The surge of new investors is a positive signal for Indonesia’s capital market. However, this growth also brings new challenges, one of which is the rising risk of so-called saham gorengan (speculative or “fried” stocks). To ensure that the investment momentum remains healthy, the market needs to be equipped with stronger mechanisms to prevent speculative practices.
Board of Trustees of Prasasti Center for Policy Studies (Prasasti), Ilya Avianti, believes that the growth in the number of investors must be accompanied by quality. According to her, a healthy market is one that is based on companies’ fundamental value, not merely on short-term price movements. “The foundation of the capital market is fundamentals, not just technical movements,” she said.
The first step to preventing saham gorengan is strengthening transparency. Listed companies must be disciplined in delivering financial reports and material information in a timely and easily understood manner. Ilya emphasized, “When company information is open and easy to read, the space to manipulate market perception becomes much narrower.”
Second, transaction supervision needs to be sharper. Unusual trading patterns such as sudden spikes in price and volume that are not supported by company performance must be quickly detected and acted upon. “Stock prices should reflect company value, not merely the result of short-term tug-of-war,” Ilya said.
Third, investor education is the most important shield. Investors need to be equipped with the ability to read financial statements, understand business models, and assess business prospects. “If investors are willing to learn fundamentals, they won’t easily get trapped in saham gorengan,” Ilya explained.
Ilya also noted that the role of market participants is crucial. Brokers, analysts, and business media need to promote an investment culture based on data and performance, not on price sensation. Responsible recommendations will help shape more mature market behavior.
Prasasti recommends a combination of transparency, supervision, education, and responsibility among market participants to suppress saham gorengan. With this approach, the market can continue to grow not only actively, but also in a healthy and resilient way.
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Ilya Avianti Ungkap Pasar Modal Perlu Dijaga di Tengah Maraknya Saham Gorengan
Maraknya investor ritel baru merupakan sinyal positif bagi pasar modal Indonesia. Namun, pertumbuhan ini juga membawa tantangan baru. Salah satunya yaitu meningkatnya risiko saham gorengan, (saham yang harganya sengaja dimanipulasi untuk naik atau turun cepat demi keuntungan singkat). Supaya momentum investasi tetap sehat, Prasasti Center for Policy Studies (Prasasti) menilai pasar perlu dilengkapi dengan mekanisme pencegahan yang lebih kuat terhadap praktik-praktik spekulatif.
Board of Trustees Prasasti Center for Policy Studies (Prasasti), Ilya Avianti, melihat bahwa capaian pertumbuhan investor perlu dijaga kualitasnya. Menurutnya, pasar yang sehat adalah pasar yang bertumpu pada nilai fundamental perusahaan, bukan sekadar pada pergerakan harga jangka pendek. “Fondasi pasar modal itu fundamental, bukan teknikal semata,” ujarnya.
Langkah pertama untuk mencegah saham gorengan adalah memperkuat transparansi. Emiten harus disiplin menyampaikan laporan keuangan dan informasi material secara tepat waktu dan mudah dipahami. Ilya menegaskan, “Kalau informasi perusahaan terbuka dan mudah dibaca, ruang untuk memainkan persepsi pasar akan semakin sempit.”
Kedua, pengawasan transaksi perlu semakin tajam. Pola transaksi yang tidak wajar seperti lonjakan harga dan volume secara tiba-tiba tanpa didukung kinerja perusahaan harus cepat terdeteksi dan ditindak. “Harga saham seharusnya mencerminkan nilai perusahaan, bukan sekadar hasil tarik-menarik jangka pendek,” kata Ilya.
Ketiga, edukasi investor menjadi benteng terpenting. Investor perlu dibekali kemampuan membaca laporan keuangan, memahami model bisnis, dan menilai prospek usaha. “Kalau investor mau belajar fundamental, mereka tidak mudah terjebak saham gorengan,” terang Ilya.
Ilya menilai, peran pelaku pasar juga krusial. Broker, analis, dan media ekonomi perlu mendorong budaya investasi berbasis data dan kinerja bukan sensasi harga. Rekomendasi yang bertanggungjawab akan membantu membentuk perilaku pasar yang lebih dewasa.
Prasasti merekomendasikan sejumlah upaya untuk menekan saham gorengan seperti mengkombinasikan transparansi, pengawasan, edukasi, dan tanggung jawab pelaku pasar. Pendekatan ini penting agar pertumbuhan investor tidak hanya bersifat kuantitatif, tetapi juga menciptakan pasar modal yang berfungsi optimal sebagai sumber pembiayaan jangka panjang.