8. LAPORAN KEUANGAN | Smart Accounting idx fact book 2009
I D X
F A C T
B O O K
2 0 0 9
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Abbreviation
BAPEPAM-LK: Badan Pengawas Pasar Modal – Lembaga Keuangan
(Securities The Capital Market and Financial Institution Supervisory Agency)
IDX : Indonesia Stock Exchange
KPEI : Kliring Penjamin Efek Indonesia
(The Indonesian Clearing and Guarantee Corporation)
KSEI : Kustodian Sentral Efek Indonesia
(The Indonesian Central Securities Depository)
© 2009 Indonesia Stock Exchange. All rights reserved
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication, it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice, action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.
(3)
-500
1,000
1,500
2,000
2,500
3,000
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
-500
1,000
1,500
2,000
2,500
3,000
Jakarta Composite Index and Capital Market Milestones
1984 - June 2009
30-Nov-2007 Consolidation of the SSX into JSX to become the IDX
2,688.332
6-Oct-2004 Lauching of Stock Option
856.060
28-Mar-2002 Implementation of
Remote Trading
481.775
9-Sep-2002 T+4 to T+3 Settlement
430.271
21-Jul-2000 Scripless Trading
512.617
23-Dec-1997 Founding of KPEI
397.031
23-Jul-1997 Financial Crisis
718.189
8-Aug-1996 Founding of KSEI
548.181
24-Jul-1995 Merging process of SSX into Bursa Paralel Indonesia
509.532
1-May-1995 JATS
415.322
13-Jul-1992 Privatization of JSX
321.544
16-Jun-1989 Establishment of SSX
293.548
8-Oct-2008 Suspend Trading
1,451.669
9-Jan-2008 Highest Index
2,830.263
2-Mar-2009 JATS Next G
(4)
TABLE OF CONTENTS
Page
IDX COMPOSITE STOCK PRICE INDEX 1984 – JUNE 2009
IDX STATISTICAL HIGHLIGHTS
...1
50 LEADING COMPANIES IN MARKET CAPITALIZATION
...3
50 MOST ACTIVE STOCKS BY TRADING VOLUME
...4
50 MOST ACTIVE STOCKS BY TRADING VALUE
...5
50 MOST ACTIVE STOCKS BY TRADING FREQUENCY
...6
50 MOST ACTIVE IDX MEMBERS IN TOTAL VOLUME
...7
50 MOST ACTIVE IDX MEMBERS IN TOTAL VALUE
...8
50 MOST ACTIVE IDX MEMBERS IN TOTAL FREQUENCY
...9
OVERVIEW OF INDONESIA STOCK EXCHANGE IN 2008
...10
Building Confidence in The Global Market Turbulance
...10
The Strategic Steps
...10
IDX PERFORMANCE IN 2008
...10
Trading
Performance
...10
Stock
Market
...10
Corporate
Bonds
...11
State
Debentures
...11
Derivatives
Market
...11
IDX
ACHIEVEMENTS
...11
Completion of the Regulations and Trading System
...11
JATS-NextG
(Generation) ... 11
The Developments of the Exchange Members
...12
E-Reporting
...12
New
Products
...13
TRADING SYSTEM
...14
EQUITY
TRADING
...14
Order-Driven Market and Open-Auction System
...14
Jakarta Automated Trading System Next Generation (JATS Next-G)
...14
Trading
Process
...14
Market
Segmentation
...15
Trading
Schedule
...16
Auto
Rejection
...16
Regular Market and Cash Market
...17
Pre-Opening
Session
...17
Terms and Conditions for Regular Market Transactions
...18
Negotiation
Market
...18
Margin
Trading
...18
(5)
SETTLEMENT
...20
TRANSACTION
FEES
...20
Transaction Fees for Equity Trading
...20
FOREIGN INVESTOR INVOLVEMENT
...21
BOND
TRADING
FACILITIES
...21
CTP (Centralized Trading Platform)
...2
1
FITS (Fixed Income Trading System)
...2
1
Exchange Trading Process
...22
Term and Conditions for Regular & Negotiation Transactions
...22
Exchange Trade Settlement
...22
Transaction Fees for Bond Trading
...23
DERIVATIVE TRADING FACILITIES
...23
JOTS (Jakarta Options Trading System)
...23
FATS (Future Automated Trading System)
... …..23
Exchange Trading Process
...23
Term
and
Conditions
...24
Transaction Fees for Derivative Trading
...24
NUMBER OF LISTED SHARES, MARKET CAPITALIZATION AND TRADING
... ...25
GOING PUBLIC AND LISTING ON THE IDX
...33
PREPARATION FOR GOING PUBLIC
...33
REGISTRATION AT BAPEPAM-LK
...33
LISTING IN THE INDONESIA STOCK EXCHANGE
(IDX)
...34
General Terms of Listing
...35
Listing Requirements for Stocks & Bonds
...35
Procedures for Stock Listing at the Main and Development Board
...37
Requirements of the Listing of Additional Shares
...37
Transfer of Board
...38
Listing Requirements for ETF
...38
LISTING
FEES
...38
Listing Fee for Shares
...38
Listing Fee for Bonds
...39
Listing Fee for ETF
...40
STOCK EXCHANGE REPORTING REQUIREMENTS
...40
Reporting Requirements for Share & Bond Listing Company
...40
Reporting Requirements for ETF
...41
IDX e-Reporting System
...42
Suspend
...42
Sanctions
...42
Sanctions for Share & Bond Issuing Company
...42
Sanctions
for
ETF
...43
DELISTING
...43
(6)
Delisting of ETF
...44
Delisting
Procedures
...44
Voluntary
Delisting
...44
Delisting
by
IDX
...44
RELISTING
(Only for Shares)
...44
INITIAL PUBLIC OFFERINGS, 2008 – June 2009
...45
DELISTED
COMPANIES
...47
RIGHTS OFFERINGS, 2008 – June 2009
...47
FINANCIAL DATA & RATIOS 2008
...48
NAME CHANGES OF LISTED COMPANIES
...56
JAKARTA STOCK INDUSTRIAL CLASSIFICATION (JASICA)
...57
GOALS
...57
STRUCTURES OF JASICA
...57
THE SYSTEMATICS OF JASICA
...59
STOCK PRICE INDEX
...60
COMPOSITE STOCK PRICE INDEX (CSPI)
...60
Index Calculation Method
...61
SECTOR
INDICES
...61
LQ45
INDEX
...62
JAKARTA ISLAMIC INDEX (JII)
...62
KOMPAS100
INDEX
...63
BISNIS-27
INDEX
...63
PEFINDO25
INDEX
...64
SRI-KEHATI
INDEX
...64
MAIN BOARD INDEX (MBX) AND DEVELOPMENT BOARD INDEX (DBX)
...64
Listing Board Classification
...64
INDIVIDUAL
INDEX
...65
INDONESIAN
GOVERNMENT BOND INDEX (IGBX)
...65
INDONESIAN GOVERNMENT SECURITIES YIELD CURVE (IGSYC)
...65
DERIVATIES
...67
STOCK
OPTION
...67
Criterias of an Underlying Stock
...67
General Information Related to Option Trading
...67
Type in Stock Option Contract
...67
Issuance of a Stock Option Series
...67
Coding in Stock Option Series
...68
The Schedule of Option Trading
...69
Weighted Moving Average Price (WMA)
...69
Sell and Purchase Orders
...69
(7)
Termination of a Single Stock Option Series
...69
Interval (Strike Price Range)
...70
Bid-Offer and the Exchange Transaction
...70
Exercise, Automatic Exercise & Liquidation
...70
Stock Option Settlement
...70
Suspension of the Stock Option Trading
...70
Transaction
Fees
...70
STOCK OPTION TRADING ACTIVITIES
...72
IDX MEMBERS FOR STOCK OPTION
...73
LQ45
FUTURES
...74
EXCHANGE MEMBERSHIP & PARTICIPANTS
...75
SECURITIES COMPANY AND EXCHANGE MEMBERS REQUIREMENT
...75
MINIMUM NET ADJUSTED WORKING CAPITAL (NAWC) REQUIREMENT
...75
OTHER REPORTING OBLIGATIONS FOR EXCHANGE MEMBERS
...76
PARTICIPANTS
REQUIREMENT
...76
PARTICIPANT’S
TRANSACTION REPORTING OBLIGATIONS
...76
CHANGES IN MEMBERS COMPANIES NAMES
...77
LIST OF PARTICIPANTS
...77
APPENDIX
...78
LISTED
COMPANIES
...79
LISTED
CORPORATE
BONDS (as of May 2009)
...113
LISTED GOVERNMENT BONDS (as of May 2009)
...125
THE INDONESIA STOCK EXCHANGE MEMBERS
...128
RATING AGENCY, SECURITIES DEPOSITORY ORGANIZATION,
CLEARING AND SETTLEMENT ORGANIZATION
...139
ORGANIZATION
CHART
...140
CAPITAL MARKET INFORMATION CENTRE
...141
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F
ACT
BOOK 2009
1
TRADINGTrading Days
Total Trading Volume of Shares (Million Shares)
Total Daily Average
Total Trading Value of Shares (Rp Billion)
Total Daily Average
Total Trading Frequency of Shares
Total (thousand) Daily Average
Foreign Transaction of Shares
BUY
Volume (Million Shares) Value (Rp Billion) Frequency (Thousand) SELL
Volume (Million Shares) Value (Rp Billion) Frequency (Thousand)
NET PURCHASE BY FOREIGNERS
Volume (Million Shares) Value (Rp Billion) Frequency (Thousand)
Local Transaction of Shares
BUY
Volume (Million Shares) Value (Rp Billion) Frequency (Thousand) SELL
Volume (Million Shares) Value (Rp Billion) Frequency (Thousand)
Total Trading Value of (Rp Billion)
Warrant Right Certificates ETF
Option (KOS)
Total Value of Transactions
Total Trading Volume of (Rp Billion)
Government Bond (Rp) Corporate Bond (Rp) Corporate Bond (USD) Asset-backed Security (Rp)
JAKARTA COMPOSITE INDEX
High Low Close Active Stocks - 1,177
- - - - - 5 1,085 11 953,165 6,932 143 2 1
234,031 411,768 401,868 436,936
4,269 11,861 1,709 1,654 247,007 241 242 1,842 967 518 125,438 1,025 1,806 1,298 1,039,542 787,846 240 246 1,671 788,521 3,283 1,050,154 1,064,528 4,226 4,436 294,660 1,541 623,315 13,417 445,708 4,811 4,012 2,953 3,724 406,006
12,203 15,452 16,510 19,880 48,216 55,905
93,083 145,431 164,531
36,145 92,994
40,133 110,762
108,674
157,019 140,506 243,803
582 874
266 557
26,621 69,048
584
80,736 67,632 107,261 135,438
123,235 211,196 276,007
30,256 91,948
209 525
172,437
540 490 783
25,451 38,170 29,093
9,524 23,946
9,877 18,814
27,938
-15,418 17,271 32,607 18,653
91 90 -243
58 32
197,885 318,774
44
293,194 343,853 894,112
305,202 806,351 769,868
85,305 136,245
2,687 3,167
248,987
3,428 4,229 10,988 12,119
369,303 932,281 652,408
207,410 342,720
95,182 155,059
321,132
233,569 322,474 838,958
4,320 11,078 11,876
2,745 3,199 3,472
858 801.9 612.6
- - - 6,461 - 0.3 678.3 2,360 0.1 - 832.6 337,664 512,989 14,244 17,347 521,005
23,947 33,184 68,572
715,827 1,074,812
53,181
2 9 0.02
693.033 1,004.430 1,192.203 1,805.523 2,810.962 2,830.263 1,171.709 1,678.044 1,111.390
379.351 668.477
691.895 1,000.233
994.770
1,162.635 1,805.523 2,745.826 1,355.408
339 372 383
332 336 335
2007 2008
IDX STATISTICAL HIGHLIGHTS
242
2003 2004 2005 2006
243
70
30.5 65.6 237 403
10,010
6 2 4
2,123 6,516 6,247
226 82,724 62,070 107,079 777 64,715 101,663 835 -2,645 5,416 -58 712,126 322,961 9,233 709,480 328,377 9,174 1,119.8 55.8 1.4 - 364,570 179,786 - 2,108.814 1,256.109 2,044.171 364 6,398 430,039 3,554 S1-2009 121 774,195
(9)
F
ACT
BOOK 2009
2
2007 2008
IDX STATISTICAL HIGHLIGHTS
2003 2004 2005 2006 S1-2009
As of the End of Period EQUITIES
Listed Companies
Listed Shares (Million Shares)
New Issues
Company(s)
Shares Offered (Million Shares) Amount Raised (Rp Billion) Delisted Company(s)
Market Capitalization (Rp Billion)
WARRANTS
Listed Issuers Listed Warrant
Market Capitalization (Rp Billion)
GOVERNMENT BOND
Number of Listed Series Outstanding Value (Rp Billion)
CORPORATE BOND
Listed Issuer
Number of Listed Bond (Series) Outstanding Value (Rp Billion)
CORPORATE BOND (USD)
Listed Issuer
Number of Listed Bond Outstanding Value (Million USD)
ASSET-BACKED SECURITY (Rp Billion)
Value (Rp Billion)
RIGHTS ISSUES (based on ex dated)
Listed Issuers
Fund Raised (Rp Billion)
Brokerage Houses
Active Brokerage Houses
Brokerage Stocks Trading (Rp Billion)
US $ Rate (Rp at end of period)
211
2 2 2 2 2
-182 245 254
2
30 24 26
28
122
12,583 29,498
23 17
56,249
122
333 331 336 344 383 396
924,489 1,128,174 1,374,412
829,360 656,447
6 12
712,985
8 12 22 19
20,596 25,699 25,698
10,650 7,443
9,504 2,141
3,983
3,545 3,005 16,868 24,388
4 8 6
4 15
460,366 679,949
3
801,253 1,249,074 1,988,326 1,076,491
33 43
48
57 53
37 47
861 724 855 5,423 11,284 2,088
34 24
70
52 48 49 57 64
418,751 477,747 525,695
389,910 397,161 399,859
2
45,390 58,791 57,762
2
79,065
238 244
61,505
12 16 13
4,494 3,910 5,893
121 123
124
153
158 144 126
121
250,875 494,014 812,013 891,416 2,100,309 2,129,055
142 125
8,447 9,355 9,840
92 107 105 101 102 90
2 2
-105 105 105 105 105
-73,010
397 1,393,016 3 1,243 286,305 2 1,596,674
46 52
224 79,885 3,201
76 553,227
88
118 860,078
10,225
2 4,016
121
9,025 9,419 10,950
- - 91
(10)
-F
ACT
BOOK 2009
3
Telekomunikasi Indonesia TbkAstra International Tbk Bank Central Asia Tbk Bank Rakyat Indonesia Tbk Perusahaan Gas Negara Tbk Unilever Indonesia Tbk Bank Mandiri (Persero) Tbk International Nickel Ind .Tbk H M Sampoerna Tbk Bank Danamon Tbk Adaro Energy Tbk. Bumi Resources Tbk United Tractors Tbk Semen Gresik (Persero) Tbk Indocement Tunggal Prakasa Tbk Indosat Tbk
Tambang Batubara Bukit AsamTbk Astra Agro Lestari Tbk
Bank Negara Indonesia Tbk Gudang Garam Tbk
Indo Tambangraya Megah Tbk Aneka Tambang (Persero) Tbk Bank International Ind. Tbk Bayan Resources Tbk Indofood Sukses Makmur Tbk Bank CIMB Niaga Tbk Bank Pan Indonesia Tbk Indika Energy Tbk Lippo Karawaci Tbk Jasa Marga (Persero) Tbk Kalbe Farma Tbk Timah Tbk
Medco Energi International Tbk Sinar Mas Multiartha Tbk Indah Kiat Pulp & Paper Tbk SMART Tbk
Excelcomindo Pratama Tbk Barito Pacific Tbk
Bakrie & Brothers Tbk Holcim Indonesia Tbk PP London Sumatera Tbk Bank Mega Tbk
Bank Ekonomi Raharja Tbk. Delta Dunia Petroindo Tbk Plaza Indonesia Realty Tbk Bumi Serpong Damai Tbk Bakrieland Development Tbk Bentoel International Inv. Tbk BISI International Tbk Energi Mega Persada Tbk
Total 50 Shares Market Total 84.98% 139,104 889,445 1,076,491 82.62% 1,596,674 1,356,921 5,328 1. TLKM 2009 (June) 2008 % From Total 2009 (June)
2008 % From
Total CODE 20,160 586,568 1,374,412 594,805 1,393,016 0.33% 14,401 10,936 19,916 6,733 3,000 14,401 6,733 10,936 3,000
50. ENRG 1,210 0.11%
49. BISI 5,460
48. RMBA 3,501
0.10% 5,580 0.35% 0.51% 5,875 0.37% 5,656 0.35% 0.33% 19,916 46. BSDE
47. ELTY 1,434 0.13%
5,905 0.37% 1,039 3,149 2,643 6,790 3,550 6,980 93,722 7,663 1,365 6,150 5,471 2,872 7,090 6,800 10,156 5,033 3,332 23,696 22,075 5,207 17,302 9,538 49,527 3,333 8,780 1,575 15,121 1,924 1,130 5,932 3,681 5,434 2,304 8,290 31,986 19,404 3,327 7,630 20,749 9,936 4,383
6,519 0.41% 6,790
45. PLIN 8,520 0.79% 6,390 0.40% 3,550
44. DOID 3,395 0.32%
8,031 0.50% 1,609
43. BAEK 5,881 0.55% 6,939 0.43% 2,643
42. MEGA 5,632 0.52%
8,429 0.53% 7,663
41. LSIP 3,991 0.37% 8,187 0.51% 1,365
40. SMCB 4,828 0.45%
8,725 0.55% 6,980
39. BNBR 4,686 0.44% 8,435 0.53% 93,722
38. BRPT 4,188 0.39%
9,478 0.59% 2,872
37. EXCL 6,736 0.63% 8,863 0.56% 7,090
36. SMAR 4,883 0.45%
9,779 0.61% 5,788
35. INKP 4,049 0.38% 9,520 0.60% 5,471
34. SMMA 1,476 0.14%
10,192 0.64% 5,033
33. MEDC 6,232 0.58% 10,164 0.64% 3,332
32. TINS 5,436 0.50%
10,540 0.66% 6,800
31. KLBF 4,062 0.38% 10,258 0.64% 10,156
30. JSMR 6,188 0.57%
12,107 0.76% 5,207
29. LPKR 13,842 1.29% 11,592 0.73% 17,302
28. INDY 5,676 0.53%
14,691 0.92% 23,696
27. PNBN 11,649 1.08% 14,570 0.91% 20,085
26. BNGA 11,729 1.09%
17,833 1.12% 3,333
25. INDF 8,166 0.76% 16,595 1.04% 8,780
24. BYAN 3,133 0.29%
19,315 1.21% 9,538
23. BNII 18,325 1.70% 18,820 1.18% 49,527
22. ANTM 10,397 0.97%
24,147 1.51% 1,924
21. ITMG 11,864 1.10% 22,542 1.41% 1,130
20. GGRM 8,177 0.76%
26,534 1.66% 1,575
19. BBNI 10,282 0.96% 26,008 1.63% 15,121
18. AALI 15,433 1.43%
27,034 1.69% 5,434
17. PTBA 15,899 1.48% 26,728 1.67% 2,304
16. ISAT 31,245 2.90%
29,064 1.82% 5,932
15. INTP 16,934 1.57% 28,530 1.79% 3,681
14. SMGR 24,764 2.30%
36,091 2.26% 19,404
13. UNTR 14,638 1.36% 33,102 2.07% 3,327
12. BUMI 17,658 1.64%
40,000 2.51% 4,996
11. ADRO 15,513 1.44% 38,383 2.40% 31,986
10. BDMN 15,486 1.44%
41,236 2.58% 9,936
9. HMSP 35,502 3.30% 40,762 2.55% 4,383
8. INCO 19,177 1.78%
70,578 4.42% 7,630
7. BMRI 41,909 3.89% 65,878 4.13% 20,696
6. UNVR 59,514 5.53%
75,474 4.73% 22,967 23,960
5. PGAS 42,719 3.97%
76,923 4.82% 12,207 12,210
4. BBRI 55,846 5.19%
24,408
3. BBCA 79,327 7.37% 86,040 5.39% 24,408
9.47% 151,200
12.92% 20,160
96,351 6.03% 4,048 4,048
2. ASII 42,710 3.97%
Listed Shares (Million) Market Capitalization (Rp Billion)
Company Name
50 LEADING COMPANIES IN MARKET CAPITALIZATION
(11)
F
ACT
BOOK 2009
4
BNBR Bakrie & Brothers Tbk
BNII Bank International Indonesia Tbk BUMI Bumi Resources Tbk
ELTY Bakrieland Development Tbk CPRO Central Proteinaprima Tbk BTEL Bakrie Telecom Tbk
TRUB Truba Alam Manunggal Engineering Tbk UNSP Bakrie Sumatra Plantations Tbk ANTM Aneka Tambang (Persero) Tbk ENRG Energi Mega Persada Tbk
DEWA Darma Henwa Tbk
KIJA Kawasan Industri Jababeka Tbk FREN Mobile-8 Telecom Tbk.
BNGA Bank CIMB Niaga Tbk
BMRI Bank Mandiri (Persero) Tbk MIRA Mitra Rajasa Tbk
TBLA Tunas Baru Lampung Tbk BBNI Bank Negara Indonesia Tbk
PGAS Perusahaan Gas Negara (Persero) Tbk TLKM Telekomunikasi Indonesia Tbk ASRI Alam Sutera Realty Tbk INDF Indofood Sukses Makmur Tbk PNBN Bank Pan Indonesia Tbk INKP Indah Kiat Pulp & Paper Tbk
ELSA Elnusa Tbk.
LPKR Lippo Karawaci Tbk
CPIN Charoen Pokphand Indonesia Tbk BBCA Bank Central Asia Tbk
BBRI Bank Rakyat Indonesia (Persero) Tbk BRPT Barito Pacific Tbk
BCIC Bank Century Tbk IIKP Inti Agri Resources Tbk PNLF Panin Life Tbk ADRO Adaro Energy Tbk.
TINS Timah Tbk
WIKA Wijaya Karya (Persero) Tbk CNKO Central Korporindo Internasional Tbk
TMPI AGIS Tbk
INCO International Nickel IndonesiaTbk BISI Bisi International Tbk
BUDI Budi Acid Jaya Tbk
PTRA New Century Development Tbk APEX Apexindo Pratama Duta Tbk GZCO Gozco Plantations Tbk LPBN Bank Lippo Tbk
RMBA Bentoel International Investama Tbk CTRP Ciputra Property Tbk.
KLBF Kalbe Farma Tbk
CTRA Ciputra Development Tbk BKSL Sentul City Tbk
Total 50 Stocks % of Total Market Total 10,340 64,467 Stock Name 3,699 3,623 4,025 3,990 72,126 67,058 53,087 46,676 25,642 Volume (Mill.) 664,407 9.15 14 10,058 1,611 2,837 51 56,700 51,660
630,585 787,521 8,456
Value (Bill. Rp) 304,696 6,897 218 Trad. Day 1. Volume (Mill.) 135,769 CODE No. 121 375 11,510 1,355 112 -9 121 -76 899 41 106 121 121 121
787,846 1,064,528 13,417 63.03 80.04 73.98 120 121 121 121 86 116 121 121 121 -30 121 121 121 121 121 121 121 121 121 121 121 121 99 121 121 121 121 121 121 118 38 121 121 121 120 121 121 121 121
50. 3,416 0.43 1,612
72 240
2,377 2,038 39
48. 0.45
49. 3,445 0.44
3,545 240 1,602 240 82 6,099 1,719 53
47. 3,572 0.45 1,083
237 6,991 5,610 4.3
46. 0.46 1,288
4
45. 0.47 10,925
6
168 - -
-55 152 659 86 26
44. 3,741 0.47 949
39 222 1 2 0.03
43. 3,932 0.50 9,288
185 - -
-42. 0.51 297
32
41. 0.51 931
27
238 341 53 8
74 240 709 1,238 78
40. 4,133 0.52 7,804
365 240 2,320 7,357 166
39. 4,218 0.54 21,211
82 240 767 79 20
38. 4,538 0.58 1,439
65 227 3,292 266.2 41.6
37. 4,666 0.59 823
109 240 2,968 867 65
36. 4,688 0.60 1,421
352 240 6,078 10,139 235
35. 4,719 0.60 15,447
70 107 8,053 8,914 176
34. 4,785 0.61 6,257
33 239 7,290 572 45
33. 4,794 0.61 897
59 192 432 220 0.05
32. 5,188 0.66 3,061
40 209 - -
-31. 5,300 0.67 397
202 240 2,591 2,290 92
30. 5,348 0.68 8,728
233 240 2,420 12,395 137
29. 5,569 0.71 28,597
146 240 2,276 7,236 106
28. 5,778 0.73 18,054
87 240 948 495 17
27. 5,937 0.75 4,698
114 240 8,128 6,355 133
26. 6,336 0.80 4,615
142 217 8,685 2,628 157
25. 6,399 0.81 2,338
225 240 1,489 2,054 73
24. 6,493 0.82 12,578
55 240 990 561 21
23. 6,514 0.83 4,805
224 240 6,751 8,424 202
22. 7,035 0.89 14,209
52 235 4,136 482 54
21. 7,725 0.98 1,370
300 240 2,770 20,041 119
20. 7,768 0.99 60,829
489 240 6,495 15,627 237
19. 8,594 1.09 35,069
165 240 4,623 5,439 107
18. 8,699 1.10 9,568
168 240 2,288 629 59
17. 9,414 1.19 5,150
160 240 11,462 7,520 149
16. 10,160 1.29 10,173
274 240 5,255 13,244 156
15. 10,620 1.35 27,774
71 237 444 289 27
14. 12,385 1.57 11,211
57 234 12 1 0.1
13. 14,406 1.83 1,890
131 240 20,322 1,910 133
12. 15,295 1.94 1,824
166 240 68,893 11,661 419
11. 15,437 1.96 4,545
180 212 23,350 7,042 254
10. 16,544 2.10 17,010
748 240 8,360 13,289 305
9. 16,686 2.12 42,996
234 16,612 8,974 254
8. 2.17 22,059
147
7. 2.18 10,232
398 17,171
17,085
239 75,306 10,000 459
1,001 89
6. 3.25 4,323 127 234 7,834 327
38,580
9,194 294
5. 4.90 6,269 142 240
17,671 223 234
4. 5.92
160 22
3. 6.74 75,432 1,002
393
2. 8.51
209
26,511 165
28,616 72 205
254,227 1,205 220 Trad. Day
50 MOST ACTIVE STOCKS BY TRADING VOLUME
Freq. Th.(X) Total Transaction S1-2009 % of
Total
Value (Bill. Rp) Total Transaction 2008
Freq. Th.(X) 9,492 72.66 106.06 626,415 72.54 420,048
(12)
F
ACT
BOOK 2009
5
Bumi Resources TbkTelekomunikasi Indonesia Tbk Aneka Tambang (Persero) Tbk Astra International Tbk
Perusahaan Gas Negara (Persero) Tbk Tambang Batubara Bukit Asam Tbk Bank International Indonesia Tbk Bank Rakyat Indonesia (Persero) Tbk Bank Mandiri (Persero) Tbk
Bakrie & Brothers Tbk United Tractors Tbk
Bakrie Sumatra Plantations Tbk International Nickel IndonesiaTbk Indosat Tbk
Bank Central Asia Tbk Bakrieland Development Tbk Energi Mega Persada Tbk Indo Tambangraya Megah Tbk Astra Agro Lestari Tbk Timah Tbk
Indofood Sukses Makmur Tbk Indah Kiat Pulp & Paper Tbk PP London Sumatera Tbk Medco Energi International Tbk Bank CIMB Niaga Tbk Bank Lippo Tbk
Truba Alam Manunggal Engineering Tbk Mitra Rajasa Tbk
Bank Negara Indonesia Tbk Apexindo Pratama Duta Tbk Barito Pacific Tbk
Sampoerna Agro Tbk Bisi International Tbk Bank Danamon Indonesia Tbk Central Proteinaprima Tbk Adaro Energy Tbk. Indika Energy Tbk Tunas Baru Lampung Tbk Bank Pan Indonesia Tbk
Charoen Pokphand Indonesia Tbk Lippo Karawaci Tbk
Darma Henwa Tbk Bakrie Telecom Tbk Bank UOB Buana Tbk Excelcomindo Pratama Tbk Semen Gresik (Persero) Tbk Indocement Tunggal Prakasa Tbk AKR Corporindo Tbk
Unilever Indonesia Tbk Inti Agri Resources Tbk Total 50 Stocks
% of Total
Market Total 787,846 1,064,528 626,415 420,048 9,492
91.63 72.51 13,417 14.
2.
23.88
254,227 1,205 220 56,700 75,432
5.
8.
11.
1. BUMI 53,087
PGAS 8,594
6.
No. CODE Stock Name
Total Transaction 2008
50 MOST ACTIVE STOCKS BY TRADING VALUE
Total Transaction S1-2009 Volume
(Mill.)
% of Total Value (Bill. Rp)
Freq. Th.(X)
Trad. Day
Volume (Mill.)
Value (Bill. Rp)
Freq. Th.(X)
Trad. Day
1,002 121
TLKM 7,768 60,829 5.71 300 240 2,770 20,041 119 121
3. ANTM 16,686 42,996 4.04 748 240 8,360 13,289 305 121
4. ASII 2,061 38,790 3.64 270 240 877 14,649 107 121
3.29
35,069 489 240 6,495 15,627 237 121
PTBA 2,907 30,413 2.86 313 240 1,032 8,959 135 121
7. BNII 67,058 28,616 2.69 72 205 393 160 22 121
BBRI 5,569 28,597 2.69 233 240 2,420 12,395 137 121
9. BMRI 10,620 27,774 2.61 274 240 5,255 13,244 156 121
10. BNBR 72,126 26,511 2.49 165 209 135,769 11,510 375 121
UNTR 2,522 22,179 2.08 237 240 1,013 7,460 109 121
12. UNSP 17,085 22,059 2.07 398 234 16,612 8,974 254 121
13. INCO 4,218 21,211 1.99 365 240 2,320 7,357 166 121
ISAT 3,334 20,627 1.94 153 239 4,173 23,766 86 121
15. BBCA 5,778 18,054 1.70 146 240 2,276 7,236 106 121
16. ELTY 46,676 17,671 1.66 223 234 51,660 9,194 294 121
17. ENRG 16,544 17,010 1.60 180 212 23,350 7,042 254 121
18. ITMG 1,592 16,360 1.54 142 240 389 5,196 90 121
19. AALI 796 16,076 1.51 233 240 238 3,583 81 121
20. TINS 4,719 15,447 1.45 352 240 6,078 10,139 235 121
21. INDF 7,035 14,209 1.33 224 240 6,751 8,424 202 121
22. INKP 6,493 12,578 1.18 225 240 1,489 2,054 73 121
23. LSIP 1,639 11,836 1.11 171 240 732 3,332 81 121
24. MEDC 2,993 11,666 1.10 167 240 1,581 4,010 97 121
25. BNGA 12,385 11,211 1.05 71 237 444 289 27 121
26. LPBN 3,699 10,925 1.03 4 168 - - -
-27. TRUB 17,171 10,232 0.96 147 239 75,306 10,000 459 121
28. MIRA 10,160 10,173 0.96 160 240 11,462 7,520 149 121
29. BBNI 8,699 9,568 0.90 165 240 4,623 5,439 107 121
30. APEX 3,932 9,288 0.87 39 222 1 2 0.03 9
31. BRPT 5,348 8,728 0.82 202 240 2,591 2,290 92 121
32. SGRO 2,361 7,855 0.74 162 240 1,222 1,882 70 121
33. BISI 4,133 7,804 0.73 74 240 709 1,238 78 121
34. BDMN 1,459 7,437 0.70 91 240 2,219 7,227 96 121
35. CPRO 38,580 6,269 0.59 142 240 10,340 1,001 89 120
36. ADRO 4,785 6,257 0.59 70 107 8,053 8,914 176 121
37. INDY 2,003 5,411 0.51 59 134 1,063 2,498 70 120
38. TBLA 9,414 5,150 0.48 168 240 2,288 629 59 121
39. PNBN 6,514 4,805 0.45 55 240 990 561 21 121
40. CPIN 5,937 4,698 0.44 87 240 948 495 17 121
41. LPKR 6,336 4,615 0.43 114 240 8,128 6,355 133 121
42. DEWA 15,437 4,545 0.43 166 240 68,893 11,661 419 121
43. BTEL 25,642 4,323 0.41 127 234 64,467 7,834 327 121
44. BBIA 2,576 4,190 0.39 0.1 48 - - -
-45. EXCL 1,224 4,139 0.39 8 219 0.9 1.2 0.3 71
46. SMGR 1,035 3,985 0.37 67 240 466 2,002 30 121
47. INTP 591 3,387 0.32 37 240 826 4,879 20 121
48. AKRA 2,793 3,365 0.32 133 240 608 432 23 121
49. UNVR 451 3,213 0.30 34 240 301 2,398 33 121
50. IIKP 5,188 3,061 0.29 0.05 30
975,442 9,728
59 192 432 220
565,759
71.81 76.06
605,114 378,842 7,220 96.60 90.19
(13)
F
ACT
BOOK 2009
6
Bumi Resources Tbk
Aneka Tambang (Persero) Tbk Perusahaan Gas Negara (Persero) Tbk Bakrie Sumatra Plantations Tbk International Nickel IndonesiaTbk Timah Tbk
Tambang Batubara Bukit Asam Tbk Telekomunikasi Indonesia Tbk Bank Mandiri (Persero) Tbk Astra International Tbk United Tractors Tbk Astra Agro Lestari Tbk
Bank Rakyat Indonesia (Persero) Tbk Indah Kiat Pulp & Paper Tbk Indofood Sukses Makmur Tbk Bakrieland Development Tbk Barito Pacific Tbk
Energi Mega Persada Tbk PP London Sumatera Tbk Tunas Baru Lampung Tbk Medco Energi International Tbk Darma Henwa Tbk
Bank Negara Indonesia Tbk Bakrie & Brothers Tbk Sampoerna Agro Tbk Mitra Rajasa Tbk Indosat Tbk
Truba Alam Manunggal Engineering Tbk Bank Central Asia Tbk
Indo Tambangraya Megah Tbk Elnusa Tbk.
Central Proteinaprima Tbk AKR Corporindo Tbk
Kawasan Industri Jababeka Tbk Bakrie Telecom Tbk
Sorini Agro Asia Corporinndo Tbk Lippo Karawaci Tbk
Holcim Indonesia Tbk Wijaya Karya (Persero) Tbk Jasa Marga Tbk
Hexindo Adiperkasa Tbk Bank Danamon Indonesia Tbk Charoen Pokphand Indonesia Tbk AGIS Tbk
Bisi International Tbk Ciputra Development Tbk Bank International Indonesia Tbk Bank CIMB Niaga Tbk
Adaro Energy Tbk. Pakuwon Jati Tbk Total 50 Stocks % of Total Market Total
102.36 89.98 81.18 626,415 420,048 9,492 13,417
77.47
17 0.17 41
943,591 10,395 641,182 377,939 7,706 0.51
69 195 102
50. PWON 1,707 889
8,053 8,914 176 121
289 27 121
49. ADRO 4,785 6,257 70 0.52 107
0.53
71 237 444
48. BNGA 12,385 11,211
393 160 22 121
899 41 121
47. BNII 67,058 28,616 72 0.54 205
0.54
72 240 2,038
46. CTRA 3,445 1,611
709 1,238 78 121
79 20 116
45. BISI 4,133 7,804 74 0.55 240
0.61
82 240 767
44. TMPI 4,538 1,439
948 495 17 121
7,227 96 121
43. CPIN 5,937 4,698 87 0.65 240
0.68
91 240 2,219
42. BDMN 1,459 7,437
1,170 1,450 93 121
2,127 70 121
41. HEXA 1,008 2,298 93 0.70 223
0.75
101 240 1,933
40. JSMR 2,405 2,971
2,968 867 65 121
1,650 78 121
39. WIKA 4,688 1,421 109 0.81 240
0.83
111 240 2,132
38. SMCB 2,869 2,933
8,128 6,355 133 121
32 2 120
37. LPKR 6,336 4,615 114 0.85 240
0.89
119 240 31
36. SOBI 1,991 2,830
64,467 7,834 327 121
1,910 133 118
35. BTEL 25,642 4,323 127 0.94 234
0.97
131 240 20,322
34. KIJA 15,295 1,824
608 432 23 121
1,001 89 120
33. AKRA 2,793 3,365 133 0.99 240
1.06
142 240 10,340
32. CPRO 38,580 6,269
8,685 2,628 157 121
5,196 90 121
31. ELSA 6,399 2,338 142 1.06 217
1.06
142 240 389
30. ITMG 1,592 16,360
2,276 7,236 106 121
10,000 459 121
29. BBCA 5,778 18,054 146 1.09 240
1.09
147 239 75,306
28. TRUB 17,171 10,232
4,173 23,766 86 121
7,520 149 121
27. ISAT 3,334 20,627 153 1.14 239
1.19
160 240 11,462
26. MIRA 10,160 10,173
1,222 1,882 70 121
11,510 375 121
25. SGRO 2,361 7,855 162 1.21 240
1.23
165 209 135,769
24. BNBR 72,126 26,511
4,623 5,439 107 121
11,661 419 121
23. BBNI 8,699 9,568 165 1.23 240
1.24
166 240 68,893
22. DEWA 15,437 4,545
1,581 4,010 97 121
629 59 121
21. MEDC 2,993 11,666 167 1.24 240
1.25
168 240 2,288
20. TBLA 9,414 5,150
732 3,332 81 121
7,042 254 121
19. LSIP 1,639 11,836 171 1.28 240
1.34
180 212 23,350
18. ENRG 16,544 17,010
2,591 2,290 92 121
9,194 294 121
17. BRPT 5,348 8,728 202 1.51 240
1.66
223 234 51,660
16. ELTY 46,676 17,671
6,751 8,424 202 121
2,054 73 121
15. INDF 7,035 14,209 224 1.67 240
1.68
225 240 1,489
14. INKP 6,493 12,578
2,420 12,395 137 121
3,583 81 121
13. BBRI 5,569 28,597 233 1.74 240
1.74
233 240 238
12. AALI 796 16,076
1,013 7,460 109 121
14,649 107 121
11. UNTR 2,522 22,179 237 1.77 240
2.01
270 240 877
10. ASII 2,061 38,790
5,255 13,244 156 121
20,041 119 121
9. BMRI 10,620 27,774 274 2.04 240
2.24
300 240 2,770
8. TLKM 7,768 60,829
1,032 8,959 135 121
10,139 235 121
7. PTBA 2,907 30,413 313 2.33 240
2.63
352 240 6,078
6. TINS 4,719 15,447
2,320 7,357 166 121
8,974 254 121
5. INCO 4,218 21,211 365 2.72 240
237 121
4. UNSP 17,085 22,059 398 2.97 234 16,612
121
3. PGAS 8,594 35,069 489 3.65 240 6,495 15,627
240 8,360 13,289 305
16,686 42,996 748 5.58
56,700 75,432 1,002 121
254,227 1,205 8.98 220
Value (Bill. Rp) % of Total Freq. Th.(X) Trad. Day Volume (Mill.) Value (Bill. Rp) Freq. Th.(X) Trad. Day Volume (Mill.)
1. BUMI 53,087
2. ANTM
50 MOST ACTIVE STOCKS BY TRADING FREQUENCY
No. CODE Stock Name
Total Transaction 2008 Total Transaction S1-2009
582,889
1,064,528 73.99
787,846
(14)
F
ACT
BOOK 2009
7
Kim Eng SecuritiesCIMB-GK Securities Indonesia Danareksa Sekuritas
Danatama Makmur CLSA Indonesia
BNP Paribas Securities Indonesia Minna Padi Investama
Ciptadana Securities Bhakti Securities Trimegah Securities Tbk Lautandhana Securindo HD Capital Tbk
UBS Securities Indonesia Semesta Indovest Mandiri Sekuritas Sinarmas Sekuritas
Optima Kharya Capital Securities Dhanawibawa Artha Cemerlang Merrill Lynch Indonesia Indo Premier Securities Deutsche Securities Indonesia Henan Putihrai
Valbury Asia Securities
DBS Vickers Securities Indonesia Phillip Securities Indonesia
Macquarie Capital Securities Indonesia Investindo Nusantara Sekuritas Samuel Sekuritas Indonesia Sarijaya Permana Sekuritas Bahana Securities
JP Morgan Securities Indonesia Credit Suisse Securities Indonesia eTrading Securities
Panin Sekuritas Tbk
Antaboga Delta Sekuritas Indonesia UOB Kay Hian Securities
AmCapital Indonesia Dinar Sekuritas Reliance Securities Tbk Recapital Securities Sucorinvest Central Gani Brent Securities Evergreen Capital Erdikha Elit Sekuritas
OSK Nusadana Capital Indonesia Danpac Sekuritas
BNI Securities
Panca Global Securities Tbk Artha Securities Indonesia Mahakarya Artha Securities Total 50 Stocks
% of Total Market Total
Freq. Th.(X) Total Transaction S1-2009 % of
Total
Value (Bill. Rp) Total Transaction 2008
Freq. Th.(X) 75,375 998 3.84 130,519 1,197 122,970 628 4.59 32,710 454
3. OD 3.57 57,930 696
44,832
2. YU
4. II 3.56 975 23
5. KZ 3.48 114,726 585
109,934 79
31,400 271
6. BW 3.43 41,499 159 7,302 79
7. MU 3.25 10,415 66 1,913 54
8. KI 2.91 45,015 588 24,872 496
9. EP 2.75 23,628 291 8,418 224
10. LG 2.66 59,524 1,284 25,244 810
11. YJ 2.28 37,796 428 18,765 415
12. HD 2.09 39,699 506 11,801 223
13. AK 30,048 1.91 69,845 325 21,099 168
14. MG 29,710 1.89 29,304 301 8,739 166
11,243
15. CC 29,431 1.87 42,419 485 18,832 416
16. DH 1.85 29,167 345 10,782 257
17. CM 1.85 38,199 564 8,024 257
18. TX 1.83 21,623 277 2,646 139
19. ML 1.74 64,077 430 17,264 250
20. PD 1.71 27,736 1,185 25,846 1,772
21. DB 1.70 68,852 378 9,515 25,959 199
22. HP 26,219 1.66 31,644 376 10,101 249
23. CP 1.57 29,620 930 17,113 707
24. DP 1.55 36,845 324 9,024 147
25. KK 1.54 37,506 744 25,281 775
26. RX 1.53 67,523 291 22,335 160
27. IN 1.44 21,847 400 8,062 250
28. IF 1.40 29,252 178 7,300 108
29. SP 1.39 32,199 1,212 95 6
30. DX 1.34 51,042 414 14,660 192
31. BK 1.26 55,275 298 16,028 133
32. CS 1.25 55,101 329 33,064 232
19,850 19,711
7,191 23,389
33. YP 18,468 1.17 18,232 1,379 28,089 1,674
34. GR 1.02 16,926 369 10,206 381
35. SY 1.01 17,816 407 -
-36. AI 0.93 17,516 235 9,608 208
37. FS 0.93 19,067 237 7,579 129
38. DS 0.84 13,041 101 277 2.3
39. LS 0.78 15,976 332 12,544 390
40. LK 0.78 7,577 61 1,570 31
41. AZ 0.78 10,837 302 6,618 277
42. HK 0.77 6,257 86 902 34
43. EL 0.70 9,252 183 4,413 109
44. AO 11,052 0.70 10,345 309 8,444 238
45. DR 0.66 14,691 232 5,671 185
46. BQ 0.66 7,874 102 5,881 116
47. NI 0.63 10,767 348 14,468 723
48. PG 0.61 8,290 115 1,932 54
49. SH 0.59 8,916 207 6,793 160
50. XL 0.58 8,713 138 3,694 72
26,834 81.01 7,524 1,575,692 84.81 2,129,055 87.94 38,100 Value (Bill. Rp) 63,107 3,668 19,823 4,135 6,885 56,435 1. ZP Volume (Mill. Sh) 51,936 Code No. 670
1,336,286 1,872,271 21,738 1,185,649 690,369 15,784 54,793 54,041 51,165 45,923 72,299 60,485 56,197 56,037 43,404 41,946 35,851 32,960 29,214 29,167 28,773 27,464 26,925 26,792 24,690 24,422 24,230 24,060 22,626 22,125 21,973 21,126 16,021 15,850 14,672 11,069 14,591 13,158 12,352 12,311 9,299 9,121 Volume (Mill. Sh) Stock Name 10,402 10,348 9,919 9,574 12,289 12,132 23,535 58,867 55,729 28,597 23,522 42,202 23,962 20,326 9,447 10,605 76,038 29,129 41,804 13,163 48,403 11,617 26,508 16,858 105 14,431 67,629 27,202 -15,732 11,327 1,070 32,090 3,464 20,798 13,859 2,416 11,965 21,763 11,166
50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VOLUME
1,548,391 860,078 20,019 76.57 80.27 78.85 16,040
38,457 6,142
(15)
F
ACT
BOOK 2009
8
Kim Eng Securities
CIMB-GK Securities Indonesia CLSA Indonesia
Danatama Makmur Danareksa Sekuritas UBS Securities Indonesia Deutsche Securities Indonesia Macquarie Capital Securities Indonesia Merrill Lynch Indonesia
Trimegah Securities Tbk JP Morgan Securities Indonesia Credit Suisse Securities Indonesia Bahana Securities
Ciptadana Securities Mandiri Sekuritas
BNP Paribas Securities Indonesia HD Capital Tbk
Optima Kharya Capital Securities Lautandhana Securindo Phillip Securities Indonesia DBS Vickers Securities Indonesia Sarijaya Permana Sekuritas Henan Putihrai
Valbury Asia Securities Semesta Indovest
Samuel Sekuritas Indonesia Sinarmas Sekuritas Indo Premier Securities Bhakti Securities
Investindo Nusantara Sekuritas Dhanawibawa Artha Cemerlang AmCapital Indonesia
eTrading Securities
Antaboga Delta Sekuritas Indonesia UOB Kay Hian Securities
ABN Amro Asia Securities Indonesia Panin Sekuritas Tbk
Reliance Securities Tbk
OSK Nusadana Capital Indonesia Dinar Sekuritas
Mega Capital Indonesia Finan Corpindo Nusa Sucorinvest Central Gani BNI Securities
Minna Padi Investama Erdikha Elit Sekuritas Kresna Graha Sekurindo Tbk Andalan Artha Advisindo Sekuritas Evergreen Capital
Batavia Prosperindo Sekuritas Total 50 Stocks
% of Total Market Total
50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VALUE
No. Code Stock Name
Total Transaction 2008 Total Transaction S1-2009
Volume (Mill. Sh)
% of Total Value (Bill. Rp)
Freq. Th.(X)
Volume (Mill. Sh)
Value (Bill. Rp)
Freq. Th.(X)
1. ZP 72,299 130,519 6.13 1,197 51,936 38,100 670
2. YU 60,485 122,970 5.78 628 44,832 32,710 454
3. KZ 54,793 114,726 5.39 585 19,823 31,400 271
4. II 56,037 109,934 5.16 79 3,668 975 23
5. OD 56,197 75,375 3.54 998 63,107 57,930 696
6. AK 30,048 69,845 3.28 325 11,243 21,099 168
7. DB 26,792 68,852 3.23 378 9,515 25,959 199
8. RX 24,060 67,523 3.17 291 11,617 22,335 160
9. ML 27,464 64,077 3.01 430 10,605 17,264 250
10. LG 41,946 59,524 2.80 1,284 58,867 25,244 810
11. BK 19,850 55,275 2.60 298 7,191 16,028 133
12. CS 19,711 55,101 2.59 329 23,389 33,064 232
13. DX 21,126 51,042 2.40 414 14,431 14,660 192
14. KI 45,923 45,015 2.11 588 56,435 24,872 496
15. CC 29,431 42,419 1.99 485 42,202 18,832 416
16. BW 54,041 41,499 1.95 159 4,135 7,302 79
17. HD 32,960 39,699 1.86 506 28,597 11,801 223
18. CM 29,167 38,199 1.79 564 20,326 8,024 257
19. YJ 35,851 37,796 1.78 428 55,729 18,765 415
20. KK 24,230 37,506 1.76 744 48,403 25,281 775
21. DP 24,422 36,845 1.73 324 13,163 9,024 147
22. SP 21,973 32,199 1.51 1,212 105 95 6
23. HP 26,219 31,644 1.49 376 29,129 10,101 249
24. CP 24,690 29,620 1.39 930 41,804 17,113 707
25. MG 29,710 29,304 1.38 301 23,522 8,739 166
26. IF 22,125 29,252 1.37 178 16,858 7,300 108
27. DH 29,214 29,167 1.37 345 23,962 10,782 257
28. PD 26,925 27,736 1.30 1,185 76,038 25,846 1,772
29. EP 43,404 23,628 1.11 291 23,535 8,418 224
30. IN 22,626 21,847 1.03 400 26,508 8,062 250
31. TX 28,773 21,623 1.02 277 9,447 2,646 139
32. FS 14,591 19,067 0.90 237 11,327 7,579 129
33. YP 18,468 18,232 0.86 1,379 67,629 28,089 1,674
34. SY 15,850 17,816 0.84 407 - -
-35. AI 14,672 17,516 0.82 235 15,732 9,608 208
36. HG 6,072 17,192 0.81 120 3,175 11,610 60
37. GR 16,021 16,926 0.79 369 27,202 10,206 381
38. LS 12,352 15,976 0.75 332 32,090 12,544 390
39. DR 10,402 14,691 0.69 232 11,166 5,671 185
40. DS 13,158 13,041 0.61 101 1,070 277 2.3
41. CD 6,756 11,892 0.56 179 14,333 7,368 186
42. AY 8,784 10,884 0.51 182 8,193 3,566 82
43. AZ 12,289 10,837 0.51 302 20,798 6,618 277
44. NI 9,919 10,767 0.51 348 38,457 14,468 723
45. MU 51,165 10,415 0.49 66 6,885 1,913 54
46. AO 11,052 10,345 0.49 309 21,763 8,444 238
47. KS 7,430 10,299 0.48 178 12,983 7,482 208
48. BJ 4,644 9,514 0.45 117 6,558 5,424 92
49. EL 11,069 9,252 0.43 183 11,965 4,413 109
50. BZ 6,876 9,204 0.43 118 11,599 5,059 136
1,314,062 1,893,627 21,923 1,193,047 710,107 16,082
83.40 88.94 81.70 77.05 82.56 80.33
(16)
F
ACT
BOOK 2009
9
eTrading SecuritiesTrimegah Securities Tbk Sarijaya Permana Sekuritas Kim Eng Securities Indo Premier Securities Danareksa Sekuritas Valbury Asia Securities Phillip Securities Indonesia CIMB-GK Securities Indonesia Ciptadana Securities
CLSA Indonesia
Optima Kharya Capital Securities HD Capital Tbk
Mandiri Sekuritas Merrill Lynch Indonesia Lautandhana Securindo Bahana Securities
Antaboga Delta Sekuritas Indonesia Investindo Nusantara Sekuritas Deutsche Securities Indonesia Henan Putihrai
Panin Sekuritas Tbk BNI Securities Sinarmas Sekuritas Reliance Securities Tbk
Credit Suisse Securities Indonesia UBS Securities Indonesia DBS Vickers Securities Indonesia Erdikha Elit Sekuritas
Sucorinvest Central Gani Semesta Indovest
JP Morgan Securities Indonesia Macquarie Capital Securities Indonesia Bhakti Securities
Dhanawibawa Artha Cemerlang AmCapital Indonesia
UOB Kay Hian Securities OSK Nusadana Capital Indonesia Indomitra Securities
Anugerah Securindo Indah Artha Securities Indonesia Evergreen Capital Equity Securities Indonesia Finan Corpindo Nusa Mega Capital Indonesia Kresna Graha Sekurindo Tbk Samuel Sekuritas Indonesia BNP Paribas Securities Indonesia Millenium Danatama Sekuritas Bumiputera Capital Indonesia Total 50 Stocks
% of Total Market Total
50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING FREQUENCY
No. Code Stock Name
Total Transaction 2008 Total Transaction S1-2009
Volume (Mill. Sh)
Value (Bill. Rp)
% of Total Freq. Th.(X)
Volume (Mill. Sh)
Value (Bill. Rp)
Freq. Th.(X)
1. YP 18,468 18,232 1,379 5.14 67,629 28,089 1,674
2. LG 41,946 59,524 1,284 4.78 58,867 25,244 810
3. SP 21,973 32,199 1,212 4.52 105 95 6
4. ZP 72,299 130,519 1,197 4.46 51,936 38,100 670
5. PD 26,925 27,736 1,185 4.42 76,038 25,846 1,772
6. OD 56,197 75,375 998 3.72 63,107 57,930 696
7. CP 24,690 29,620 930 3.46 41,804 17,113 707
8. KK 24,230 37,506 744 2.77 48,403 25,281 775
9. YU 60,485 122,970 628 2.34 44,832 32,710 454
10. KI 45,923 45,015 588 2.19 56,435 24,872 496
11. KZ 54,793 114,726 585 2.18 19,823 31,400 271
12. CM 29,167 38,199 564 2.10 20,326 8,024 257
13. HD 32,960 39,699 506 1.89 28,597 11,801 223
14. CC 29,431 42,419 485 1.81 42,202 18,832 416
15. ML 27,464 64,077 430 1.60 10,605 17,264 250
16. YJ 35,851 37,796 428 1.59 55,729 18,765 415
17. DX 21,126 51,042 414 1.54 14,431 14,660 192
18. SY 15,850 17,816 407 1.52 - -
-19. IN 22,626 21,847 400 1.49 26,508 8,062 250
20. DB 26,792 68,852 378 1.41 9,515 25,959 199
21. HP 26,219 31,644 376 1.40 29,129 10,101 249
22. GR 16,021 16,926 369 1.38 27,202 10,206 381
23. NI 9,919 10,767 348 1.30 38,457 14,468 723
24. DH 29,214 29,167 345 1.29 23,962 10,782 257
25. LS 12,352 15,976 332 1.24 32,090 12,544 390
26. CS 19,711 55,101 329 1.22 23,389 33,064 232
27. AK 30,048 69,845 325 1.21 11,243 21,099 168
28. DP 24,422 36,845 324 1.21 13,163 9,024 147
29. AO 11,052 10,345 309 1.15 21,763 8,444 238
30. AZ 12,289 10,837 302 1.12 20,798 6,618 277
31. MG 29,710 29,304 301 1.12 23,522 8,739 166
32. BK 19,850 55,275 298 1.11 7,191 16,028 133
33. RX 24,060 67,523 291 1.09 11,617 22,335 160
34. EP 43,404 23,628 291 1.08 23,535 8,418 224
35. TX 28,773 21,623 277 1.03 9,447 2,646 139
36. FS 14,591 19,067 237 0.88 11,327 7,579 129
37. AI 14,672 17,516 235 0.88 15,732 9,608 208
38. DR 10,402 14,691 232 0.86 11,166 5,671 185
39. BD 5,909 6,884 225 0.84 14,613 5,282 178
40. ID 6,925 5,915 211 0.79 7,111 2,039 136
41. SH 9,299 8,916 207 0.77 13,859 6,793 160
42. EL 11,069 9,252 183 0.68 11,965 4,413 109
43. BS 4,615 5,793 182 0.68 6,584 2,756 122
44. AY 8,784 10,884 182 0.68 8,193 3,566 82
45. CD 6,756 11,892 179 0.67 14,333 7,368 186
46. KS 7,430 10,299 178 0.66 12,983 7,482 208
47. IF 22,125 29,252 178 0.66 16,858 7,300 108
48. BW 54,041 41,499 159 0.59 4,135 7,302 79
49. SM 6,456 4,656 143 0.53 9,212 2,804 127
50. ZR 3,010 4,168 140 0.52 8,545 2,797 120
1,212,325 1,760,661 22,429 1,220,016 707,321 16,556
76.94 82.70 83.58 78.79 82.24 82.70
1,548,391 860,078 20,019 1,575,692 2,129,055 26,834
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OVERVIEW OF INDONESIA STOCK EXCHANGE IN 2008
Building Confidence in The Global Market Turbulance
The year 2008 began with a high level of optimism, which was reflected by the Indonesia Stock Exchange’s (IDX)
Composite Index reaching a record high of 2,830.263 on 9 January 2008. This strong market sentiment was based on the
assumption that Indonesia’s economic growth would continue to perform as projected. Market players therefore initially
shared a common optimism that the financial crisis, which began to affect markets in United States in July 2007, would be
immediately managed and contained, thereby circumventing any broader impact to the world’s economy, including the
Indonesian economy.
The full impact of the financial crisis in the United States that had been triggered by the subprime mortgage crisis, could
not however be adequately foreseen. In September 2008, the affects of the crisis would broaden with the closure of a
number of world-class financial institutions. The Dow Jones index reached its lowest levels in the last 7 (seven) years.
This would cause a dramatic decline of share price indexes for all of the world’s major stock markets including the IDX
Composite Index.
The IDX Composite Index declined sharply on 8 October 2008 causing the market to panic. To address this situation and
to prevent investors from taking any hasty decision on their investment, the IDX took swift and effective action halting all
trading activity at the Stock Exchange from the 8
thuntil the 10
thof October 2008. Other key measures taken included
reductions to share price auto rejection limits, and the restiction of short-selling activities. Throghout the suspension of
trading activities, the IDX updated investors and other parties regarding the satate of market. As a result the IDX wa able
to secure the market, providing investors with sufficient time to make rational secisions.
The Strategic Steps
The strategic steps taken by the IDX allowed it to mitigate the crisis. These measures received the full support and
attention of key stakeholders. Through intensive coordination with the Government, Indonesian Capital Market and
Financial Institutions Supervisory Agency (Bapepam-LK) and other authorities, the IDX has effectively maintained public
trust in Indonesia’s capital market.
IDX PERFORMANCE IN 2008
Trading Performance
In 2008, IDX market capitalization reached IDR 1,675 trillion, in which IDR 1,076 trillion of it came for equities, IDR 73
trillion came from the Corporate Bonds, and IDR 526 trillion came from the State Debenture (SUN).
Stock Market
Stock market capitalization value at the end of 2008 decreased 45.86% from one in 2007, which amounted to IDR 1,988
trillion. The decrease of the market capitalization was not also followed by other decreases in the trading activities such as
the daily average transaction value, which increased 3.9% from IDR 4.27 trillion in 2007 to IDR. 4.44 trillion in 2008, the
daily average transaction frequency, which increased 15.9% from 48,216 times in 2007 to 55,905 times in 2008, and the
transaction volume, which decreased 22.3% from 4.2 billion in 2007 to 3.3 billion in 2008. Besides the above, IDX
Composite Index also reached a remarkable level. On January 9, 2008, the composite index was closed at the level of
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11
2,830.263, the highest index in the Bourse’s history. This achivement placed IDX as one of the best performance Bourses
in Asia Pacific and even in the world.
Corporate Bonds
Throughout 2008, the activities of Corporate Bonds reached IDR 53.18 trillion or underwent and decrease of 22.45% from
IDR 68.22 trillion in 2007. The frequency of transaction also decreased 20.82% from 15,495 times in 2007 to 12,240 times
in 2008. The daily average transaction decreased 22.13% from IDR 278.75 billion per day on 2007 to IDR 217.06 billion
per day on 2008.
State Debentures
During 2008, the trading of State Debentures (SUN), including ORI, decreased 11.32% from IDR 1,074 trillion in 2007 to
IDR 953 trillion. The frequency of transaction also decreased 3.46% from 51,410 times in 2007 to 49,632 times in 2008,
while the daily average transaction decline -10.96% from 4.37 trillion per day in 2007 to 3.89 trillion per day ini 2008.
Derivatives Market
Until the end of December 2008, there were 371 options traded in the Derivatives Market with a total value of IDR 599
million and 114 times of trading frequency.
IDX ACHIEVEMENTS
Completion of the Regulations and Trading System
In order to develop a fair, efficient and orderly trading, as well as to protect the interests of investors and society, IDX
constantly improving its quality of information dissemination to all market participants, especially that through electronic
media, by releasing a Circular Letter on Unusual Market Activity (UMA). UMA is defined as any unusual activity related to
a security’s trading and/or price fluctuation in the Exchange, in a certain period of time, and have the potential to disturb
the process to a fair, efficient and orderly trading. The alerts on UMA, however, do not immediately incline violations on
Capital Market regulations.
As part of the efforts to improve the performance of its Listed Companies, IDX issued a Circular Letter No.
00001/BEI.PSH/01-2009 regarding The Limitation to the Highest or Lowest Offering Price toward Stock Entered into JATS
in Regular and Cash Markets, which is effective on January 19, 2009. To limit the fluctuation of a stock price, IDX
implements an Auto Rejection System that will automatically reject stock order if:
•
the selling or the buying orders are less than IDR 50;
•
the selling or the buying orders input into the JATS are more than 35% above or below the Reference Price for stock
price that ranges from IDR 50 to IDR 200;
•
the selling or the buying orders input into the JATS are more than 25% above or below the Reference Price for stock
price that ranges from above IDR 200 to IDR 5,000;
•
and the selling or the buying orders input into the JATS are more than 20% above or below the Reference Price for
stock price that is more than IDR 5,000.
JATS-NextG (Generation)
On March 2, 2009 at 09.30 WIB, Indonesia Stock Exchange (IDX) successfully launched its new trading system namely
the JATS-NextG(eneration). On 2003, the Exchange (then was known as the Jakarta Stock Exchange) made a study and
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12
planed a trading system renewal project. However, this project was realized later on September 2006 after all Exchange
Members implemented the JATS Remote Trading system. The realization of the project took several steps, which include
document preparation related to the specification of needs, tender process and design study with NASDAQ OMX as the
chosen system provider. Starting from January 2008, NASDAQ OMX made some adjustments on the application. After
undergoing several testing, both internally and with the Exchange Members, the new system was announced ready to
operate on March 2, 2009.
The new system was launched to anticipate and support the future development of Indonesia Capital Market, and to
provide trading convenience and efficiency in order to maintain a proper, efficient and orderly trading. The JATS-NextG
will replace the Jakarta Automatic System (JATS) that has been in operation since 1995.
The JATS-NextG includes several features:
1)
it provides one integrated trading facility (multi products single platform) with single operation, single price
dissemination and single market supervision;
2)
it has optimum hardware and software synergy;
3)
it is integrated with the current systems, such as DataFeed, JATS-RT and SMARTS;
4)
has Load Balancing and Fault Tolerance System, and
5)
it has DRC engine’s capacity that equals to the capacity of the main engine.
Moreover, the JATS-NextG will have the ability to trade various products (stocks, bonds and derivative products) in one
platform, with step by step implementation, starting from equity trading, which currently has been implemented, and
continuing with derivative products and bonds. The full implementation of the system is expected to be finished in the next
two years.
The new system also enables an integrated distribution of trading information and surveillance on all products traded in
the Exchange. It is designed with the capacity to handle up to 1,000,000 orders and 500,000 transactions per day, a much
bigger capacity compared to the previous system that could handle 360,000 orders and 200,000 transactions per day. On
its first day of implementation, there were 87,215 orders and 33.204 transactions processed by the system.
The implementation of JATS-NextG system is one of the factors that support IDX to achieve its vision on becoming a
competitive Exchange with world-class credibility.
The Developments of the Exchange Members
The number of IDX shareholders up to December 2008 is 121 Members, in which 118 of them are active Members and 3
of them are suspended. In 2008, IDX has performed a buy back of 72 of its shares. IDX also organized a series of events
for its Members. Among those were: technical analysis, sharing session regarding taxation, Stock Option training,
socialization of Exchange Traded Fund and many more. Meanwhile, there were 107 participants, consisted of 56
securities companies, 35 banks, dan 16 custodian banks.
E-Reporting
On December 28, 2007, IDX launched an electronic reporting system for its Listed Companies known as IDXnet. This
system is used as a means for the Listed companies to submit their reports and information disclosures to the Exchange,
and as a means of supervision and communication of the Exchange to the Listed Companies. Until now, there are 391
issuers participating in this E-Reporting through IDXnet.
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New Products
During the first half of 2009, IDX launched three new indexes. These new indexes are: BISNIS27 Index launched on
January , PEFINDO25 SME Index launched on May 18, 2009 and the SRI-KEHATI Index, launched on June 8, 2009.
BISNIS27 Index is a joint cooperation between the Bisnis Indonesia newspaper and the IDX, this index is intended to track
the performances of Fundamental Criteria and Technical Criteria or Transaction Liquidity. The stocks listed in the
Bisnis-27 Index are chosen based on the inputs from the Bisnis-Bisnis-27 Index Committee that consists of capital market experts and
professionals. This is to ensure the fairness of the stocks selection process.
PEFINDO25 SME Index is a joint cooperation between the PEFINDO Rating Agency and the IDX, this index represents
the stocks of Small and Medium Enterprises (SMEs) with good fundamental performances and liquidity that are listed in
IDX. IDX hopes the new PEFINDO25 index will help to increase public exposure to SMEs’ stocks listed in the exchange.
PEFINDO25 SME Index is cooperates Indonesia Stock Exchange (IDX) together with PT PEFINDO and the Investor
Daily.
The SRI-KEHATI Index, launched in cooperation with Yayasan Keanekaragaman Hayati Indonesia (the Indonesian
Biodiversity Foundation – KEHATI), an organization that is engaged with the conservation efforts and the sustainable use
of Indonesia’s biodiversity resources. This index tracks the performances of companies with good rcords in the practices
of sustainable and responsible investment (SRI).
The Index is established as an additional investment guideline for investors by establishing a benchmark on stocks price
of Listed Companies with excellent practices on supporting their sustainability through methods that concern about the
environment, social and good corporate governance. The new Indexes are expected to enhance the exposure on Listed
Companies that have performed their environmental and social responsibilities as well as good corporate governance.
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TRADING SYSTEM
EQUITY TRADING
Order-Driven Market and Open-Auction System
Trading in the Indonesia Stock Exchange is based on an order-driven market system. Investors must contact brokerage
companies. Trading at the IDX can only be done by IDX Members who are already registered as the Members of the
Indonesian Clearing and Guarantee Corporation (KPEI). Brokerage companies then execute their orders. A brokerage
company may also buy and sell securities using its own name as part of its investment portfolio.
Jakarta Automated Trading System Next Generation (JATS Next-G)
IDX's first trading system, the Jakarta Automated Trading System or JATS, has been in use since May 1995. Considering
the rapid growth of Indonesia Capital Market for the last few years, IDX had replaced the JATS, with a new system that
will handle all financial products (stocks, bonds, and derivatives) in one platform. This system is named the JATS Next-G
(JATS Next Generation).
The implementation of the new system is carried out in steps, starting from the implementation of the stock trading system
on March 2
nd, 2009, and then the trading system for derivatives (option and future) and bonds on the following years.
Trading Process
JATS Remote trading (JATS RT) at the IDX utilizes a host-to-host model, using FIX. In this way, IDX Members can
develop their businesses, for example, developing on-line trading or Direct Market Access (DMA). Exchange Members
can access JATS directly from their offices through JONEC (Jakarta Stock Exchange Open Network Environment Client)
on broker’s site and JONES (Jakarta Stock Exchange Open Network Environment Server) on IDX’s site.
Sales
Client Order
Validation / Risk
Management
Verification
Order & Trading
Authorizer
Broker Office
Front-end System
Client Orders Trade Confirmation
JATS
Client Orde
rs
Orde
r / T
rade
Confirmation
Transaction Data
Processing
Settlement
Back-end System
Investor
Selling/Buying Order Trade Confirmation
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To ensure safety and availability, remote trading at the IDX is supported by a dedicated and redundancy link. The IDX
also cooperates closely with the application service provider (ASP), to ensure that IDX Members receive full supports and
services.
Afer implementing the JATS Next-G, IDX provides only 150 terminals for stock traders at Trading Floor, which is located at
the Ground Floor of the IDX Building. These terminals, called Trader Workstations are connected directly to the Trading
Engine via The IDX network. Some IDX Member use their Floor Trader Workstation for back-up and use it only when they
have problem with their link to JATS Next-G.
TRADING PROCESS IN EXCHANGE
Market Segmentation
Market Segmentation is based on types of instrument and settlement mechanism:
Stock and Company Warrants
Market
Scripless
Settlement Mechanism
Regular Market
V
T+3
Netting+Offseting
Cash Market
V
T+0
Netting+Offseting
Negotiation Market
V
Negotiation
Trade for trade
The Exchange Transaction settlement at the Negotiation Market shall be conducted in accordance with the
agreement between the seller and buyer of Exchange Members.
Buying
Investor
Buying
Broker
Selling
Investor
Selling
Broker
KPEI – KSEI
Clearing & Settlement
System
Traders
Traders
IDX Trading System
(JATS)
Securities
Registrar
Fund
Securities
TRADING FLOOR
Trading Process
Settlement Process
Order
Entry
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Rights
The Exchange Transaction settlement at the Negotiation Market shall be conducted in accordance with the
agreement between the seller and buyer of Exchange Members.
Market
Scripless
Settlement Mechanism
Cash Market
V
T+0
Netting+Offseting
Negotiation Market (Session I Only)
V
Negotiation
Trade for trade
Exchange Traded Fund (ETF)
ETF trading mechanism is similar with stock trading mechanism, except that its price step is IDR 1 (one Rupiah)
and its maximum price step is IDR 10 (ten Rupiah).
Trading Schedule
Trading activities on the IDX take place on days termed exchange days. Daily trading schedule are follows:
Session I
09:30 – 12:00 JATS Time
Monday - Thursday
Session II
13:30 – 16:00 JATS Time
Session I
09:30 – 11:30 JATS Time
Friday
Session II
14:00 – 16:00 JATS Time
Pre-opening for the Regular Market shall be conducted on every trading day as follows:
Put Orders
09:10:00 – 09:25:00 JATS Time
Monday - Friday
JATS Process transaction allocation
09:25:01 – 09:29:59 JATS Time
Trading schedule for Cash Market :
Monday - Thursday
Session I
09:30 – 12:00 JATS Time
Friday
Session I
09:30 – 11:30 JATS Time
Auto Rejection
To limit the stock price movement, IDX implements an Auto Rejection System to automatically reject stock orders if stock
price fluctuation has reached certain levels.
Starting January 19
th, 2009, the determination of Auto Rejection Percentage based on three price groups of the
Regular Market Previous Price.
Auto Rejection Percentage
Previous Price of Regular
Market
Regular Condition
Corporate Action (4 days)
IDR 50 –
≤
IDR 200
35%
35%
> IDR 200 –
≤
IDR 5,000
25%
25%
> IDR 5,000
20%
20%
In Corporate Action condition for three days after Regular Market cum, Auto Rejection refers to the Previous
Price of each market
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All stock orders with the price less than the minimum price limit of IDR 50 will also be rejected.
For IPO shares, Auto Rejection Percentage is twice the normal percentage
Auto Rejection is not valid for Derivatives (Warrant and Rights)
In regular condition for the first order, Maximum Price Movement refers to the previous price of Regular Market
Regular Market and Cash Market
Stock trading at the Regular Market and Cash Market is based on fixed lot and fixed time of the continuous auction market
mechanism. In the Regular and Cash Markets, trades are done in “round lots”, which is the minimum units of trades that
can be executed. Currently, 1 lot is equal to 500 shares. However, trades in the Negotiated Market can be carried out
without using this criteria. Consequently, trades in the Negotiated Market are often excuted in “odd lots”
Prices resulting from orders and the continuous auction market as described above form the basis of the regular market.
The regular market is then used to calculate the indices. The prices formed in the regular market are also used as the
quoted prices for the Indonesia Stock Exchange, which are distributed throughout the world.
Pre-Opening Session
The trading in the Regular Market is started with the Pre-opening session every trading day. This session allows
Exchange Members to make the selling and buying orders to form the opening price. Pre-opening system began on
February 3
rd, 2004. For the first stage, the priority is given to the LQ-45 stocks.
Pre-Opening Trading:
Stock trading at the Regular Market starts with a Pre-opening session. This session allows Exchange Members to input
their purchase and sell orders according to the provisions of the stock unit, step value and Auto Rejection limit.
The Pre-opening price is formed from the accumulation of the total highest bids and asks matched by the JATS during the
Pre-opening session.
All bids and asks that have not been matched during the pre-opening session will be processed in the first session of the
trading day, except if the price of the bids and asks has excel the Auto Rejection limit.
Only valid for the Regular Market
Bargaining is based on the previous price or the offering price.
Auto Rejection system is implemented and the percentage is based on the previous price or the offering price.
If the Opening Price is formed:
•
The opening price on Windows Securities is not equal to 0.
•
Auto Rejection for sessions I & II is based on the Opening Price (not Previous Price)
•
Pre-Opening Orders that are not allocated and are out of the new Auto Rejection range will be withdrawn
automatically by JATS.
If the Opening Price is not formed:
•
The opening price on Windows Securities is equal to 0.
•
Auto Rejection for sessions I & II is based on the Previous Price.
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Terms and Conditions for Regular Market Transactions
An investor is required to fulfill the following conditions to trade in the regular market:
The amount of shares, warrants and rights in a standard lot is 500 shares/warrants/rights or units
Price movements (increments) between orders:
Shares, Rights and Warrants:
Price
Step Value
Maximum Price Step
< IDR 200
IDR 1
IDR 10
IDR 200 – < IDR 500
IDR 5
IDR 50
IDR 500 – < IDR 2,000
IDR 10
IDR 100
IDR 2,000 – < IDR 5,000
IDR 25
IDR 250
≥
IDR 5,000
IDR 50
IDR 500
Negotiation Market
The Indonesia Stock Exchange also provides stock trading based on the negotiation between buyer and seller. The
Securities trading at the Negotiation Market is conducted through individual bid-offer process (direct negotiation) between
the Exchange Members or clients through one of the Exchange Members or between a client and a Exchange Member or
between the Exchange Member and KPEI, which afterwards the said bid-offer agreement shall be processed through
JATS.
The rules for both markets are as follows:
Stocks traded are using per share unit.
The price fraction is not applicable, but it is recommended to base transactions on the stock price at Regular
Market.
The price is based on the agreement.
Matched transactions do not influence the index calculation as they do in the Regular Market.
The Settlement date is based on the agreement between sellers and buyers. If there is no agreement then it
follows the rule T+3.
Margin Trading
The IDX has implemented the regulation on Margin Trading since August 2007, under the Regulation No. II-9:
1.
Margin Trading is the stock exchange transaction implemented and settled by the Exchange Member in the
interest of their customers.
2.
To implement the Margin Trading for the first time, the Exchange Member is obligated to submit the following
documents to the IDX:
a.
A statement letter proving that they own the minimum Net Adjusted Working Capital (NAWC) of IDR
5,000,000,000 with the monthly NAWC’s compilation report enclosed.
b.
A statement letter from the accountant (registered in the BAPEPAM-LK) appointed by the Exchange
Member stating that the accountant has checked its books, notes and operational systems of the Exchange
Member and that it has fulfilled all the requirements from the BAPEPAM-LK’s Regulation No. V.D.3
regarding the Internal Control and the exchange member’s accounting implementation.
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c.
The sample of the margin contract between the Exchange Member and the customer.
3.
The IDX will announce the names of the Exchange Members who have fulfilled the Margin Trading
requirements.
4.
The Exchange Member mentioned in the point 3 is obligated to submit the report to the IDX on the NAWC’s
position of the previous exchange day, at least 30 minutes before the beginning of the trading on the related
exchange day.
5.
The Exchange Member mentioned in point 3 is prohibited to implement the Margin Trading in the interest of one
customer, in which the Margin Trading may cause the debit balance and/or the short position of more than 20%
of the NAWC, with the rule that the total of all Margin Trading values which can be implemented is maximum 10
times of the NAWC’s value of the mentioned Eexchange Member.
6.
The Exchange Member is prohibited to implement the Margin Trading in the interest of the Board of Directors,
Commissioners, Main Stockholders and/or the employees of the Exchange Member.
7.
The Margin Trading can be implemented by the Exchange Member only after its customer opened a Margin
Securities Account based on the margin contract between the customer and the related Exchange Member.
8.
The margin contract mentioned in point 7 contains at least:
a.
The rights and obligations of the customer and the exchange member, including the submission of
collaterals, costs, commissions and interests.
b.
The execution techniques (mechanisms) of the Margin Trading facility’s implementation.
c.
The margin contract’s termination that is caused by either the customer or the Exchange Member which no
longer meet the requirements of the Margin Securities Account or by other things that may be agreed on by
both parties.
9.
The sanctions are prepared by the exchange for breaking the rule.
At the beginning of every month, IDX issued a list of marginal and short sale stocks. A stock is included in the list based
on the criteria of its trading activity for the last 6 months (period of data review) and its Price Earning Ratio (PER) below:
1.
The stock should have a minimum average daily transaction value and daily transaction value in the regular
market of:
•
IDR 10 billion and IDR 1 billion respectively if the stock has been listed in the Exchange for at least 6
months
•
IDR 50 billion and IDR 5 billion respectively if the stock has been listed in the Exchange for less than 6
months
2.
The stock should be traded in the Exchange everyday, except when suspension occur for a maximum of 10 days
3.
The stock’ Price Earning Ratio (PER) is not three times greater than the market’s PER
4.
The stock’s free float market capitalization is more than IDR 1 trillion based on the last data of every month
during the data review period
5.
The stock is owned by at least 600 (six hundreds) shareholders based on the last data of every month during the
data review period
6.
To short sale, the stock’s free float should be 20%, which is calculated during the review period.
IDX has determined the list of guaranteed securities based on the criteria below:
In addition, besides deciding the list of marginal and short sale stocks, IDX also determines a number of securities that
can be guaranteed:
1.
Stocks included in the marginal and short sale stocks list
2.
Stocks included in the LQ-45 Index
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3.
Government Securities and Corporate Bonds that are issued in Indonesia and listed in the Exchange with an A+
rating or equal to that.
4.
The guaranteed securities above are calculated based on the fair market value.
ETF (EXCHANGE TRADED FUND)
ETF can simply be defined as mutual fund traded in the Exchange. Just like mutual fund, ETF is a Collective Investment
Contract, but similar to shares, its investment unit is listed and traded in the Exchange. Like conventional mutual fund,
ETF also uses an Investment Manager and Custodian Bank.
ETF trading mechanism is similar with stock trading mechanism, except that its price step is IDR 1 (one Rupiah) and its
maximum price step is IDR 10 (ten Rupiah).
SETTLEMENT
When a transaction occurs, delivery and payment must be settled through The Indonesian Clearing and Guarantee
Corporation (PT Kliring dan Penjaminan Efek Indonesia - KPEI) and The Indonesian Central Securities Depository (PT
Kustodian Sentral Efek Indonesia - KSEI).
1.
Regular transactions for stock and warrant are settled on the third exchange day (T+3) after the transaction and
shall be guaranteed by KPEI.
2.
Cash Market transactions for stock, warrant and rights are settled on the same day of the transaction (T+0) and
shall be guaranteed by KPEI.
3.
Negotiation Market for stock, warrant, rights and bonds shall be conducted in accordance with the agreement
between sellers and buyers, and the transactions will not be guaranteed by KPEI.
TRANSACTION FEES
Transaction Fees for Equity Trading
Based on an agreement, an investor has to pay a commission to the brokerage company for every transaction. For the
IDX, the commission must not exceed 1% of the value of the transaction (buying or selling) made by the investor.
Brokerage companies are obliged to pay the following fees:
1.
The Exchange Member must pay the transaction fees to the Exchange, KPEI and KSEI which are calculated in
accordance with the value per transaction of the relevant Exchange Member as follows:
0.03% of the value per transaction for transaction, clearing, and settlement of the Securities transaction at
Regular Market and Cash Market.
0.03% of the value per transaction or pursuant to the Exchange policy for transaction at Negotiation Market.
the minimum transaction fees is IDR 2,000,000 per month as a contribution to the Exchange facility
provision.
2.
The Exchange Member must deposit the security deposit of 0.01% of the value per guaranteed transaction by
KPEI. The Guarantee Fund is managed by KPEI.
3.
The commissions and transaction fees do not include the 10% Value-Added Tax (VAT); the 0.1% Transaction
Tax levied on cumulative selling transaction value (share only).
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FOREIGN INVESTOR INVOLVEMENT
In May 1999, the Indonesian government released a new regulation (Regulation No. 29/1999) on the (Buying of the
Shares of Commercial Banks) stock purchasing of listed banks, which is an implementing regulation of the Law No.
10/1998 on the Amendment of the Law No. 7/1992 on Banking. It regulates the portion of ownership of foreign investors,
as follows:
1.
The ownership of shares of banks by foreign investors and/or foreign institutions through direct placement or
through the Stock Exchange is allowed for a maximum of 99% of the total shares.
2.
The purchase of shares by foreign investors or foreign institutions through the Stock Exchange can reach 100%
of the total shares listed on the Stock Exchange.
3.
Banks can list their shares on the Stock Exchange to a maximum of 99% of the total shares.
4.
At least 1% of the banks’ shares, which are not listed on the Stock Exchange, must still be owned by an
Indonesian citizen or by an Indonesian company.
BOND TRADING FACILITIES
CTP (Centralized Trading Platform)
CTP (Centralized Trading Platform) is trading, reporting, and information system for bonds market. The system was
launched On September 1
st, 2006
FITS (Fixed Income Trading System)
Fixed Income Trading System (FITS) is a trading system for bond listed in Indonesia Stock Exchange that allows the
bonds traded in retail basis (retail bond). Retail bonds are traded in relatively small nominal value, started with IDR 5
millions and its denominator.
BAPEPAM-LK
VALUE ADDED
SERVICE
TRADE REPORT
SERVICE / PLTO
EXCHANGE
TRADE / FITS
SECURITIES
Exchange
Members
CTP
KSEI
MEDIA
DATA VENDOR
PUBLIC
Securities & Bank
Custodian
PARTICIPANTS
C
o
ns
o
lid
at
io
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22
Exchange Trading Process
Terms and Conditions for Regular & Negotiation Transactions
REGULAR TRANSACTION
NEGOTIATION DEAL
Mechanism
Continuous Auction
Put Through
Order Type
Firmed Quotation
Advertising
Price
Trade by Clean Price (%)
Settlement by Process (CP+AI)
Trade by Clean Price (%)
Settlement by Process (CP+AI)
Daily Fluctuation
Daily Price Limit 250 bps
Daily Price Limit 250 bps
Trade Unit / Lot
1 lot size = IDR 5 Mio
1 unit size = IDR 1 Mio
Settlement
T+ 2
T+ 1 to T+ 7
Exchange Trade Settlement
When a transaction occurs, delivery and payment must be settled through The Indonesian Clearing and Guarantee
Corporation (PT Kliring dan Penjaminan Efek Indonesia - KPEI) and The Indonesian Central Securities Depository (PT
Kustodian Sentral Efek Indonesia - KSEI).
1.
Regular transactions for Bonds are settled on the second exchange day (T+2) after the transaction and shall be
guaranteed by KPEI.
2.
Negotiation Market for Bonds are settled on the fisrt until seventh exchange day (T+1 until T+7) after the
transaction and shall be also guaranteed by KPEI.
IDX
FITS
Securities
B
Securities
A
Investor
X
Investor
Y
KPEI - EBOCS
KSEI - CBEST
BUYER SELLER
Settlement
Agen
X
Settlement
Agen
Y
Settlement Faulure
Trade Report Trade
Allocation Trade
Conf. Trade
Allocation
Settlement Status
Settlement Instruction Settlement
Confirmation Settlement Affirmation
Settlement Instruction
Settlement Affirmation Settlement Confirmation
Settlement Instruction
Settlement Status
(1)
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(2)
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(3)
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(4)
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(5)
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