Indonesian ADRs drop on NYSE<\/p>\n
NEW YORK (Reuters): Indonesian ADRs -- American Depositary
\nReceipts -- plummeted on the New York Stock Exchange Friday as
\nthe country's currency dropped on worries about the health of
\nPresident Soeharto.<\/p>\n
\"They're all down on Soeharto and the currency troubles,\" a
\ntrader said.<\/p>\n
Soeharto, 76, canceled a trip to this week's summit meeting of
\nthe Association of Southeast Asian Nations on medical advice. He
\nalso called off a visit to the grave of his wife.<\/p>\n
Jakarta stocks fell almost 8 percent to a 52-month low Friday.
\nIndonesian is among East Asian countries roiled by worries about
\nits currency and financial stability.<\/p>\n
Indonesian ADRs were clustered among the percentage-gain
\nlosers on the New York Stock Exchange. Topping the list was
\nbellwether PT Telekom, which fell 2-12\/16, or 22.3 percent, to 9-
\n9\/16, a 12-month low.<\/p>\n
Trade was heavy at almost 800,000 ADRs, almost four times
\nnormal daily levels.<\/p>\n
Indonesian Satellite Corp. (Indosat) was right behind Telekom.
\nThe ADR was off 2-6\/16 to 17-11\/16, also a 12-month low, in very
\nheavy trade.<\/p>\n
Asia Pulp & Paper Co. Ltd., a Singapore-based company with
\noperations in Indonesia, was down 1-1\/8 to 10-3\/8 in moderately
\nheavy trade.<\/p>\n
The Indonesia Fund Inc. dropped 8\/16 to 5-3\/16, just off a 12-
\nmonth low.<\/p>\n
Wall Street<\/p>\n
Blue chip stocks on Wall Street lost many of the gains of the
\nprevious week, largely because of concerns about the ongoing
\nfinancial crisis in Asia.<\/p>\n
The Dow Jones index of leading industrials closed at 7,838.30
\npoints Friday, a decline of 310.83 points, or 3.81 percent, from
\nthe previous week.<\/p>\n
Some 2.85 billion shares changed hands, against three billion
\nthe week before.<\/p>\n
The index of transportation stocks closed Friday at 3,236.81
\ncompared to 3, 315.94 one week earlier. The utility stock index
\nclosed at 261.49 against 259. 89.<\/p>\n
As the end of the week approached traders felt encouraged to
\nunload their worst-performing stocks.<\/p>\n
The inflated price of high-tech shares, relative to the
\neconomic performance of those companies, led traders to re-
\nevaluate holding on to them, some analysts said.<\/p>\n
Oracle Corporation was one of the companies whose stock nose-
\ndived, losing nearly 30 percent of its value on Wednesday after
\nposting disappointing earnings, with company officials
\nacknowledging that the Asian crisis was hurting sales.<\/p>\n
The concern over the crisis overshadowed a drop in long-term
\ninterest rates below 6 percent, their lowest level since January
\n1996.<\/p>\n
The U.S. bond market continued to offer refuge from the Asian
\ncrisis and was also buoyed by lower-than-expected retail sales in
\nNovember and an unexpected drop in production prices.<\/p>\n
The average yield on 30 year Treasury bonds fell to 5.934
\npercent Friday from 6.09 percent the week before.<\/p>\n
Among falling shares, IBM closed the week at 99-15\/16 from
\n112-7\/16, Compaq at 56-1\/4 from 64-13\/16, JP Morgan at 117-1\/16
\nfrom 125-7\/16, and Citicorp at 126-13\/16 from 139-7\/8.<\/p>\n
Gainers included Lockheed Martin which closed at 98-9\/16 from
\n96-1\/16, Time Warner at 59-1\/4 from 57-5\/8 and Bristol-Myers at
\n96-15\/16 from 96.<\/p>",
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"sponsor": "Okusi Associates",
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