Surabaya bourse plans to lower listing fees
Surabaya bourse plans to lower listing fees
JAKARTA (JP): The Surabaya Stock Exchange (SSX) will strengthen its position as a bridging capital market for small and medium scale companies and speed up the implementation of integrated computerization and netting systems next year.
SSX president Basjiruddin A. Sarida told journalists in Surabaya yesterday the management also plans to reduce the listing fee to help more small and medium companies list on the SSX.
He explained that the new integrated computerization system, which is expected to go into effect in March, will link the SSX to the Jakarta Stock Exchange (JSX) and the Indonesian Securities Clearing Depository (PT KDEI).
Basjiruddin said that for more efficient trading and transaction settlements, the SSX will start using the netting system offered by PT KDEI early next year.
He said the SSX will see more domestic investor participation next year following the new capital market law. He added that market performance will be strengthened and supported by efficient trading activities and scripless trading, when it goes into effect.
"I hope inactive stocks, which account for about 70 percent of the listed issues, will decrease next year. On the contrary, we hope 75 percent of the total share issues will be actively traded next year," he said.
Basjiruddin said an estimated 70 percent of the securities firms registered on the exchange would be active next year compared to only 30 percent this year.
Progress
Basjiruddin said that SSX recorded progress in almost all areas this year.
Total trading value on the bourse as of Dec. 28 is expected to reach Rp 5 trillion (US$2.16 billion), up from Rp 1.7 trillion in 1994.
Total trading volume increased by 210.5 percent from 494.5 million shares in 1994 to 1.5 billion shares this year.
The market closed 51 points higher at 364.5 point yesterday, the last trading day for 1995.
Basjiruddin said that the SSX had additional listings of 19 share issuers and 10 bond issuers this year, bringing the total number of listed companies to 199 and listed bonds to 33.
The SSX's market capitalization also increased by 52.3 percent to Rp 157.9 trillion, while the nominal value of listed bonds rose 128 percent from Rp 2.76 trillion in 1994 to Rp 6.3 trillion.
The daily trading value rose by 187 percent from Rp 7.2 billion to Rp 20.7 billion, while its daily trading volume recorded an increase from 2 million shares to 6.3 million shares.
In July, the SSX acquired the Indonesian Parallel Bourse, or over the counter market, at a cost of Rp 4.8 billion.
After the acquisition the parallel market's 70 members joined the SSX, increasing its total members to 115.
Seven listed companies from the parallel market -- Astri Jati Indonesia, Graha Mas Citra Wisata, Indocoper Investama Corporation, Multi Sarana Rasa Agung, Pusako Taruanka, Sofyan Hotel and Bhuwanatala Indah Permai -- also moved to the SSX. (08)