Jakarta. Not only from among the brokers, the plan to remove the stock price limit of Rp 50 aka Penny Stock next year also attracted criticism from investors.
Ellen May, investor and Chief Executive Officer (CEO) of Ellen May Institute highlights the risk if the limit is removed later. "The risk, if opened then the stock price continues to fall to near zero," she said
On the other hand, she added, if the stock limit of five opened the truth is indeed potential to increase liquidity in the stock market. Because, it turns out there are still many who conduct transactions of these shares through the negotiating market.
There is still a sale, even a buy position to accommodate stocks that even the price is in the range of level Rp 20 per share.
The goal is, speculation. Those holding stocks below the Rp 50 price expect the fundamentals of the issuers to reverse as the recent incidence of PT Bumi Resources Tbk shares. "But if it stuck, this makes stress too," added Ellen.
Nevertheless, she still follow what the provisions of the authority of the stock later. However, she warned, when the limit is opened, investors should also be more wise.
Investors must understand exactly what risks must be accepted if entered into stocks with price level of prices like this. Investors should protect themselves more independently because the limit that has been created by the stock exchange to protect investors will be revoked.
"It's back again on the risk profile of each investor, if you already see the stock price of Rp 50, she should understand the future consequences of what will be later," said Ellen.
Chairman of the Association of Indonesian Securities Companies (APEI) Susi Meilina revealed similar. She once said, investor protection automatically disappear if the limit is removed.
If only, there are investors who buy shares of Rp 1 billion at a price of Rp 1 per share. The stock price so goes up Rp 2 for example. Investors are already profitable 100%, the portfolio also increased to Rp 2 billion.
It seems to be profitable, then the investor was hooked to increase its portfolio hold up to Rp 5 billion for example. Apes when it reached that level, suddenly the price dropped, even back to Rp 1 per share. "Making stock prices to drop is easy," added Susi.
Not to mention in terms of business. How much it affects the brokerage business may indeed need to be calculated again in more detail, especially about how big daily transactions of Penny Stock that can only be traded in the negotiating market.
"But there must be some impact," Susi said. Securities that have a brokerage business are allowed to narrow down a number of stock issuers. This is recorded as one of their assets.
Suppose that some of the shares are Rp 50 shares. Then, the Penny Stock limit is opened. Then, there is a stock whose price drops to the level of Rp 1 or even zero. Predictably, if this worst-case scenario happens, then the broker's finance will be disrupted because a number of shares held by the broker become no longer priced.
"The Net Adjusted Working Capital (MKBD) of the broker is directly affected, so there must be affected (if the Rp 50 stock limit is removed)," Susi explained.
As known, the stock exchange authorities plan to create a new class of stocks, penny stock, the fastest in the first half of 2017. Penny stock contains stocks below the price of Rp 50 which so far can only be done through the negotiating market. This is a derivative technique if the Penny Stock share price is abolished because the stock with that category has a different price fraction calculation.
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