

1,815,900,000

10.104,400,000

1987

24

2,523,374

5,184,000.000

1988

24

6,944,592

30,591,960,720

1989

56

95,791.539

964,272,000,000

1990

122

702,587,441

7,311,288,727,968

1991

139

1,007,920,460

5,778,248,697,009

1992

153

1,706.269,484

7,953,299,560,350

172

3,844,031,699

19,086,237,219,525

156

219,021,212

1,441,003,909,325

Feb

156

272,098,247

1,179,910,073,550

Mar

157

222,285,236

1,097,060,828,925

Apr

157

136,755,456

541,504,718,325

May

157

228,361,219

911.545,007,325

June

157

324,089,795

1,448,389,196,850

July

158

318,739,890

1,240,316,212,450

Aug

162

344,506,286

1,612,207,820,500

Sept

164

382,441,395

1,879,641,143,700

1993 Jan

'S3

Oct

168

409,726,602

2,559,424,646,275

Nov

171

501,855,062

2,603,349,466,075

Dec

172

484,151,299

2,571,884,196,225

379


Appendix No. 11 Company Listing, Initial Public Offering and Public Ownership COMPANY

J CODE

SHARES OFFERED

OFFERING PRICE (Rp)

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

PT PT PT. PT. PT PT PT. PT PT. PT. PT. PT PT. PT. PT PT.

18 PNIN 19SNGR 20 PFIN 21 DLTA 22 HPSP 23 JIHD 24 PRDT

PT. PT PT. PT PT. PT. PT PT.

1ABDA

PT.

2 SSGS 3 JPRS

PT PT.

4 FCOR OHERO 6 BNBR 7MREI

PT. PT PT PT.

8 UNTR 9 LPPF 10 PWON 11 MYTX 12 GSMF

PT. PT. PT. PT PT.

13 JPFA 14 LPLI 15 BAYU

PT. PT. PT

16 GRIV

PT. PT. PT. PT

17 BRNA 18 MLPL 19 UNIC 20 LPBN 21 BNSY 22 DNKS

PT. PT. PT.

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 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

178,750 116,000 6,600,000 1,100,000 280,000 6.150.000

UST. DATE

PUBLIC OWN

10-Aug-77

44,25% 35.00% 30.00% 8.00% 30,00% 15.00% 30.00% 16.70% 15.00% 35,00%

_

10,000 5,500 2,500 7,250 3,000 1,250

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

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

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

900.000

3.800

6-Jul-89

28.60%

3.700,000 3,360,000

18-Jul-89

5,000,000 1,765,000 2,850,000 2,000,000

4,100 7,800 10,000 7,200 7,975 5,000

4-Aug-89 14-Aug-89 21-Aug-89 28-Aug-89 4-Sep-S9

65.69% 16,00% 25,00% 36,66% 27.64% 36.13%

2,700,000 2,140,000 3,000,000 2.500.000 2.000.000

7,250 7,900 7,300 11,000 8,500

19-Sep-89 9-Oct-S9 9-Oct-89 10-Oct-89 23-Oct-89

41.20% 15.11% 48.62% 53.00% 17.53%

4,000.000 1,071,400 2,000,000

7,200 8,500

23-Oct-89 23-Oct-89

4,500

30-Oct-89

49.93% 30,00% 100,00%

4,900,000 1.750,000 4,328,000 9,000,000

8,700 7,900 10,500 17,250

6,800,000 4,000,000 525,000

15,000 7,500

IO-Nov-89

6,500

13-NOV-89

380

-

-

3-NOV-89 &-N0V-89 6-NOV-89 6-NOV-89

13-N0V-89

31,45% 30,00% 56.01 % 30.00% 34.65% 26.31% 15.12%

15.00% 84.32% 37.68%

25,00% 31.00% 36,89% 13,75%

45.62% 16.00% 28.54%

/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

PT. PT. PT. PT. PT PT. PT. PT. PT. PT

ASTRA-GRAPHIA BANK INTERNATIONAL IND. CITRA TUBINDO ASURANSI BINTANG BANK NIAGA INDOCEMENT T U N G G A L PRAKASA BANK DANAMON ASURANSI DAYIN MITRA INDOCITRA FINANCE INTER-DELTA

TOTAL 1989 1BNL1 2LPIN 3 AQUA 4 RIGS 5RMBA 6UNSP 7ASRM 8ASTR 9BLTA

PT. PT. PT. PT PT. PT. PT PT. PT.

BANK BALI LIPPO INDUSTRIES AQUA GOLDEN MISSISSIPPI RIG TENDERS INDONESIA RIMBA NIAGA IDOLA UNITED SUMATRA PLANTATIONS ASURANSI RAMAYANA ASTER DHARMA INDUSTRY BERLIAN LAJU TANKERS

36INRU

TAMARA BANK BANK DAGANG NASIONAL IND PT TJIWI KIMIA PT. ASTRA INTERNATIONAL PT, METRO DATA EPSINDO PT. METROPOLITAN FINANCE CORP. PT. PUDJIADI & SONS ESTATES PT. BBL DHARMALA FINANCE PT NVPD SOEDARPO CORPORATION PT. SUMMARECON AGUNG PT DUTA ANGGADA REALITY PT. GADJAH TUNGGAL PT. HOTEL SAHID JAYA INT. PT. CENTRAL PROTEINA PRIMA PT. RODA VIVATEX PT. BUNAS FINANCE PT INTERNATIONAL NICKEL IND. PT PETROSEA PT. TEMBAGA MULIA SEMANAN PT PDFCI PT UONMESH PRIMA PT. HADTEX INDOSYNTEC PT. SCHERING-PLOUGH INDONESIA PT. TIGA RAKSA SATRIA PT BANK DUTA PT. CIPENDAWA FARM ENTERPRISE PT INTI INDORAYON UTAMA

37 TRST

PT.

38ULTJ

PT PT.

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

39 MYOR 40ALKA 41 BNUM 42 PRAS

PT. PT

PT PT PT

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

8,550 11,000 10,000 7,950 12,500 10.000

15-NOV-S9 21-NOV-S9 2&-NOV-89 29-NOV-89 29-N0V-89 5-Dec-89

20.00% 10.72% 49.67% 21.74% 26,84% 18,92%

12,000.000 2.000,000 1,200,000

12.000 6.500 8,000 7,200

6-Dec-89 15-Dec-89 18-Dec-89 18-Dec-89

20,00% 12.95% 19,89%

3,999,000 1.250.000 1,000,000 15,000,000 1,200,000 11,100,000

9,900 8,900 7,500 2,500 3,380 10,700

15-Jan-90 5-Feb-90 1-Mar-90 5-Mar-90 5-Mar-90 6-Mar-90

58.05% 71.76% 24.83% 41.21% 31.58%

2,000,000 2,000,000 2,100,000 3,000,000 11,000,000

6,000 4,500 8,500 8,000 8,500

19-Mar-90 26-Mar-90 26-Mar-90 28-Mar-90 2-Apr-90

20.00% 19.80% 48,48% 20,00% 8.62%

9,300,000 30,000,000 1,468,000 2,000,000

9,500 14,850 6,800 3,500 1, 6,800 6,250 5,000

3-Apr-90 4-Apr-90 9-Apr-90 16-Apr-90

6.74% 24.11% 38.16% 20.00%

1-May-90 7-May-90 7-May-90

8.53% 25.13% 28.57%

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

10,00% 36.01% 22.07% 17,35% 10.69% 11.50% 20.00% 20.00% 33,33% 13,30% 20,00% 26,87%

6-Jun-90 8-Jun-90

21.06% 24.80%

1,250,000 199,246,550

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

_

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

2,500,000 27,500,000 3,000,000

5,750 8,000 5,900

11-Jun-90 12-Jun-90 18-Jun-90

38.04% 19.55% 30.00%

27.200,000 3.000.000 6,000,000 3,000,000 1,500,000 8,000,000 2,000,000

9,850 11,800

18-Jun-90 2-Jul-90

15.20% 18.75%

7,500 9,300 9,800

2-JuI-90 12-Jul-90 12-Jul-9C

29.22% 27.85% 24.07%

12-Jul-90 12ûl-90

8,10% 30.00%

381

9,000 6,750

-


43 INKP 44TPFC

PT, PT,

45 tNCl 46TRPK

PT. PT PT. PT. PT PT.

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

INDOSPRING PT. EKADHARMA TAPE INDUSTRY PT. H.M. SAMPOERNA PT. PANBROTHERS TEX PT. ERATEX DJAJA PT. INTER-PACIFlC 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. ITAMARAYA GOLD INDUSTRY PT TEXTRONIC PERMAI ELECTRONIC PT. VOKSEL ELECTRICS TOTAL 1990 PT. PT.

3 POLY 4CPIN

PT. PT.

SPOOL 6KKGI 7SMGR 8 LPLD 9MDRN

PT. PT. PT. PT. PT.

10 NIPS 11 KLBF 12 ZBRA 13 DYNA 14 IDVS 15 DILD 16 DSST

PT. PT.

17 SUBA

PT.

ITKGA 2MTSM

PT. PT

3 KBLM

PT.

4 PUN 5 0MTR 6 KBLl

PT

ÔNA

INDAH KIAT PAPER & PULP TJILATJAP PELLETIZING FACT. INTAN WIJAYA CHEMICAL IN. TRAFINDO PERKASA UTAMA BUMI MODERN INDO-RAMA SYNTHETICS DUTA PERTIWI NUSANTARA

PT PT. PT. PT PT.

PT PT. PT

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

10,600

4,000,000 1,000,000 10,000,000 7,000,000

8,250 9,800 4,500 12,500 8,100 9,000

16-Jul-90 18-JUI-90

16,93% 19.57%

6,500

24-Ju!-9G 24-JUI-90 30-JUI-90 3-Aug-90 8-Aug-90 10-Aug-90 14-Aug-90

18.18% 49.00% 6.72% 27.48% 23.00% 20.00% 27.18%

27,000,000 3,800,000 6,139,750 5,000,000

12,600 8,700 7,550 9,750

15-Aug-90 16-Aug-90 21-Aug-90 23-Aug-90

19.00% 26.69% 50.00% 19.70%

1,500,000 57,807,800 12,500,000 1,000,000

8,850 10,250 9,250 4,250

27-Aug-90 27-Aug-90 5-Sep-90 14-Sep-90

20.27% 12.02% 10.00% 25.00%

2,687.500 1,000,000 1,750.000 6.000.000 4.000.000

14,300 9,900 5.100 8,800 6,950

30-Oct-90 31-OGt-90 5-NOV-90 3-Dec-90 10-Dec-90

13.40% 14.29% 18.00% 19.35% 23.50%

3,000,000

5,300

12-Dec-90

43.50%

3,080,000 540,315,544

6,500

20-Dec-90

15.40%

15,882,000 3,500,000 12,000,000 2,500,000

9,950 4,950 8,900 5,100

7-Jan-91 21-Jan-91 12-Mar-91 18-Mar-91

15.00% 30.33% 29.70%

1,800.000 4,500,000 40,000,000 15,000,000 4,500,000

9,000 5,700 7,000 4.900 6,800

20-Mar-91 1-Jul-91 8-Jui-91 15-JUI-91 16-Jul-91

30.00% 70,00% 26.90% 33.34% 10.11%

4,000,000 10,000,000 850,800

5,000 7,800 1,500 5,600 5,500 4,450 3,000

24-Jul-91 30-Jul-91

80.20% 37.49%

1-Aug-91 5-Aug-91

93.42% 52.63%

12-Aug-91

14.00%

4-Sep-91 27-Sep-91

11.03% 34.00%

3,000,000 150,600,000

3,700

9-Dec-91

33.02%

1,000,000 1,500,000

5,000 5,000

6-Jan-92

34.92%

8-Jan-92

17.01%

3.100,000 35.000.000

6,000

1-Jun-92

29.14%

4,950

2.500,000 10,000,000 1.500,000

1,950

15-Jun-92 25-Jun-92

30.43% 20.00%

6-Jul-92 21-Jul-92

45.50% 41.50%

3,000,000 3,000,000 1,000,000

2.500.000 3,567,200 12,000,000 15,000.000

382

8,500

3,500 3,750

-

_

-

15.56%

^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

SORINI CORPORATION EVER SHINE TEXTILE INDUSTRY PT. JEMBO CABLE COMPANY PT, SMART CORPORATION PT, ARGHA KARYA PRIMA INDUSTRY PT. MATAHARI PUTRA PRIMA TOTAL 1992 SEKARBUMI SARASA NUGRAHA MODERNLAND REALITY TEXMACO PERKASA ENG. 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 PACIFIC TIMBER PT ANDAYANI MEGAH PT CONCORD BENEFIT PT. KEDAUNG INDAH CAN INDUSTRIAL PT BANK TIARA ASIA PT. INDOSEPAMAS ANGGUN PT ANWAR SIERAD PT. SUPER MITORY UTAMA TOTAL 1993

PT. PT PT. PT. PT.

3,500,000 4,000,000

6,000 5,400

3-Aug-92 13-Oct-92

23.33% 20.51%

10,000,000 30,000,000 16,000,000

4,750 3,000

23.80% 20,00%

3,800

1&-N0V-92 20-NOV-92 18-Dec-92

8,700,000 126,800,000

7.150

21-Dec-92

20.68%

7,500,000 5,000,000 22,800,000 1,000,000 20,000,000

5.000 3.500 4.650 4,800 3.500

5-Jan-93 11-Jan-93 18-Jarv93 11-Mar-93 3-May-93

19.48% 29.40% 30.49% 4.80% 17.86%

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

5.700 3.100 2.500 2,350 2,150 3,375 4,300 7,350 7,200 4,250 2,450 2,500

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

20.00% 20.00% 27.80% 22.22% 23,07% 20.89% 28.60% 33,85% 12.14% 25.00% 29.97% 20.00%

25,000,000 6,000,000 18,000,000 6,800,000 279,262,500

2,400 3,800 4,300 2,400

8-NOV-93 15-NOV-93 22-N0V-93 20-Dec-93

33.33% 27.27% 36.73% 32.38%

383

-

20,00%

ivestments Decisions and the Puzzle of Share Price Movements

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

Stcxik Price Index 19 88

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

0 83,737 83,880 84,124 0 0 0

84,113 82,600 83,531

87,966 83,737 87,966

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

Mar Apr ¥;: May June 88,175 0 0 0 88,216 0 0 114,049 88,127 0 103,190 115.455 88,326 93,464 105.577 0 0 93,529 107,580 0 0 93,650 109,904 115.984 93,632 87,698 0 115.669 93,804 88,225 0 115.644 88.636 0 110,199 115.644 89,000 0 110,727 115,644 89,291 93,917 112,068 0 0 94,017 0 0 0 93,987 112,795 114,198 89,559 94.348 0 114,231 0 113,928 90,660 95,040 0 0 113,592 0 0 113,860 90,581 0 90,764 0 95,009 0 0 0 95,476 0 95,569 113,643 113,882 0 95,793 91,171 0 113,763 95,915 91.713 0 114,714 0 113,815 114,774 92.426 92,619 0 115,034 115,046 0 92,974 96,342 115,389 0 0 98,268 114,068 0 98,565 114,153 115,046 93,188 98,989 0 115,046 93,050 100,528 0 115,414 93,479 0 0 114,414 0 93,749 0 0 93,479 87,698 93,479

100,528 93,464 100,528

Ji-ty ;i ? August 115,253 118,343 0 119,272 0 119.612 115,776 119.996 115,688 120.470 115,688 0 115,688 0 115,688 121.064 0 121.857 0 122,165 0 122,771 115,951 12,344 115,829 0 115.829 0 115,602 124,601 0 124,756 0 0 115,541 126,505 115,626 127,125 115,482 0 115,518 0 115,833 128,711 0 129,090 0 129,093 116,345 130,172 116,514 132,351 0 116,651 0 117,110 0 132,683 0 133,276 0 0

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

133,276 118,343 133,276

138,014 132,220 132,411

115,389 115,984 117,110 103,190 113,592 115,253 114,153 115,414 117,110

Sept

Oct

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

136,695 152,199 134,147 137,490 136,695 152,199

442,204 152,955 303,632

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

Daily Composite Stock Price Index, 1989 Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Jan

Feb 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

Mar 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

Apr 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

May' 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

June

Si;-July :;,:. August

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

384

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

Sept

Oct

Nov

Dec

451,388 446.643 401,928 454,414 446.721 0 459,994 447.304 0 463,489 0 399,951 463,007 0 401,888 0 449.606 0 0 438.173 0 467,214 437.494 398,621 0 0 435,578 0 0 469,403 435,920 0 504,085 0 0 396,531 504.507 461.922 0 398,582 434,253 500.619 0 0 503.532 0 432,122 394,255 491,056 0 430,068 394,648 0 0 426,930 0

478,711 0 0 488,844 491,647 493,757 502,827 507,403

0 473,550

0 425,304 0 0

0 0

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

296,350 296,308 296,205

0 0 0

295,780

0 0

465,145 457,940

457,888 440.440 450.089 448,888 448,913

484,351 475.873

0 0

0 0 0 0 0 0 0 0 0 0 0 0 0

338,240 338,240 303,404 321.080 475.872 295.780 295,780 291,937 0 274.098 295,954 295,954 302,022 320,735 475.873

507,403

469,403

0 0

304,346

295,828

0 295,815 307.776 0 294,488 310,538 296,350 294,465 0 296,308 295,236 0 296,205 0 310,319 296,497 0 309,392

296,497 296,514 296,430 296,514 0 295,982 295,954 0 0 298,439 0 295,832 0 295,954

295,998 297,474

311,623 311,080 0 315,501 298,127 0 300,886 0 302,022 320,785

404,189 404,870 403,040 401,798 402,490

0 0

467,846 455.667 459,329 453,717

0 0

0 392,290 0

432,145 431.036 417,393 413,316 405.290

392,913

0

0 0 0 0 0 0 0 0 0 0

449,608

401,928

0 0 400.139 399,743 404.421 401,922

0 451,396 399,743 392,290 448,913

461,922

401,922

392,913

Oct •

Nov

Dec.'

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

•Jan

:•:•;;;;¥;;

, Feb

•

0 0 398,773 399,611

444,576

406,490 0 0

449,317 452,113 454,238 459,414 458,840 0 0 457,850

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

446,112 0 0

459,565 459,764 464,516 468,015 0 0 473,237 479,391 488,357

490,592 0 0 0

Mar

Apr

0 639,010 635,026 0 527,365 611.136 636,154 0 0 614.161 642,160 0 681,944 643,094 636,243 0 637,087 587,911 654,511 0 636,642 584,323 641,269 0 641,946 636,002 585,904 0 642,984 636,064 577,634 0 585,890 633,485 645,012 0 0 0 632,086 0 634,693 643,312 634,761

515.885

592,949 587,172 561,718 580,763 581,634 0 0 583,158 588,233 592,077 588,802 591,849 0 0

0 611.981 629,448 612.222 0 613,494 0 629,708 0 627,423 626,811 607,626 0 603,124 0 595,935 623,298 593,473

624,601 591,969 ] 0 627,469 0 0 634,421 627,969

639,614 0 0 0 640,014

630,021 590,011 0 587,334 638,922 630,003 0 584,156 640,855 628,281 639,337 0 630,734 585,150 0 0 629,531 641.873 644,441 0 631,170 640.528 646,283 626,908 0 629,473 621,791 0 643.906 583,471 630,096 622,433 0 641.481 0 577,477 0 647,216 622,983 0 573,298 0 647,401 623,958 0 563,490 0 643.910 646,247 0 625,906 551,782 0 638.798 0 0 647,366 626,147 627,960 0 625,786 0 623,762 0

596,732 0

441,252 439,738 441,805

492,825 498,280 504,267 0 0 0

601,882 605.862 612.200 0

0 0 0 0 0

461,680 398,773 441,805

504,270 444.580 504.267

612,200 515,885 612,200

681,944 611,138 638,798

445,627 0 0

Jur«:|;:;|-July ::::;:i August

May

0

631,687

Sept

0 0 416,343 0 0 0 460.580 419,732 0 378.119 567,407 456,901 0 376,287 562,336 452,615

460,580 419,732 396,981 382,203 416,489 382,203

417,788 371,198 417.788

539,391 530,423 529,120 0 0 523,114 515,144 507,072

425,397 0 0 419,243 414,747 407,543 398,558 396,981 0 0

441,766 544,666 433,500 541,870 428,560

500,690 500,299 0 0 494,494 477,378 464,253 454,512

624,087 0 0 619,662 613.574

546,830

559.383 571.020

468,509 0 0 0

647,401 636,150 636,401

637,087 621.791 624,326

631.170 613.574 613,574

613.494 546,830 571,020

567,407 454,512 468.509

May

-June W

July

556.337

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

450,058 0 0 446,341

0 627,105 640,131 626,763 641,140 624,326 0 640,580 0 0

551,571

417,576 437,757 0 0 453,229 430,686 416,489

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

557.058 557,147 546,599 0 0

407,675 405.112 409,128

Daily Composite Stock Price Index, 1991

°ate

Jan

F^.:i
383.626 0

McS-^fiMApr: 387.925 0

407.093 404,104

0 0

413,368 412,221

385

342,919 340,386

August 337,573 336,055

Oct

-Sept

Dec:;;

Nov

0

250,735

226,961

363,505

251,371

0

0 243,041

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

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

0 382.202 378,582 382,407 386.352 390,046 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

408,538 383,018 383,018

0 0 391,330

408,110 423,191 413,368 0 342,919 337,646 378,582 404,104 396,508 0 322,946 300,980 408,110 413,713 397.600 346,266 339,958 300,980 1,

404,539 406,116 406,775 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

407,481 0 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 0 396,508 397,743 397,600

396,525 395,130 394,000 395,634 395,929 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 0

339,465 342.845 341,779 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 0 337,434 338.803 339,958

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

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

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

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

303,505 251,371 248,884 248,762 249,187 224,706 226,961 242,737 249,187 226,684 241,318 247,390

Daily Composite Stock Price Index, 1992 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

Jan

: Feb;

Mar

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

Apr

May

June

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 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

298,95 303,580 307,911 313,494 315,573 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

386

July 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

August

Sept

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

: Oct:"

Nov

0 298,562 299.863 306,202 Q 305,305 0 304,532 300,784 304,535 299,434 304,536 0 299,669 0 299,828 302,857 302,405 0 301,467 0 300,619 304,654 299.376 304,917 296.741 305,642 0 306,145 0 306,322 291.718 0 292,652 0 290,666 306,717 288,812 306,706 288,878 307,128 0 306,445 0 309,614 288,520 0 287.999 0 285,870 308,398 287,066 308,254 284,660 305,884 0

Dec 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


29 30 31

0 0 0

0 0 0

0 278,550 278,688

h

0 0 0

295,310 276,387 280,995

283,998 275,820 278,688

V

se

0 0 0

299,223 0 0

318,125 316716 313,568 317,948 313,057 317,186

0 0 0

298,861 298,392 0

0 271,77 305,368 307,577 285,604 274,335 0 0 0

322,200 314,200 317,186

316,189 300,211 302,055

309,614

469,403 306,202 451,396 284,660 461,922 285,604

338,240 299,223 331,057 295,780 277,908 298,59 295,954 299,223 313,568

298,562 307.577

295,351 270,454 274,335

Daily Composite Stock Price Index, 1993 }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

Feb

:Mar

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

280.886 280,385 283,945 289,195 292,040 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

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

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

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

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

360,534 360,724 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

280,146 273,308 280,146

302,693 280,385 300,378

312,951 300,445 310,758

314,099 307,277 314,099

344,860 313,507 341,850

360,346 345,991 360,346

361,050 354,055 356,721

. ,:Jan :

;> . A p r : ,

May

;

June W ;: Ju)y .|.: August

387

Sept

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

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

417,301 356,842 417,301

431,490 416,128 419,961

356,842 358,130 358,690 359,999 362,607 0 0 0 364,607 369,830 377,354 380,289 379,941

Oct

Nov

Dec i;

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

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

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

466,308

536,460

588.765

436,490 439,097 466,147 518,779

517,859 588,765

^/estments Decisions and the Puzzle of Share Price Movements

Appendi.x No. 13 Market Capitalization, Share Listed and Foreign Ownership in 1993 No Code

1 2 3 4 5 6 7 8 9

A8DA ADES ADMG AHAP AKPt AKRA ALKA ANSI AQUA

10 ARGO 11 ASBI 12 ASDM 13 ASGR 14 ASIA 15 ASH 16 ASRM 17 ASTR 18 BATA 19 BATI 20 BAYU 21 BBLD 22 BDMN 23 BDNI 24 BOTA 25 BFIN 26 BIMA 27 BIRA 23 BLTA 29 BNBM 30 BNBR

31 BNGA

Company Name

Shares

Listed Shares

ForelgnOwnershlp Available Owned 28.10

13,756

9,826,000

1,414,740

3,461,990

79,800

38,000,000

18,620,000

18,299,000

8,321.000

472,000

160,000,000

78,400,000

44,716.600

33.683.400

20,400

6,000,000

2,940,000

2,834.900

105.100

303,500

132,000,000

64.580,000

28,835,115

35.844.885

367,250

65,000,000

31,850,000

17,733,000

14.117.000

23,595

21,450,000

10,510,500

7,953,450

2.557.050

124,000

62,000,000

60,760,000

5,460,000

55,300,000

26,200

9,000,000

4,410.000

2,640,750

1,769,250

92,194

30,227,500

14,811.475

913,875

13,897,600

13,800

4,500,000

2,254,000

1,702,900

551,100

43,000

20,000,000

9,800,000

5,650,000

4,150.000

23,370

6.150,000

3,013,500

250

3,013.250

63,000

30,000.000

14,700,000

7,570,000

7,130,000

3,400,460

1.162,550.400

569,649,696

.

569,649,696

16,500

3.000,000

1,470,000

695,000

775,000

33,390

25,200,000

12,348,000

7,173,600

S.174,400

17,973

4,550,000

2,229,500

-

16

2,229,484

26,400

6,600,000

3,234,000

200

3,233,800

90,000

24,000,000

11,760,000

330 2889470

11,759,670

175,500

45,000,000

22,050,000

944,280

292,800,000

143,472,000

1,724.324

469,203,898

229,909,910

163,731

81.865,512

40,114,101

165,770

57,659.116

28,252,967

73,750

25,000,000

12,250,000

10,513,000

1,737,000

196,000

80,000,000

39,200,000

25,150,000

14,050,000

123,480

58,800,000

28,812,000

254,570

28,527,430

158,000

68,000,000

33.320.000

18.119,500

15,200,500

1.659,002

242.190,000

118,673.100

52.711,644

85,961,456

502,664

57.777.417

28,310,934

1,352,750 44.69

-

42,96 3,57

A H A P Insurance

55,42

Argha Karya P r i m a Ind.

44,32

A n e k a Kimia R a y a

24,33

Alumindo P e r V a s a

91,01

Anwar Sierad

40,12

A q u a G o l d e n Mississipl

93,83

Argo P a n t o s

24,45

AsuransI Bintang

42,35

Asuransi Dayin Mitra

99,99

Astra G r a p h i a

48,50

A s i a n a Inti Industries Astra International Inc Asuransi R a m a y a n

100,00 52,72

f

•

41,90

Aster D h a r m a Industry

100,00

Sepatu 8ata

99,99

B A T Indonesia

100,00

Bayu Buana BBL D h a r m a l a F i n a n c e

Bintang K h a r i s m a Bank Bira Beriian Laju T a n k e r Bank Mashill U t a m a Bakri & Brothers

26.61 7,518,945

1,544,776

316,303.104

154,988,521

1.153,795

166,096,000

91,187.040

176.938

74.500,000

36.505,000

24.000

8,000,000

3,920,000

75,000,000

36,750.000

Bank T i a r a A s i a

281,250

99,01 45,62 55,58

30,98 8,771.867 100,00

133 154,988,388

100,00

48 91,186,992

61,37

14103008 22,401,992

0.27

3909500

388

14,18 35,84

19539067

Bank N i a g a

Bank Surya

4,43 1,777,000

20734022

B u n a s F i n a n c e Indonesia

BNSY

68,76 158,078,068

38337101

Bank Duta

Bank P a p a n S e j a h t o r a

28,42 40,781,000

71831842

BDNI

BNPS

87,89 19,160,530

102691000

Bank D a n a m o n

B a n k Bali

36 BNTA

(mtfiion Rp)

Andayani M e g a h

33

35

49%o/ToUI

A d a s AHindo

Bank Int'l Indonesia

34

Total Usted

D h a m i a l a Insurance

32 BNII BNU

CapltallMtlon

10,500 62,81 13.666,000

23.084,000


"^T~BNUM iS BRAM 39 BRNA 40

BRPT

41 BUMI 42

BYSB

43

BYSP

44 CFIN 45 CMPP 46 CNBE 47 CNTX

Bank Umum Nasional

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

26.149,752

12,813,378

11,717,878

1,095,500

804,375

225.000,000

110,250,000

88,305,280

21,944,720

43,700

23.000,000

11,270,000

6,444,550

4,825,450

4,865,000

1.400,000,000

686.000,000

523,897,100

162,102,900

90,000

45,000,000

22,050.000

16,261,500

5.788,500

6,113

2,324,100

1.138,809

159

1.138,550

4.415

2,324,100

1,138,809

260.709

878,100

20.825

3,966,572

1,943,620

321

1,943,299

143.100

5.400,000

26,460,000

21,549,500

4,810,500

93,539

21,020,000

10.299,800

2.256.700

8,033,100

6.213

3,500,000

1,715,000

1,690,350

24,650

33.150

13,000,000

6,370,000

3,729,000

2,641,000

506.761

56,306,767

27,590,316

2,954,466

24,635,850

426,240

153,600,000

75,264.000

2,409.260

72,854,740

166,500

45,000,000

22,050.000

14,900

22,035,100

1,400,000

250,000,000

122,500,000

74,921.000

47,579,000

412,500

275,000,000

134,750,000

55,980,074

78,769,926

91,603

45,801,250

22,442,613

14,476.113

7,966,500

505,526

243,627,000

119,377,230

22,341,760

97,035,470

14,704

2,940,819

1,441.001

391

1,440,610

21,600

36,000,000

17,640,000

13,191,700

4,448.300

480,533

42,525,000

20,837,250

10,439,412

10,397,838

20.760

34,600.500

16,954.245

1,673,796

15,280,449

542,700

324,000,000

158,760.000

24,988,937

133,771,063

714,375

225,000,000

110,250,000

86,039,000

24,211,000

214,063

31,250,000

15,312,500

7,163,500

8,149,000

146,602

32,578,200

15,963,318

6,050

15,957,268

39,131

11,180,400

5,478.396

2,880,024

432,000

60,000,000

29,400,000

18,008,000

11,392,000

22,103

24,559,000

12,033,910

310

12,033,600

227.707

126,504,000

61,986,960

7,335,781

54,651,179

44,625,000

21,866,250

13,517,150

8,349,100

710.400

222.000,000

108,780,000

66,850,000

41,930,000

52.500

20,000,000

9,800,000

6,196,800

3.603,200

63,000,000

30,870,000

11,387,530

19,482,470

6,150,000

3,013,500

350

3,013,150 51,932,956

19,90

Branta Mulia Berlina

42.82

Barito Pasific Timber

23,63 26.25

Bumi Modem Hyatt Bayer Indonesia (Com .Stock) Bayer Indonesia (Pref.Slock) Clipan Rnance Indonesia Centris MuttI Persada Pratama Concord Benefit Enterprise Centex

48 CPDW Cipendawa Farm Enterprise Charoen Pokphand 49 CPIN Indonesia 50 CPPR Central Protein Prima 51 CTBN

8,55 70,604

99,99 77,11 99,98 18,18 77.99 1.44 41.46 89.29 96.80 99.93

Citra Tubindo

38.84

Ciputra Development

58.46

Duta Anggada Realty

35.50

Davomas AbadI

81.28

Dharmala Intiiand

99.97

l^lta Djakarta

25.22

Dharmindo Adhiduta ,

49.90

Dankos (.^boratories

90.13

Duta Pertiwi Nusantara

84.26

Dharmala Sakti Sejahtera

21.96

Duta Pertiwi

53.22

Darya Varia Laboratories

99.96

Oynaplast

47.43

Ekadamia Tape Industries Enseval Putera Megatrading

*% rrâ

'^^^

2,598,372

38.75

100.00 66 ERTX

Eratex Djaja

67 ESTl

Ever Shine Text

68 FAST

Fast Food Indonesia

69 FASW

Fajar Surya Wisesa

70 FCOR

Ficorinvest Bank

156.188

71 GDWU Ganda Wangsa Utama 53.000 72 GDYR

Goodyear Indonesia

73 GGRV

Gudang Garam

74 GGST

Great Golden Star

75 GJTL

Gajah Tunggal

76 GRIV

Great Rwer Industries

77 GSMF

Gajah Surya Mutti Rnance

36.900

38.18 38.55 36.77 63.11 99.99 22.03

6.313.414

481.022.000

235,700,780

183,767,824

118.800

12.000.000

5,880,000

5,880,000

1,188,000

78 HOTX

88.17

396.000.000

0 85.84

194,040,000

27,471,535

166,568,365 25,728,462

62.01

129,360

84,680,000

41,493,200

15,754,738

192.192

160,160,000

78,478,400

18.149,445

60,328,955

93,100,000

36.272,850

56.827,150

Hadtex Indosyntec 242.250

190,000,000

389

76.87 61.04

jivestments Decisions and the Puzzle of Share Price Movements

79

HERO

80 HMSP

Hero Supermarket Hanjaya Mandala Sampoerna

77.63 392,808

110,650,000

54,218,500

12,130,450

42,088,050

4,860,000

450,000,000

220,500,000

27,102,500

193.397,500

87.71 71.57

81

HPSB

Hotel Prapatan

59,366

49,517,113

24,263,385

5,897,330

17,366,055

82

IDVS

Indovest Bank

110,000

50,000.000

24,500,000

5,231,159

19.268,841

83

IGAR

Igaqaya

17,500

17,500,000

8,575,000

6,830,633

1,744,367

84

IKBI

IKl Indah Kabei Indonesia

84.600

36,000,000

17.640,000

342,000

17.298,000

85

IMAS

Indosepamas Anggun

109,615

24,912,568

12,207.158

1,503,190

10,703,968

86

INA)

Indal Alumunjum Industry

173,800

44,000.000

21,560,000

13,305.000

8,255,000

87

INCF

IndocHra Finance

14,000

11.200,000

5,488,000

4.853.750

634.250

88 INCI

Intan Wijaya Chemical Ind

37,400

44,000,000

21.560,000

10.120.900

11.439.100

89 INCO

International Nickel Indonesia

155,255

49,581,694

24,344.030

-

24.344,030

6,599,950

763,000,000

373.870.000

932.239

372.937,761

482,537

50,317,149

29.555,403

1.543,640

28,011,763

60,000

37,500,000

18,375,000

15,637,600

2,737,400

1,615,663

673,192,741

329,864,443

81

329,864,362

45,805

19,085,500

9,351,944

244

9,351,700

2,322,259

407.413,827

199,532,775

59.153,574

140,479,201

52,871

15,325,000

7,509,250

4,953,750

2,555,500

79,025

29,000,000

14,210,000

7,971.900

6,238,100

34,704

15,088,800

7,393,512

2,945,792

4,447,728

7,653,709

4,207,226,660

. 591,541,063 ,

486,096,735

106,444,328

8,154.553

1,035,500

507,395,000

172,111,000

335,254,000

57,750

21,000,000

10,290,000

10,130,500

159.500

264,600

75,600,000

37,044,000

3,754,500

33,289,500

Jemtxj Cable Company

1,100,122

386,007,840

189,143,842

63,845,222

119,298,520

Jakaria Int'l Hotel& Dev

383,524

148,941,466

72,981,318

3,509.690

69,471,628

30,000

15,000,000

7,350,000

5,792,550

1,557,450

1,645,000

235,000,000

115,150,000

80.720,500

34,429,500

32,951

7,322,455

3,588,003

350,503

3,237,500

21,595,500

10,254,500

78.65 20.34 98.06 87.59 38.29 11.56 53.06 100.00

90

INDF

Indofood Sukses Makmur

91

INDR

Indo-rama Synthetics

92 93

INDS INKP

Indospring 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 03 JIHD 04 JPFA 05 JPRS 06 JRPT 07 JWJl 08 KARW 09 KBLl 10 KBLM 11 KIAS 12 KICI 13 KKGI 14 KLBF 15 UON 15 LMPI 17 LMSH

Japfa Jaya Pari Steel Jaya Real Property

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

Jeewon Jaya Indonesia

188,500

65,000,000

31,850,000

Karwelllndonesia

420,000

140,000,000

58,600,000

7,614,500

60,985,500

Kabel Metal Indonesia

105,000

14,000,000

6,860,000

2,943,800

3,916,200

Kabelindo Mumi

242,250

85,000,000

41,650,000

18,888,000

22,762.000

147.500

50,000,000

24,500,000

8,000

24.492.000

33,750

50,000.000

24,500,000

3.168,600

21,331,400

1,954,800

216,000,000

105,840,000

27,889,756

77,950,244

10,039

5,501,000

2,695,490

34,790

2,660,700

206,500

59,000,000

28,910,000

25,721,000

2,189,000 1,832,250

Keramika Indonesia Assosiasi Kedaung Indah Can Kumia Kapuas Utama Glue Ind. KableFarma Lion Metal Worits Langgeng Makmur Plastic Ind. Lionmesh Prima

18 LPBN

LippoBank

19 LPIN

Lippo Industries

20 LPLD

Lippo Land Development

21 LPU

Lippo Life Insurance

88.90 57.09 54.65 99.97 87.07 73.65 98.71 7.57 77.90

7,920

4,800,000

2.352,000

519,750

971,244

285,660,000

139,973,400

35.073,495

104,899,905

38,888

7.625.000

3.736.250

-

3,736.250

746,431

248,826,846

121.925.155

15,572,371

106,352.784

390

74.94 100.00 87.23 100.00


r

312,430

45,610,294

22,349,044

1

22,349,043

44,557

18,964.300

9,292,752

1,499,188

7,793,564

201,600

28,000,000

13,720,000

-

13,720.000

66,000

55,000.000

26,950,000

21,962,500

4.987.500

Multibreeder A d i r a m a Indonesia

186,250

50,000,000

24,500,000

10,458.560

14.041.440

126 MDBN

M o d e m Bank

264,000

120,000,000

53,800,000

43,696.500

15,103.500

127 MDLN

M o d e m l a n d Realty Ltd.

448,800

74,800,000

36,552,000

14,000.500

22.651.500

128 MDRN

M o d e m Photo Film Company

1,200,465

133,384,950

55,358,625

27.316.626

38.042.000

567,840

101,400,000

49,586,000

29,056.500

20.629.500

15,960

1,680,000

823,200

349,755

473.435

21,472

3,520,012

1,724.806

56

1.724.750

750,000

125,000,000

61,250.000

36,422.000

24.828.000

850,000

378,000,000

185,220,000

166,268,000

18.952.000

55,712

34,284,000

16,799,160

1,889,340

14.909,820

616,365

150,333,000

73,563,170

23,459,910

50,203,250

21,540

18,200,000

8,918,000

8,223,808

694,192

38.537

18,351,026

8,992.003

295

8,991,708

81.671

49,497,450

24,253,751

12,891,411

11,362,340

52.920

26,460,000

12,965,400

6,055.100

6,910.300

1.379.851

127,764,000

62,504,360

4.440.427

58,163,933

86,240

15,400,000

7,546,000

6,311,900

1,234,100

47.600

68,000,000

33,320,000

29,414,400

3,905,500

74.000

20,000,000

9,800,000

3,717.500

6,082,500

196.875

62,500,000

30,625,000

20.514.500

10,110,500

219,375

135,000,000

66,150,000

45.947,000

20,203.000

431,250

125,000,000

61,250,000

33,294,000

27,956,000

33,600

38,400,000

18,816,000

162,800

18,653,200

162,500

50,000,000

24,500,000

17,717,000

6,783,000

157,031

93,750,000

45,937,500

12,542,559

33.294,941

7,980

840,000

411,600

-

411,600

879.750

345,000,000

169,050,000

135,461,300

33,588,700

207

117,953,500

122 LPPF 123 LPPS ^24 MAMI 125 MBAi

83.87

i-ippo Pasific R n a n c e

100.00

Lippo Securities

18.51

M a s Muri Indonesia

57.31 25.59 61.80 58.21

129 MEDC 130 MERK 131 MLBI 132 WILIA 133 MLND 134 MLPL 135 MPPA

M e d c o Energi Corporation Merck Indonesia Multi Bintang Indonesia Mulia Induslrindo Mulialand Multipolar Corporation Matahari Putra Prima

136 MREI

Maskapai R e a s u r a n s i Indonesia 137 MTDL Metrodata Electronics 138 MTFN Bakrie Finance 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

O m e t r a c o Realty

146 OMTR

Ometraco

147 PBRX

Panbrothers T e x

148 PCMF 149 PDFC 150 PGIN

Rnance

Perdanacipta Multi Finance Bank P D F C I Procter i Indonesia

41.52 57.51 100.00 40.54 10.23 88.75 68.15 7.78 100.00

Gamble

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

151 PLIN

P l a z a Indonesia Realty

152 PNBN

PaninBank

649.949

240,721,850

117,953,707

153 PNIN

Panin Insurance

135,161

90,107,370

44,152,511

2,580

44,149,931

147,998

73,999,228

36,259,622

9,193

36,250,429

92,664

23.760,000

11,642,400

9,469,874

2,172,526 78,805,175

154 PNLF

Panin Life

155 PNSE

Pudjiadi i Sons Estates

'56 POLY

Polysindo Eka Perkasa

157 POOL

Pool Asuransi Indonesia

158 PRAS '59 PSDN '80 PTRA '51 PTRO

Prima Alloy Steel Universal Prashida Aneka Niaga

'63 PUDP

Pudjiadi Prestige Umited

99.97 18.66 58.27

1,145,400

276,000,000

135,240,000

100.000

25,000,000

12,250,000

8,575,000

3,675,000

15.500

20,000,000

9,800,000

8,626,000

1,174,000

375,000

120,000,000

58,800,000

34,582,500

24,217,500

653,625

315,000,000

154,350,000

77,649.500

76,700,500

70,200

18,000,000

8,820,000

300

8,819,700

151.125

31,000,000

15,190,000

8,476,000

6.714,000

100,000,000

49,000,000

25,815,500

23.184,500

Petrosea Putra Sejahtera P.

99.99

56,434,825

Putra surya Pefkasa

'82 PTSP

100.00

192.500

391

30.00 11.98 41.19 49.69 100.00 44.20 47.32


164 PWON Pakuwon Jati 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

96.12 388,500

210,000,000

102,900,000

3,993,454

98.906.536

181.500

33,000,000

16,170.000

6,551,000

9.619.000

178,125

75,000,000

36.750.000

21,730.000

15.020,000

196.000

56,000,000

27.440.000

280

27.439.720

33,502

60,915,000

29.848.840

200

29.843,540

10,540

6,650,000

3,258,500

41.900

3,216.500

247.800

59,000,000

28.910,000

20.459.500

8.450.500

159.500

112,000,000

54,880,000

51.204.108

3,675.892

283.248

45,685.200

22.385.748

-

22.385.748

7.290

1,080,000

529,200

28

529.172

17.110

13.550,000

6,688,500

6,650.350

38.150

224.668

21,396,975

10,484,518

5,830.902

4,553,515

34.877

24,912,000

12,206,880

9,376,140

2,830,740

61.250

35,000,000

17,150,000

15,420,500

1,729,500

290.290

100,100,000

49,049,000

10,670,650

38,378.350

103.950

37,800,000

18,522,000

8,305,120

10.216,880

588,000

210,000,000

102,900,000

9,043,100

93,856,900

836,707

164,205,000

80,460,450

100

80,460,350

518,000

70,000,000

34,300,000

-

34,300.000

147,603

41,000,700

20,090,343

11,005,478

9,084.865

360,000

40,000,000

19,500,000

10,542,665

9,057.335

195,960

27,500,000

13,524,000

1,259,980

12.254,020

164,350

86,500,000

42,385,000

23,963,500

18,421,500

5,540

972,000

476,280

70,080

406.200

72,250

28,900,000

14,161,000

2,962,100

11.198,900

7,950

5,300,000

2,597,000

8,000

2,589,000

45,000

22,500,000

11,025,000

3,801,100

7,223,900

587,500

125,000,000

61,250,000

42,700,500

18,549,500

16,800

21,000,000

10,290.000

9.509.500

780,500

13,131

3,367,000

1,649,830

246,800

1,403,030

91,000

13.000,000

5,370,000

-

6,370,000

420,000

100,000,000

49,000,000

32,253,000

16,747,000

49,333

13,333,280

6,533,307

6,443,807

89,500

17,388

6,440,000

3.155,600

2.077.520

1,078,080

360,450

40,500,000

19,845,000

5,117.747

14,727.253

70,000

14,000,000

6,860,000

4,383,900

2.476,100

46,800

26,000,000

12,740,000

3,589,000

9,151,000

Panca Wiratama Sakti

59.49

Bank Rama

40.87

Roda Vitatex

100.00

Rig Tenders Indonesia

100.00

Rimba Niaga Idola

98.71

Steady Safe

29.23

Surabaya Agung Sakti P.K

6.70

SUCACO Sobering Plough Indonesia NVPD Soedarpo Corporation Sari Husada

100.00 99.99 0.57 44.39

Hotel Sahid Jaya

23.19

Super Indah Makmur

10.08

Sekar Bumi

78.24 55.16

SekarLaut

91.21

SMART Corporation

100.00

Semen Cibinong Semen Gresik (Persero)

"

100.00 45.22

Summarecon Agung

46.21

Sorini Corporation Sona Topaz Tourism Industry

90.68

43,46

Suparma

85.29

Squibb Indonesia

79.08

Sarasa Nugraha

99.69

Spanjang Surya Gas

65.52

Suba Indah

30.28

Sumalindo Lestari Jaya

7.59

Supermitory Utama

85.04

Temt>aga Muiya Semanan

100.00

Tancho Indonesia Texmaco Jaya

Textron ic Permai Electronics Tifico

34.18

-

1.37 34.16 74.21

Tiga Raksa

36.09

Tira Austenite

71.83

Toko Gunung Agung

392

^vestments Decisions and the Puzzle of Share Price Movements

201 TKIM

Tjiwi Kimia

202 TMBN

Tamara Bank

203 TOTO

Surya Toto Indonesia

204 TPEN

Texmaco perkasa Enginering Dharmala Agrifoods

205 TPFC

206 TRPK 207 TRTS 208 TSPC

Ultra Jaya Milk

43,200.000

21,158,000

20,747.500

420.500

154,741

33,620,625

16,474,106

2.120,293

14,353,813

336,000

105,000.000

51,450,000

28,736,000

22,714,000

150,360

125,300,000

51,397,000

50,605,500

10,791,500

38,400

24,000,000

11,750.000

6,790,500

4,969,500

336,000

96,000,000

47,040,000

18,909,600

28.130.400

791.250

75,000,000

36,750,000

19,990,000

16.750.000

34.560

21.600.000

10,584.000

10,350,500

233.500

457,740

83,026.330

43.133.171

2,700

43.130.471

346,500

132,000.000

64,580.000

32,367,985

32.312,015

30.248

11.100,000

5,439,000

3,740,800

1.698,200

648,600

138,000,000

67,620,000

13,870,767

53,749,233

22,973

1,584,360

776,336

665,986

110,350

400,793

11,451.225

5,611,100

266,677

5,344,423

158,000

42,000.000

20,580,000

12,000

20,568,000

415,800

66.000,000

32,340,000

13,756,000

18,534,000

19,131

15,942,675

7,811,911

236

7,811,675

11,746,446,512

4,683,576,376

7,062,870,136

1.99 87.13 44.15 17.58

42.26 59.80 45.61

Unggul Indah Corp

213 UNTR

United Tractor

218 ZBRA

77,750

99.99

Bakrie Sumatra Plantation

217 WICO

77,804,741

2.21

212 UNSP

216 VOKS

57,633,020

Temp Scan Pasifik

210 ULTJ

215 UNVR

145,437,761

Trias Sentosa

Ugahari

214 UNTX

296,811,758

Trafindo Perkasa

209 UGAR

211 UNIC

53.50

1,216,928

49.96 31.22 79.49

Unit ex

14.21

Unilever Indonesia

95.25

Voksel Electric

99.94

Wicaksana Overseas Int'l

57.46

Zebra Nusantara

100.00

23,854,339,821

TOTAL 103,835,241

Sorce: JSX Statistics 1994, vVarious Issue

393


Appendix No. 14 Share Price Movements in August 1993 No"

Co!

^ W~3 ,:,:• , 4

, ;:::?A'

V

5

6

9

10

11

^°°

^^

^^^

®^^

^^^

W~^: 12

13

825

550

18

925

IS

; 20

950

825

23 , . 24 , 2 3

675

950

2 PTA D E S

^''^^

^•''^^

^•^'^

^•^°°

''•'^°°

^''^^

•'•'^°°

''•''^

•'•''^

•'•®°°

^•''25

1.200 1.200 1,200

o p j AOMG

^'^^

^''^^

^'^^^

''^"^

^'^"^

^•''^^

''•^°°

''•''^

''•''^

''•^^

''•''25

1.125

4 PT A H A P

^•''^

•'•"'^^

^•''•^^

^•''^

^•''^

^•''^^

^•''^^

^•"'25

3.125 3,125 3,125

5 PT AKPI

^•°°° *'°°°

fi PT A K R A

^•^°° "'•®°° •^•®°° ^^"^ •'•^°° •'•®°° •'•®°° •'•®°° •'•*^ •'•®°° •'•*'° ^^^ •'•*" ^•*'° ^'^"^ ^•*'° ''•*'° ^'^^^ ^•*°°

7 PTA L K A

''•®°°

8PTANSI

^'^^^ ^'^^^ ''•^^^ ^'^^^ ^'^^^ ^•''^^ •'•^^^ ''•^^ •'•^^ ^•''^ •'•'^^ •'•'^ ^'^^ ''•^^^ ^-^^ ^'^^ ^'^^^ ^'^^ ^' 750

9 PT A Q U A

^•°°° ''•°°° ''•°°° ^'"^^ ^•°°° ^•°°° '*'°°° ^•°°° ''•°°° ^'""^ ^•°°° ^•°°° ^•°°° ^'"^^ '*'°°° ^'"^^ *'°°° ^•°°° ^

10 PT A R G O

•^•^°° •^•'^°° ^•^°° •'•*°° ^•'*°° •'•®°° •^•®°° '^•^^ -^'^^^ ^'^^ ^'^^ ^'^^ ^•^'^ ^•^°° ''•'°° ^'^'^ ^'^^ *''^°° *

11 PT ASBI

^••'^^ ^•''^^ •'••'^^ '•''^^ '•''^^ ^•''^^ ^•''^ ''•''^^ '•''^ ^''^ ^••'^^ ^''^ ^•''^ ^•''^^ ^'^^ ^'^"^ ''^"^ ^•^°° '•'

12 P T A S D M

''^^

''^^

^'^^^

''^^

^'250

1.225

1,250

1.225

1,175 1,125 1,125

13 PT ASGR

^•®°°

^•^'^

^'^°°

^'^^^

^'^^

^'^^

^'^^

^•^'^

^^^

14 PT ASIA

^'^^^ ^•'"^ ^'^^^ -^'^^^ ^'^^ ^•®°° ^'^^ ^'^^^ ^'^^^ ^•*°° ^'^^^ ^®^^ ^'^^ ^'®°° ^'®°° ^'^^ ^'^^ ^'"^ '•

1.200 1,200 1,200 1,175

I.ISO

900

31

''•°^

1.200

900

27

''•'^^

1,175

900

26

1 PTABDA

''•^^

825

16

900

1.150 1,600

1,200 1,150

1,150

3,125 3,125 3,125 3,125 3,125 3,125 3,125

3,125

^•°°° ^•°°° ^•''°° ^^"^ *'^°° *'^''^ ^•®°° ''•*'° ^'^^^ ^•''^ *'^^ *'^°° *'^^ *'^°° *'^^ *'^^ ^-^^

^'^^

^'^^

•'•^^

^•''^

''•^^

•^••^°°

^•^'^

^'3^

2,400

2.350

2.325

2,300

2,325

^325

2.325

2.325

2.000

1,000 .000 125

15 P T A S H

^'^^

1,200 1,200 1.200 1,175. 1,200 1,150 1,150 1.800

^ ' ^ ^ •,5,eoo

5,6OQ

s.eoo

s.soo

s.soo

5,60o

s.eoo

5,700 375

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 ,000

15 PT ASRM

^'^^ ^'^^ ^•'®°'^ ^'®" ^'^"^ ^'®°° ^'^°° ^-^^^ ^•^°° ^•®°° ^•®°° ^•®°° ^'^^^ ^'*^ ^'^°° ^'^^ ^'^°° ^'^°° ^'^°°

17 PT ASTR

^''°° ^•'°° '•°''^ '•''°° ^•'°° ''^"^ ^''^^ ^'^^^ '•'°° ^'^"^ ^'^^^ ^''^ ^'^^^ ^'^^^ ^•^'^ ^'^^^ ^'^°° ^'^°° ^'^^

18 PT BATA

^'-^^ •'•''°° •'•''°° ^•''°° ^•'^°° ^'^^ ^•'*°° •^•'*°° ^•''^^ ^''^ •'•"^ ^'^"^ ''•®°° '''^°° ^'^^ ''•^°° ^'^^ ^'^^ '^'*°°

19 P T B A T I

2.150

20 PT BAYU

I'®"" ^•^°° ^•^°° ^•^°° ^•'^°° ''^^ ^'^^ ^'®^ ^•'^^ ^•'^^ ''•^^^ ^'^^ ^'^^ ^'^^ ''^^ ^'^^ ^'*^ ^'^^ ^'^^

21 PT BBLD

^•^^°° ^•^°° ^•^°° ^•3°° ^•^°° ^••'°° •'•^°° ^•^°° ^•^°° ^•^°° ^•^°° ^•^°° ^'^"^ ^'^°° ^'^°° ^'^°° ^'^°° ^'^°° ^'^°°

22 P T B D M N

^,625

S.SSO 3,650

3.625

3,625

3,650

3,650

3,675

4,000

4,025

4,025

4,050

4,175 4,350

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

3,450

25 P T 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

26 P T 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

27 PT 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

"-^ô

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

2,150

2,150

2,150

2.150

3,600

2.350

2,350

2,350

2,350

2.350

2.350

2.400

2,500

3,100 3,150 3,000

4,625

3,4oo

2.800

4,725

3.100

4,900

3,450

3,100

5,425

3,700 1,900 Z600

.825

394

/estments

Decisions

and the Puzzle

of Share

Price

Movements

" ^ 0 PT B N B R

4.650

4,600

4,650

4,500

4,500

4,500

4,750

4,700

4,825

4.825

4,825

4,825

4,825

4,825

4,825

4,900

5,000

5.300

5.500

31 PT B N G A

7,150

7,250

7,250

7,450

4,650

8,400

8,350

8,125

8,100

8,000

8,050

8.000

8,000

8,000

7,875

7,875

7,800

8.000

8,000

32 PT BNII

3,650

3,825

3,650

3,925

3,975

4,025

4,325

4,575

4,600

5,000

5,000

5,000

5,050

5,200

5.800

5,750

5,800

5,800

6.525

33 PT BNLI

4,200

4,275

4,200

4,275

4.275

4,275

4,275

4,275

4,275

4,275

4,350

4,300

4,325

4,375

4,475

4,850

5,300

5.300

5,600

34 PT BNPS

1,600

1,800

1,600

1,600

1,800

1,600

1,800

1,800

2000

2,350

1.600

1,800

1,800

1,800

1,800

1,800

1,800

2000

2350

35 PT BNSY

2,550

2,550

2.550

2,550

2.500

2,450

2,700

2,775

2,850

3,050

3,450

3,450

3,100

2,925

3,000

3,050

3,150

3,150

3,150

36 PT BNTA

7,150

7,150

7150

7,150

7,150

7,000

7,000

7000

7000

6,600

8,950

7.150

7150

7000

7000

7,000

7000

6,800

6,950

37 PT BNUM

1,900

1,900

1,900

1,900

1,950

1,800

1,800

1,950

1,900

1,900

2,000

2,100

2,175

2225

2,250

2200

2300

2400

2,600

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

4f) PT BRPT

^'^^^ ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^^^^ ^•°'-'° ^•°°° ^•°°° ^•°°° ^'^"^ ^•°°° ^'°°° ^'°^

^'°°° ^•'^

41 P T B U M I

2,200

2,200

42 PT BYSB

2,150

43 P T B Y S P

2,025

44 PT CFIN

^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•°°° ^•'^ ^'"^ ^•'^ ^'^^^ ^'^°° ^'^*°° ^"^°° ^

45 P T C M P P

^•°"

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 P T 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°° ^•°'^^ '•°^^ ^'^'^ " ' ^ "'"^ ''^

' ' ^ ' ^ ^ '•'°° '•'°° "'"^ * ' ^ ^°°° ^'°^ ^'^

^ ' ^ ^'^^^

54PTDAVO

3,800

3,950

3,850 3,950

55 PT DILD

I.™ '•'°° 1.^°° '•'°°

56 P T D L T A

57 PT DMAD 58 PT DNKS

2,200

2,250

2,250

2,275

2275

2275

2275

2,275

2,150 2,150 2,150 2,150 2150 z i s o

2150 2150 2.150 2,150 2150

ziso

2150 2150 2150

ziso

ziso

,200 2

2,075

2,150 2,150 Z150

2,150 2,150 2,150

2,250

2275

2,275

2275

1,800 1.800 1,800 ZOOO Z350

2,275

2,075

2,200

1,8Q0 1,800 I.8OO

2,275

2,075

2,200

I.SOO l.aOO

2.275

2,150 2,150 2150 2,150 2150 2150 2150 2150 21

50

,300

*'2^S

3,825

7,600

3,800

4,850

3.800

4,600

4,550

4,450

3,850

4,400 4,000 4,000

3,850

4,075

3,950 3,800

4,075

3,825

'-^

'-^

3,800

''"^

'•'°° ^ ' ^ '•'"' '•''' '•''' ''"^ '-"^ '•''' ^°^

^ ' ^ ^ ' ^ ^ ' ^ ''^

''^

''^

''^

''^

3,800

7600

3,800

^s.ooo IS,QOO IS,OOO 15,000 15,000 15,000 is,ooo 15,003 15,000 15,000 15,000 s,ooo

^'^

4,275

5,000

3,800

s,ooo

4,850. 4,600 4,550 4,450 4,400

3,800

^'^^ ^ ° ^ ^'°^

3,800 3,850

'•""' '•''' ''"^ ' ' ° ^ 5,000

5,000

5,000

''''°

5.000 5,000

''"^ '•'°° '•'°° '•'°° '''°° ''"^ ''"^

'•'°°

1^.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 P T D S S T

2.700

Z700

Z700

Z700

2700

2700

2725

2.^

Z400

2,403 2.403

Z403

Z ^

2,403

Z525

2525

2550

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

3,803

3,803

3,803

3,803

3,850

.950 3,850 3,

62 PT DYNA

3 . - «.-° «.^ «'-° «•-= ^ ' ^ ^ ' ^ '-^

'"^

''"^ ''^

' "

' "

2.^

595

3,825

'"° ' "

'"° '"" ' "

.550 2

''"

/estments Decisions and the Puzzle of Share Price Movements

63 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'

64 PT 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

65 PT 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

66 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

67 PT 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

68 PT 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

69 PT 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

70 PT 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

72 PT 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

74 PT 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

93 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

97 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

98 P T I N T D

2,275

Z275

2,275

2,275

2025

2,025

2,350

Z350

Z100 ZIOO

ZIM

ZIOO

ZIOO

ZIOO

99 P T I N T P

ZIOO

3,000

3,150 3,150 3,200'

3,250

3.250

3,250

Z100 Z100 Z300

2,300

^•'•°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

^"•'^^ ^"•ôo 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 PT J P F A

2.575

Z87S

Z750

Z7S0

105 P T J P R S

''•^^^

^•^°°

''•^25

106 P T J R P T

2,500

Z700

107 P T J W J l

3,700

108 P T K A R W 109 P T KBLl 110 P T K B L M

Z750

2,750

Z72S

Z700

Z703

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

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

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

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

5,800

5,600

S.aSO

S,850

5,900

5,960

5,950

5,950 8,050

8,100

6,150

5,950

Z750

2,725

2,775

Z750

2,750

2,750

Z700

Z925

6,250 6,250 8,300 6,400 6,500

6,500 9,700

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

112 P T 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

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

2,900

2,900

3,100 3.900 3,250

114 P T K L B F

3,050 3,100

1,850 1.850 1,850 1.850. 1,850 1,850 1,850 1,850

Z800

5,500

S.S75 5,625 3,250

3,250

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 P T L P B N

"^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

120 P T 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

6,750

6,800

6,800 6,800

121 P T 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

4.703

4,600

125 P T M B A I

^'^

^•°'^^ ^•°^5 ^•"^^ ^•°^^ ^•°^^ ^'"^^ ^•°^^ ^'"^ ^•°^^ ^'"^ ^'"^^ ^'"^ ''•°^^ ^'"^ ^'"^^ ^ ' ° " ^'"^ ^'°^^

126 PT MDBN

^-^

^•9°° ^-^

^-^

^'^^^ ^'^^ ^-^^ ^'^

^ - ^ ''^

''"^ ' ' ^

''^

''^

''*"

^°^

127 P T M D L N

^ ' ^

^ ' ^

5,703

S,703

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

^,703

S,750

S,750

5,850

5,600

5,850

5.850

5,600 5,600 6,700

''^

4.725

''^

''^

^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

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 .000

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.ÔO

I.ÔO

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

^°^''°° •'"•''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 1.075

135 P T M P P A

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

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,,600

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

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 P T 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 PBRX

^'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 ,850

148 P T 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 ,500

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 P T P G I N

1,900

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

ZSOO

157 P T P O L Y

Z300

Z300

Z300

Z950

3,

^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 P T 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

2050

Z075

Z125

ZIOI

Z175

Z125

Z103

2125

Z150

Z12S

Z125

Z125

Z050

ZlOO

2,203 Z22S

Z37S

ZaX3

398

/estments

Decisions

and the Puzzle of Share Price

Movements

^ 6 2 PT 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

163

PT 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

1fi4 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

Ifi'i PT 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

ififi PT 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

PT R I G S

850

875

875

875

900

875

900

925

950

900

900

900

900

900

171

PT R M B A

^°°

^°°

®°°

900

900

9 0 0 9 0 0 9 0 0 9 0 0 9 0 0

179

PT 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

PT SAIP

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

,000 3,600 4,

174

PT 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 0 0 * 3 0 9 0 0 9 0 0

900

900

875

900

925

9 0 0 9 0 0 9 0 0 9 0 0 9 0 0 000

,000 9, iOO

175 PT SCPI

^•*°° ^•'*°° ^•"°° ^•"°° ^'""^ ^•"^ ^•^^ ^•^°° ^'^^ ^•'^°° ^•^°° ^'"^ ^'^°° ^'"^^ *'^°° *'^°° ^'^^ ^'^°° ^''

176

PT 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^ SHDA

^•°°°

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

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

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

186PTSNGR

8,103

6,103

6,103

6,103

6,103

6,103

6,103

8,103

6.103

6,0x3

6,io)

6,101 6,103

e.ox)

e.ooa 6,0x3

6,103

187 PT SOBI

7,6a)

6,0x3

6,ox)

^"•0°° ^"•°<» '''°°° '^•°°° ''•°°° ''•°°° ''•°°° ''•°°° ''•'^ '"'^ ''•'°° '*-^ ' " ' ^ ''•'°° ''•'°° ' ' ' ^ ''•'°° '''^

6,10)

'"'^

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

PT 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

194PTSULI

3,3«3

3,40,

3,503

3,550

3,503

3,8«)

3,725

3,50)

3,SCX3 3,550

3,503

3,50)

3,600

3,725 3,725

3,503

3,503

3,503

399

3,5(»

tvestments Decisions and the Puzzle of Share Price Movements

195

PT SUMI

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 ,650

196 PT 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 ,800

197

PT TCID

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

198 PT 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

199 PT 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

200

PT TFCO

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

201

PT 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

202

PT TIRA

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

203

PT TKGA

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

204

P T TKIM

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

205

PT 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

206 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

207

PT TPEN

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

208

PT TPFC

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

209 PT T R P K

^'^^^

2.000

1.900

1,92s

2,000

ziso

2,250 zzzs

zioo

ziso

ziso

ziso

Z2oo

ziso

ziso

ziso

2,12s 1,97s 2

210 PT 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

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 2,200

212 PT 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 ,000

213 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 ,800

214 P T UNIC

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

7,300

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

2,025

5,600

5,900

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"'"°° ^"•''°° ^^••*°° ^*-*°° ^*'^°° '*'*°° ^*'*°° ^^•*°° ^^•'*°° ^^''*°° ^^••*°° ^*'*°° ^*'*°° ^*'*°° ^*'*°°

218 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

219 PT V O K S

7.500

7,500

7500

7,500

7500

7500

7500

7500

7,500

220 PT ZBRA

^•^°°

^•^°°

''8°°

^•^°°

'•8°°

•'•8OO

I.8OO

I.eOO

1,800 1,500

Source: JSX Statistic, Various Issue

400

7S00

7500

7500

7500

7500

7,500

7500

7,500

1,800 1,800 1,800 1.800

1,800

1,800 1,800

7,500

1,800

7,SO0

1,800

estments Decisions and the Puzzle of Share Price Movements

25 26 27 28

CTBN ASBI BNGA INTP

PT. PT. PT. PT.

29 BDMN 30 ASDM

PT. PT.

31 INCF 32 INTD

PT. PT.

1 BNLI 2 LPIN 3 AQUA 4 RIGS 5 RMBA 6 UNSP 7 ASRM 8 ASTR 9 BLTA

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 23 CPPR

24 RDTX 25 BFIN 26 INCO 27 PTRO 28 TBMS 29 PDFC 30 LMSH 31 HDTX 32 SCPI 33 TGKA 34 BDTA 35 CPDW 36 INRU 37 TRST 38 ULTJ 39 MYOR 40 ALKA

IND. CITRA TUBINDO ASURANSI BINTANG BANK NIAGA INDOCEMENT TUNGGAL PRAKASA BANK D A N A M O N ASURANSI DAYIN MITRA INDOCITRA FINANCE INTER-DELTA

Listed in 1 9 9 0 PT. BANK BALI PT. LIPPO INDUSTRIES PT. AQUA GOLDEN MISSISSIPPI PT. RIG TENDERS INDONESIA PT. RIMBA NIAGA IDOLA PT. UNITED S U M A T R A PLANTATIONS PT. ASURANSI R A M A Y A N A PT. ASTER DHARMA INDUSTRY PT. BERLIAN LAJU TANKERS PT. T A M A R A BANK PT. BANK DAGANG NASIONAL IND PT. TJIWI KIMIA PT. ASTRA INTERNATIONAL PT. METRO DATA EPSINDO PT. METROPOLITAN FINANCE CORP. PT. PUDJIADI & SONS ESTATES PT. BBL D H A R M A L A FINANCE PT. NVPD SOEDARPO CORPORATION PT. SUMMARECON AGUNG PT. DUTA ANGGADA REAUTY PT. G A D J A H TUNGGAL PT. HOTEL SAHID J A Y A INT. PT. CENTRAL PROTEINA PRIMA PT RODA VIVATEX PT BUNAS FINANCE PT INTERNATIONAL NICKEL IND. PT PETROSEA PT TEMBAGA MULIA SEMANAN PT PDFCI PT LIONMESH PRIMA PT H A D T E X I N D O S Y N T E X PT SCHERING-PLOUGH INDONESIA PT TIGA RAKSA SATRIA PT BANK DUTA PT CIPENDAWA FARM ENTERPRISE PT. INTI INDORAYON UTAMA PT. TRIAS SENTOSA PT. U L T R A J A Y A MILK INDUSTRY PT. M A Y O R A INDAH PT. A L U M I N D O PERKASA

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

54 53 0 0

320 125 0 0

0 0 200 0

22 100 200 250

0 100 200 250

0 0

0 0

0 0

0 0

0 0

150 125

150 200

150 125

150 125

0 0

0 0

0 0

0 0

0 0

150 0

0 100

50 120

50 120

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 75 200

0 0 200

100 50 200

100 50 200

31

31

45

o

0 0

0 0

0 0

0 146

35 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

115 0

129 60

129 60

50

SO

0

0 0 0 0

70 0 0

0 0

0 0

0 0

0 0

70 125

0 200

0 125

35 125

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 150 41

150 125 80 0

50 100 85 0

50 100 85 0

0

0

0

0

0

100

0

50

50

0

0

0

0

0

150

200

200

200

0

0

0

0

0

90

90

0

90

0 0

0 0

0 0

0 0

0 0

194 50

0 100

146 100

146 100

0 0

0 0

0 0

0 0

0 0

0 100

200 0

150 125

150 125

125

175

700

no

0 0

0 0 0

0 0 0

140 135 0

75 0 330

100 75 330

100 75 330

0 0

0 0

0 0

0 0"

0 300

350 350

475 350

475 350

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

300 150 100 140

65 100 60 0

65 60 80 250

0 60 80 250

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

60 0 50

90 200 75

100 200 100

100 200 100

0

80 75 100

0 0 0

0 0 0

n

0 0

60 0 0

0 0

0 0

0 0

0 0

150 100

250 0

75 100

0 0

0 0

0 0

0 0

0 0

205 240

200 80

70 20

402

70 20|

mestments Decisions and the Puzzle of Share Price Movements

UTAMA PT. BANK UMUM NASIONAL PT. PRIMA ALLOY STEEL UNIVERSAL PT. INDAH KIAT PAPER & 43 INKP PULP 44 TPFC PT. TJILATJAP PELLETIZING FACT. PT. INTAN WIJAYA 45 INCI CHEMICAL IN. PT. TRAFINDO PERKASA 46 TRPK UTAMA FT. BUMI MODERN 47 BUMI PT. INDO-RAMA SYNTETIC 48 INDR PT. DUTA PERTIWI 49 DPNS NUSANTARA PT. INDOSPRING 50 INDS PT. EKADHARMA TAPE 51 EKAD INDUSTRY PT. H.M. SAMPOERNA 52 HMSP PT. PANBROTHERSTEX 53 PBRX PT. ERATEX DJAJA 54 ERTX PT. INTER-PACIFIC 55 INPC FINANCE CORP. PT. CLIPAN FINANCE 56 CFIN 57 GGRM PT, GUDANG GARAM PT. BRANTA MULIA 58 BRAM PT. ASURANSI HARAPAN 59 AHAP AMAN PRT. PT. SURYA TOTO 60 TOTO INDONESIA PT. MAYERTEX INDONESIA 61 MYRX PT. IGAR JAYA 62 IGAR PT. GREAT GOLDEN STAR 63 GGST PT. ITAMAFIAYA GOLD 64 ITMA INDUSTRY PT. TEXTRONIC PERMAI 65 TEXT ELECTRONIC PT. VOKSEL ELECTRICS 66 VOKS

41 BNUM 42 PRAS

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

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

150 0

0 0

82 50

82.35 50

0

0

0

0

0

100

0

0

0

0

0

0

0

0

0

0

50

50

0

0

0

0

0

200

80

50

50

0

0

0

0

0

300

150

0

150

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 300 150

50 0 100

50 175 100

50 175 100

0 0

0 0

0 0

0 0

0 0

150 0

60 100

30 160

30 160

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

50 150 160 250

0 200 0 300

0 70 180 330

100 70 180 330

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 Q 0 0

7 150 150 85

108 0 0 0

135 150 100 65

135 150 100 65

0

0

0

0

0

100

0

50

50

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

118 100 0 50

0 50 0 0

50 50 0 20

50 50 0 20

0

0

0

0

0

0

0

39

39

0

0

0

0

0

60

85

185

185

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 90 100

100 0 200

50 110 225

50 110 225

0

0

0

0

0

50

175

315

315

0

0

0

0

0

37.9

0

15

15

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 285 0

350 268 Q

250 267.8 0

0

0

0

0

0

0

0

100

100

0 0 0 0 0 0 0

0 0 0 0 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

0 200 588 240 85 50 0

100 70 150 200 50 50 100

100 70 150 200 50 50 100

0

0

0

0

0

0

50

0

55

0 0

0 0

0 0

0

0 0

0 0

54.2 0

67.6 0

67.64 150

0 0

0 0

0

0

0

0

0 0

0 0

0 0

229 50

228.5 50

0 0

0 0

0 0

0 0

0 0

0 0

0 0

100 100

100 100

403

0

-'estments Decisions and the Puzzle of Share Price Movements

7 SONA 8 SOBI 9 ESTl 10 JECC 11 SMAR 12 AKPI 13 MPPA

1 2 3 4

SKBM SRSN MDLN TPEN

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

PT. PT. PT. PT.

5 SAIP

PT.

6 7 8 9

PT. PT. PT. PT.

FAST TIRA DMAD GDWU

10 UON 11 INTA 12 SKLT 13 TCID 14BRPT

PT. PT. PT. PT. PT.

15 ADMG 16 CNBE 17 KICI

PT. PT. PT.

18 BNTA 19 IMAS

PT. PT.

20 ANSI 21 SUMI

PT. PT.

Listed in 1993 SEKARBUMI SARASA NUGRAHA MODERNLAND REAUTY TEXMACO PERKASA ENG. SURABAYA AGUNG IN.PULP&KERT FAST FOOD INDONESIA TIRA AUSTENITE DHARMINDO ADHIDUTA GANDA WANGSA UTAMA UON METAL WORKS INTRACO PENTRA SEKAR U U T TANCHO INDONESIA BARITO PASIFIC TIMBER ANDAYANI MEGAH CONCORD BENEFIT KEDAUNG INDAH CAN INDUSTRIAL BANK TIARA ASIA INDO SEPAMAS ANGGUN ANWAR SIERAD SUPER MITORI UTAMA

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

250 100 145

250 100 145

0

0

0

0

0

0

0

115

115

0 0

0 0

0 0

0 0

6" 0

0 0

0 0

60 40

60 40

0

0

0

0

0

0

0

0

0

0 0 0 0

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 65 0 100

70 65 0 100

0

0

0

0

0

0

0

0

0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

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0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 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

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

1 SKBM 2 SRSN 3 MDLN 4 TPEN

PT. PT. PT. PT.

5 SAIP

PT.

6 FAST 7 TIRA 8 DMAD 9 GDWU

PT. PT. PT. PT.

10 LION 11 INTA 12 SKLT 13 TCID 14BRPT

PT. PT. PT. PT. PT.

15 ADMG 16 CNBE 17 KICI

PT. PT. PT.

18 BNTA 19 IMAS

PT. PT.

20 ANSI 21 SUMI

PT. PT.

Listed in 1993 SEKARBUMI SARASA NUGRAHA MODERNLAND REAUTY 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 PASIFIC TIMBER ANDAYANI MEGAH CONCORD BENEFIT KEDAUNG INDAH CAN INDUSTRIAL BANK TIARA ASIA INDO SEPAMAS ANGGUN ANWAR SIERAD SUPER MITORI UTAMA

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

250 100 145

2501

0

0

0

0

0

"0

0

115

115

0 0

0 0

0 0

0 0

o" 0

0 0

0 0

60 40

60 40

0

0

0

0

0

0

0

0

0

0 0 0 0

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 65 0 100

70 65 0 100

0

0

0

0

0

0

0

0

0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0


404

100 145

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

04Vol.2

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