JSX index hits another high<\/p>\n
JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX)
\nrose 0.9 percent yesterday because of foreign interest in
\nbanking, blue chip and mid-sized stocks.<\/p>\n
The JSX composite index hit a record high of 707.37, up 6.31
\npoints from 701.05 Wednesday which was the first trading day
\nafter the Idul Fitri and Chinese New Year holidays.<\/p>\n
Turnover totaled Rp 610.5 billion (US$257.6 million) as 231.8
\nmillion shares changed hands.<\/p>\n
One analyst said foreign fund managers shifted funds from Hong
\nKong to other Asian markets like Malaysia, Thailand, Singapore
\nand Indonesia.<\/p>\n
\"Some of these funds entered Indonesia,\" Vickers Ballas Tamara
\nresearch director David Chang said.<\/p>\n
He said Indonesia's macroeconomic fundamentals made it one of
\nthe region's strongest equity markets.<\/p>\n
Chang predicted the market would keep rising but slowly. \"I
\nthink the index can go higher in the next few days though people
\nwill be more careful,\" he said.<\/p>\n
He said big capitalized stocks pushed the index higher in
\nJanuary while it was second line stocks driving the market in
\nFebruary.<\/p>\n
HSBC Securities' Jasmine Tedja said investors were cautious
\nbecause the JSX composite index broke the psychologically
\nimportant 700 mark on the first day of post-holiday trade.<\/p>\n
The second line stocks which dominated yesterday's trade were
\nMatahari Putra Prima, Fiskar Agung, Davomas Abadi, Bimantara
\nCitra, Citra Marga Nusapala Persada and Hero.<\/p>\n
Matahari rose Rp 200 to Rp 3,800, Fiskar Agung gained Rp 175
\nto Rp 3,850, while Davomas Abadi added Rp 150 to Rp 3,100.<\/p>\n
Tedja said Matahari's shares were actively traded because the
\nfirm revised its 1997's earnings projection.<\/p>\n
The company set a net profit target of Rp 91 billion for 1997,
\nRp 121 billion for 1998 and Rp 166 billion for 1999.<\/p>\n
Interest remained strong in bank stocks. BNI jumped Rp 75 to
\nRp 1,775, Bank Danamon added Rp 125 to Rp 2,950, while Lippo Bank
\nrose Rp 325 to Rp 2,875.<\/p>\n
Analysts said Bank BNI shares rose because it would be
\nincluded in the Morgan Stanley Capital Index and on speculation
\nit would buy the state-owned Bank Tabungan Negara.<\/p>\n
Bank Danamon Bank, which is controlled by Usman Admadjaja,
\nrose on reports it was set to buy the debt-ridden Bank Pacific.<\/p>\n
Among the blue chips Indosat rose Rp 175 to Rp 7,150, Astra
\nInternational gained Rp 50 to Rp 6,350 on the local board and Rp
\n50 to Rp 7,950 on the foreign board.<\/p>\n
Cigarette makers HM Sampoerna and Gudang Garam fell yesterday.
\nHM Sampoerna dropped Rp 100 to Rp 14,900 and Gudang Garam fell by
\nRp 200 to Rp 11,200. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-index-hits-another-high-1447893297",
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