JSX keeps drifting down despite higher trading<\/p>\n
JAKARTA (JP): Recent increases in deposit rates offered by
\nseveral major domestic banks, coupled with the U.S. Federal
\nReserve's indication of another hike in U.S. dollar interest
\nrates by the middle of August, hit the market last week and
\ndragged down overall sentiment. Despite an overall higher trading
\nvolume as compared to the preceding week, the Jakarta Stock
\nExchange (JSX) Composite Index continued to drift down, losing
\n7.98 points to close the week at 451.09.<\/p>\n
Higher trading volume emanated from the listing of new issues
\n-- Mulialand and Bank Bira. Both counters failed to stimulate the
\nmarket but were able to maintain their prices at initial public
\noffering (IPO) levels.<\/p>\n
Mulialand closed the week at its offering price of Rp 2,850,
\nwhile Bank Bira managed to rise by one point from its offering
\nprice to close the week at Rp 2,425. Meanwhile, the additional
\nlisting of 20 million Indah Kiat shares towards the end of the
\nweek attracted large foreign buying on the counter, followed by
\nprofit-hungry locals hoping to grab a piece of the action.<\/p>\n
Notable selling pressure was witnessed on Hadtex, with news of
\na factory fire, despite management assurance that production will
\nnot be affected.<\/p>\n
Average daily turnover on the regular board decreased to 5.88
\nmillion shares worth Rp 21.68 billion (US$10.01 million) from 7.2
\nmillion shares worth Rp 30.46 billion in the previous week. Total
\nturnover for the week increased to 81.76 million shares valued at
\nRp 347.81 billion from 64.81 million shares valued at Rp 319.88
\nbillion ($147.68 million) in the previous week.<\/p>\n
The crossing board was dominated by transactions on Astra
\nInternational, JIHD, Mulialand and Indah Kiat. On the regular
\nboard foreign investors continued to sell down on counters like
\nBarito Pacific, Great River, Indosepamas, Hadtex, Duta Anggada,
\nSumalindo, Panin Bank, Texmaco Jaya, Polysindo and Gandawangsa.
\nSelective foreign buying, however, continued, with foreign
\ninvestors accumulating HM Sampoerna, Ciputra, Astra
\nInternational, Argha Karya, Lippo Bank, BII, Gajah Tunggal,
\nMulialand and Kabel Metal.<\/p>\n
Among the foreigners' favorites were Gudang Garam, Indorayon,
\nMulia Industrindo, Smart, Gadjah Tunggal, Hadtex, United
\nTractors, BDNI, HM Sampoerna, Indofood, Indah Kiat, Kabel Metal,
\nTjiwi Kimia, Bank Bali, BII, Astra Int'l and Pakuwon Jati.<\/p>\n
Local investors, which were strong in the previous week, were
\nseen to be more dominant on the selling position at the end of
\nthe week. Counters that were heavily traded were Inco, Indah
\nKiat, Pan Brothers, BDNI, Indofood, Dharmala Intiland,
\nMayatexdian, Japfa, Barito, Surabaya Agung, Mas Murni, Argha
\nKarya and JIHD.<\/p>\n
The three bonus shares which were listed last week were Sarasa
\nNugraha (seven-for-10), Summarecon (three-for-50) and Tira
\nAustenite (two-for-five).<\/p>\n
Among last week's best performers were PDFCI (up Rp 700), BUN
\n(up Rp 550), Anwar Sierad (up Rp 475), Cipendawa (up Rp 450) and
\nAsuransi Bintang (up Rp 300). The biggest losers were Indosepamas
\n(down Rp 1,800), Semen Gresik (down Rp 800), Putra Sejahtera P.
\n(down Rp 750), Sumalindo Lestari (down Rp 700) and Petrosea (down
\nRp 600). Losers outnumbered gainers by 69 to 32, while 21
\nremained unchanged.<\/p>\n
-- Sigma Batara<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/jsx-keeps-drifting-down-despite-higher-trading-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }