Foreign interest boosts Telkom share price<\/p>\n
JAKARTA (JP): Telkom shares on the Jakarta Stock Exchange
\n(JSX) closed Rp 150 (seven U.S. cents) higher at Rp 2,325
\nyesterday supported by strong foreign interests to buy, brokers
\nsaid.<\/p>\n
Telkom stayed at the top of big volume and value with
\napproximately 47 million shares traded, compared to the total
\ntrading volume of about 85.15 million shares on the exchange.
\nThis contributed to the rise of the composite index by about 4.8
\npoints, a senior trader said.<\/p>\n
The JSX Composite Index ended 10.85 points higher at 469.75.<\/p>\n
A senior trader from Sanyo Primarindo Securities said that the
\ntrigger point was the price rise in the New York Stock Exchange.
\nOn Wednesday, Telkom closed at $19.50 per American Depository
\nShare or about Rp 2,300 per share. In the last five days, the
\nprice rose by $1.125 per American Depository Share.<\/p>\n
One American Depository Share represents 20 ordinary shares.<\/p>\n
\"Most foreign investors have been waiting for the stock price
\nto be stable and they consider it is now stable. So it's the
\nright time to buy,\" an analyst from Niaga Securities, Amy Tantri,
\ntold The Jakarta Post.<\/p>\n
\"The most probable reason to buy is the cheap price of Telkom
\nshares. Although the price was stagnant during the first week,
\nforeign investors still considered it a cheap stock,\" said Lily
\nHalim of Baring Securities.<\/p>\n
Stock analysts contacted by the Post predicted that foreign
\nsentiment to buy will remain strong on Telkom, although they
\nshowed up when the price was already on an upward trend.<\/p>\n
\"It's not too late for them. They started at the most
\nfavorable level for them. They have a better strategy, which is
\nrather different from that of mere speculators,\" said Tantry.<\/p>\n
\"They will still buy the stock up to the level of Rp 2,400 or
\nRp 2,500,\" said an analyst from BDNI Securities. (08)<\/p>",
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