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Inflation Pressure Sends Digital Bank Stocks Down in 2022

Adi Ahdiat 29/12/2022 13:30 WIB

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Despite the strengthening trend of digital transactions, Indonesian digital bank stocks collectively weakened in 2022.

Percentage Decrease in Indonesian Digital Bank Stock Prices (January 3 - December 28, 2022)

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Percentage Decrease in Indonesian Digital Bank Stock Prices (January 3 - December 28, 2022)

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Despite the strengthening trend of digital transactions, Indonesian digital bank stocks fell across the board in 2022.

The most severe decline occurred in Bank Jago (ARTO). Between January 3 and December 28, 2022, ARTO's share price plummeted 79.68% (year-to-date/ytd).

During the same period, Bank Raya (AGRO) shares plunged 76.56% (ytd), and Bank Neo Commerce (BBYB) fell 74.71% (ytd).

Allo Bank (BBHI), Bank MNC Internasional (BABP), Bank Aladin Syariah (BANK), and Bank Amar (AMAR) also experienced significant drops, as shown in the graph.

According to Tirta Widi Gilang Citradi, a capital market analyst at MNC Sekuritas, this year's conditions are vastly different from the early days of the pandemic when digital bank stocks surged in 2020-2021.

"The economic conditions depressed by the pandemic (2020-2021) led to investors avoiding old economy stocks. Investors flocked to technology-related companies, including digital banks. Share prices boomed, even when these banks didn't yet have their app products," Tirta said, as reported by Katadata on Wednesday, December 28, 2022.

However, according to Tirta, the boom in digital bank stocks ended this year, and their performance declined due to the impact of inflation.

"Rising inflation has made the cost of funds more expensive. Technology companies that were previously supported by abundant cheap funds are now being abandoned, and investors are rebalancing into potential sectors such as energy stocks, which benefited from windfall profits from commodity prices," he said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Inflation Pressure Sends Digital Bank Stocks Down in 2022

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