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
2).
Fiscal Policies
3).
Monetary and Financial Policies
4).
Trade Policies
5).
Investment Policies
6).
Institutional Improvement Policies
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) ~
<D Ol
(D
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
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
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
>
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
:::'
-- 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
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
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
)
<
^
>
5
>
<
3
>
T
P
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
O
<"
Marl<et
Capitalization
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.
S.SOi
LiOe
S,'VAX
.î
fi
S.7CS
^^^^^\A
='-r^ ica JOT J.es i-CSJ icsj
I
I
..1.
J
''I'.:'
II
"'
J.Ki
W / i ' M ' ^ f i I M i ' - l . ' . i r f f . ' j ; . fTrrTTB

-^"!l
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 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 1987, Rp 100,000
par value.
Subscribed and paid in 325,000
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
Paid up capital
Retained Earnings
Revenue
Operating Expenses
Operating Profit
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
Shareholders' Eguity
Paid up capital
Retained Earnings
Revenue
Operating Expenses
Operating Profit
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)
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
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)
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
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-Dc-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
260,260
2,730,000,000
1978
330,260
4,050,000,000
1979
7,058,116
23,930,000,000
1980
14,588,116
41.040,000,000
1981
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
14,577
153,100,000
1978
19,541
218,500,000
1979
119,310
1,333,500,000
1980
1,656,290
5,733,800,000
1981
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
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
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
ate
Jan
F^.:i<x^'':0
0
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
250,735
226,961
363,505
251,371
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

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
0
0
0
295,310
276,387
280,995
283,998
275,820
278,688
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

}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
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
312,430
45,610,294
22,349,044
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'
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
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
^20
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
^ô
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
iô
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
3,53
3,525
3,53
3,503
3,450
3,403
3,503
3,53
3,503
3,503
3,53
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
3,33
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
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
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
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
100
50
50
150
200
200
200
90
90
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
80
75
100
0
0
0
0
0
0
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
100
50
50
200
80
50
50
300
150
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
100
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
39
39
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
50
175
315
315
37.9
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
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
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
50
55
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
229
50
228.5
50
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100
100
100
100
403
-'estments Decisions and the Puzzle of Share Price Movements
7 SONA
8 SOBI
9 ESTl
10 JECC
11 SMAR
12 AKPI
13 MPPA
1
2
3
4
SKBM
SRSN
MDLN
TPEN
PT. SONA TOPAS

PT. SORINI CORPORATION
PT. EVER SHINE TEXTILE
INDUSTRY
PT. JEMBO CABLE
COMPANY
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
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
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
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. 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
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
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
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

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University of Wollongong Thesis Collections

University of Wollongong Thesis Collection

Investment decisions and the puzzle of

Investment Decisions unci the Puzzle of Share Price

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

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

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

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

Investment Decisions and the Puzzle of Share Price Movements

A Case Study on the Indonesian Capital Markets

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

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

Appendix No.10: Trading Activities 1977-1993

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

Appendix No.14: Share Price Movements in August 1993

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

Appendix No.16: Overseas Subsidiary Companies of Some Indonesian

Investment Decisions and the Puzzle of Share Price

Ngurah Arya Putrasemadhi

investment Decisions and tiie Puzzle of Share Price Movements

Investment Decisions and the Puzzle of Share Price Movements

Investment Decisions and the Puzzle of Share Price Movements

THE ALTERNATIVE RESEARCH METHODOLOGY USED

The existence of other alternatives in methodology used by many accounting

Investment Decisions and the Puzzle of Share Price Movements

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

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

Investment Decisions and the Puzzle of Share Price Movements

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

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

THE METHOD USED IN THIS STUDY

Investment Decisions and the Puzzle of Share Price Movements

In order to have a better

understanding of the phenomena under study, besides

As stated in the previous paragraphs, besides those methodology procedures

Investment Decisions 5nd the Puzzle of Share Price Movements

Please see print copy for image

Figure 1.1 - PT TEXMACO share: A Personal Document

Investment Decisions and the Puzzle of Share Price Movements

THE PUBLIC OWNERSHIP OF SHARES

Investment Decisions and the Puzzle of Share Price Movements

Numbers of Stocks Owned by

Source: Ngurah research studies 1990: A Personal Document.

Investment Decisions and the Puzzle of Share Price Movements

Investment Decisions and the Puzzle of Share Price Movements

Investment Decisions and the Puzzle of Share Price Movements

THE GOVERNMENT POLICIES

Investment Decisions and the Puzzle of Share Price Movements

Cancelling large and capital intensive government projects.

Major cutback in government spending.

New Tax laws implemented.

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

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

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

Rupiah devalued by 34%.

Investment Decisions and the Puzzle of Share Price Movements

Some reductions of non-tariff barriers on imports.

Relaxation of foreign investment regulations. Allowing

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

Restraints on civil service employment and salaries.

Substantial reduction of non-tariff barriers on imports.

Further relaxation of tariff and non tariff barriers.

Further relaxation of investment licensing requirements. Time schedule for