Bearish sentiment on JSX prevail in 2nd week of June<\/p>\n
By Sigma Batara<\/p>\n
JAKARTA (JP): Bearish sentiments continued throughout the
\nsecond week of June. The JSX (Jakarta Stock Exchange) Composite
\nIndex lost 3.68 points from the previous week to close at 483.05.<\/p>\n
It seemed many overseas fund managers started their holidays,
\nresulting in a lack of foreign presence in the market. This
\nprompted short-term buying and profit taking among local
\ninvestors.<\/p>\n
Macroeconomics factors which will keep the market sidelined is
\nthe fear of another hike in the short-term U.S. interest rate.<\/p>\n
Trading remained selective with rises in stock prices being
\nmainly rumor-driven. Positive first-quarter corporate earning
\nresults did not seem to stimulate market activities.<\/p>\n
Overall, we expect the market to move sideways over the next
\ntwo months. Fundamentally healthy, second-half earnings should
\ngive a more certain profit outlook for the end of the year and
\nshould reinvigorate trading activities.<\/p>\n
Average daily turnover on the regular board decreased to 6.49
\nmillion shares worth Rp 25.99 billion (US$12.05 million) last
\nweek from 8.60 million shares worth Rp 39.24 billion ($18.20
\nmillion) the week before. Total turnover for the week also
\ndecreased to 63.64 million shares valued at Rp 252.95 billion
\n($117.27 million) from 78.02 million shares valued at Rp 354.13
\nbillion ($164.25 million).<\/p>\n
Trading by foreign investors was slow although some bargain
\nhunting was seen the market, as foreign investors took advantage
\nof stocks offering attractive price earning ratios (PER).
\nCounters targeted by foreign investors include Mayora Indah,
\nGudang Garam, Mulia Industrindo, Hero Supermarket, Smart, UIC,
\nIndah Kiat Corporation, Voksel, Ciputra Development, Great River,
\nGadjah Tunggal and Multipolar.<\/p>\n
Meanwhile, domestic investors were reluctant to enter the
\nmarket and seemed to be repositioning themselves for the up-
\ncoming public offerings in early July, such as Modern Bank, Bank
\nRama and the taxi company Steady Safe. However, speculative play
\nwas active on counters such as Barito Pacific Timber, Japfa
\nComfeed, Tjilatjap Pelletizing, BDNI, Mas Murni, Surabaya Agung,
\nInco, Dharmala Intiland, Super Mitory, Multipolar and Gadjah
\nSurya.<\/p>\n
The four bonus issues listed last week were Inter Delta's one-
\nfor-five dividend stocks, Kalbe Farma's seven-for-10 bonus issue
\nand three-for-10 dividend stocks, Matahari Putra Prima's two-for-
\none and Sona Topas' one-for-five bonus issues. Lippo Life's
\nthree-for-one rights issue was also listed last week at an
\noffering price of Rp 2,800.<\/p>\n
Among last week's best performers were Bakrie & Brothers (up
\nRp 1,175), Metrodata Electronic and Schering Plough (both up Rp
\n1,000 each), Voksel Electric (up Rp 550), Sari Husada and
\nUnilever (up Rp 500 each). The biggest losers were Lippo Life
\n(down Rp 3,300), Marein (down Rp 2,150), Merck (down Rp 900),
\nAstra Graphia (down Rp 500) and Indocement (down Rp 400). Losers
\noutnumbered gainers by 67 to 44, while 19 remained unchanged.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bearish-sentiment-on-jsx-prevail-in-2nd-week-of-june-1447893297",
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