Current affairs

Stock manipulation is commonplace in Indonesian stocks.

2015/11/27

株価操作なんてインドネシア株では当たり前

Bittersweet memories of Indonesia stock trading

I have lost money as much as the value of new Kijang Inova in Indonesian stock market at the time of the Lehman Shock, but I have been watching with interest the news of the stock price manipulation by the former head of the Murakami Fund in the last few days.

When I started online trading in Indonesia, I first opened an account at Sarijaya, which went bankrupt after only 6 months of opening an account.

The account fund I had deposited, about 40 juta, disappeared and I attended the meeting of the class action group, but the ugly structure of the victim deceiving the victim like "How much should I pay because the trial will continue" or "How much more should I pay so I can win the trial" became transparent, so I cut off the relationship with the related parties completely so as not to spread the hurt any more.

Indopremia was the next brokerage firm I chose because of its ipot (Indopremia Online Trading) online trading software, which has a reputation for being very easy to use, and my wife would sit in front of her PC from 9am until 4pm when the market opened.

I don't know if my background of being a Japanese major has anything to do with the fact that I'm all about technicals and not interested in fundamentals at all, but when I win, I get a call from BB Messenger immediately, but on days when I don't hear from them, I usually lose, so we have a sighing contest after we go home.

Most of the individual investors who enter the market with an interest in stocks are in the short term, so they usually go for the dubious gorengan and get sunk.

Usually, the decisive moment is just before 4 o'clock when the market closes, but it is only at this time that the online trading suddenly hangs up, or the trades are voided.

Naturally, profits are fixed only after selling stocks, so if something mysterious happens at the timing of the high price near the end of the trading day, I feel like I'm fighting an invisible enemy alone, and I'm mentally exhausted.

Invisible enemies lurking in the Indonesian stock market

This "invisible enemy" was called a "bandar", but sometimes the price was unreasonably driven up, sometimes it plummeted mercilessly, and sometimes it was bought and supported by a large amount of money, and no matter how much individual investors and small speculators tried, they didn't give a damn.

In the end, I withdrew after losing about one MPV car.

After that, I dabbled in Trimegah and Prudential's Raksa Dana (mutual funds), but I didn't get much out of them and didn't find them interesting before that, so I dropped out of the financial products altogether.

In the past few days, there has been a lot of talk about stock price manipulation, but originally, stock prices fluctuated according to sell and buy orders.

However, if you do this intentionally, the Securities and Exchange Surveillance Commission will give you a hard time.

  1. In the same brokerage account
  2. Someone from the same group of companies
  3. After placing a large sell order
  4. Bought back at the same price on the PTS (after-hours trading market)

I think this is the kind of trading that is done in Biasa (normally) in Indonesian stocks, but there is a law that regulates the gray area.

However, in Indonesia, the appointed time is only Jam Karet (time that expands and contracts like rubber), and the scope of application of the law may also expand and contract appropriately.


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