Investors need to observe the movement of PT Bank CIMB Niaga Tbk (BNGA)’s stock which recorded a 55% rise in the past week. Stock price hike has been apparent since BNGA was declared as one of the 19 banks to accommodate repatriated funds in the tax amnesty program. The Indonesia Stock Exchange (IDX) put the stock into Unusual Market Activity (UMA) category considering there was no announcement regarding company’s corporate action or its newest performance.
Some people predicted that the tax amnesty program will inject Rp500 trillion to Rp600 trillion repatriated funds into national banking. On average, each accommodating bank has the potential to receive repatriated funds amounting to Rp 26 trillion to Rp 32 trillion. As of March 2016, BNGA’s third-party fund plunged 4.9% YOY to Rp 172.74 trillion due to deposit fund decline by 19.37% to Rp 82.83 trillion. BNGA’s credit disbursement likewise sank 3.1% to Rp 171.02 trillion. The company has yet to release its second quarter performance of 2016.
IDX’s Transaction Supervision Head Zakky Ghufron said that IDX is observing the progress of BNGA’s stock transaction pattern. “Investors are expected to pay attention to the company’s answer over the bourse’s confirmation request and to watch its performance and information disclosure,” Zakky said in an announcement in IDX. On Monday’s trade closing (7/25), BNGAs’ stock price slipped 1.11% to Rp 890 with transaction volume amounting to 6.06 million shares and transaction value of Rp 5.57 billion. (*)
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