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Jakarta, CNBC Indonesia – The share prices of state banks in the first trading session, this Wednesday (9/30/2020), fell in the red zone.
The additional 17.5 trillion rupees in funds provided by Finance Minister Sri Mulyani for four state-owned banks or the Association of State-owned Banks (Himbara) in the National Economic Recovery Program (PEN) could not be a positive catalyst.
In fact, foreign investors sold many shares of this state-owned bank (BUMN) until the end of the first session.
IDX data shows that PT Bank Mandiri Tbk (BMRI) shares were seen to have corrected 3.05% at a price of IDR 4,920 / pc. Foreigners are registered net sale 95.95 billion rupees.
Then the shares of PT Bank Rakyat Indonesia Tbk (BBRI) release 0.99% at the price level of 3,010 IDR. Foreigners also posted net sale 52.22 billion rupees of BRI shares.
Then PT Bank Negara Indonesia Tbk (BBNI) shares collapsed 2.44% at a price of Rs 4,400 / unit. As in the two state banks mentioned above, foreigners also registered net sale 15.91 billion rupees in these shares.
Shares of PT Bank Tabungan Negara Tbk (BBTN) in three currencies fell 1.67% to the level of Rs 1,175 / pc. Foreign published net sale Rs 2,760 crore in shares of this largest home finance bank.
Yesterday, Finance Minister Sri Mulyani Indrawati added again to the placement of funds in the association of state banks (Himbara). This time, the funds were added by 17.5 trillion rupees after 30 trillion rupees were placed in phase I.
Rahayu Puspasari, Head of the Office of Information and Communication Services of the Ministry of Finance, confirmed this, so that currently the total placement of funds in Himbara is 47.5 trillion rupees.
“Yes, the placement of funds to Himbara has been extended and the placement has been carried out in stage 2, so now the total is 47.5 trillion rupees,” he said when contacted by CNBC Indonesia, the Tuesday (9/29/2020).
He explained, for this location, the time period given was also longer. Where this time more than three months as in stage I.
“The term of 4 Himbara Banks is 110 days or 3 months + 20 days because it considers the conditions at the end of 2020 and the collective decline,” he explained.
With this deadline, the expiration date for the placement of funds by the Government in Himbara will end on January 13, 2021.
In detail, the additional placement of funds worth Rs 17.5 trillion is intended to:
- Bank Mandiri IDR 5 billion
- BRI Bank IDR 5 trillion
- BNI Bank Rp 2.5 trillion
- Bank BTN IDR 5 billion.
According to PT Research Chief Samuel Sekuritas Suria Dharma, the placement of government funds should have turned into a positive sentiment for the actions of the four banks.
“The positive placement of these funds is due to the fact that it can help credit growth. It is estimated that it can create 52.5 trillion rupee credit or about 1% industrial loan growth, “Suria told CNCB Indonesia, when contacted on Wednesday (9/30/2020).
According to Suria, the foreign sales pressure on the shares of the state banks was not due to the placement of these funds. However, there is a bigger problem that is on investors’ radar.
“Foreign sales are evenly distributed in various sectors. It is normal for foreigners to leave, the first to become depressed are usually also 4 large banks. The main cause of national cases is the growing number of Covid 19 cases, especially in DKI, which causes large-scale social restrictions (PSBB) to be tightened already in the 4th quarter, ”explained Suria.
The tightening of PSBB policy could put pressure on the economy in the fourth quarter, even though it had started to recover when the PSBB relaxed.
Meanwhile, the sentiment from abroad that worries investors is that the US fiscal stimulus has not yet been agreed, despite the fact that the US Congress has entered a month-long recess next week.
“This makes the USD index stronger and a lot of funds are coming back there because the USD is getting rarer,” he added.
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