Local stocks prices increase 0.4% in quiet trading<\/p>\n
JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX)
\nedged up 0.4 percent yesterday amid quiet trading with most
\nforeign investors sidelined.<\/p>\n
"Today's increase doesn't mean that the market has regained
\ninvestors' confidence. Foreign investors are net sellers today,
\nmeaning that they are still cautious of making a quick come-
\nback," a dealer with a London-based securities company told The
\nJakarta Post.<\/p>\n
The rupiah remained volatile yesterday despite a slight
\nincrease in midday trading, with most money market players taking
\na wait and see stance.<\/p>\n
Foreign exchange dealers said the Indonesian currency slipped
\nagainst the American greenback to Rp 2,352 at yesterday's open
\nfrom Tuesday's close of Rp 2,348 following a rumor of a fresh
\ndemonstration at the disputed headquarters of the Indonesian
\nDemocratic Party.<\/p>\n
The JSX composite index inched up 2.55 points to close at
\n536.03 points with decliners outnumbering gainers 52 to 36.<\/p>\n
"Today's relatively stable situation on the JSX is just in
\ntune with a recovery in regional markets," the dealer added.<\/p>\n
Another dealer with a Japanese brokerage firm said that the
\nmajor contribution to yesterday's price rise was a technical
\nrebound on Telkom, triggered by a higher closing on the New York
\nStock Exchange on Tuesday.<\/p>\n
The dealer said that Telkom's share prices rose from US$26.25
\nper American Depository Share (ADS) on Monday's close to $26,75
\non Tuesday.<\/p>\n
Telkom share prices on the JSX increased Rp 50 to close at Rp
\n3,225 yesterday with 3.6 million shares changing hands.<\/p>\n
The JSX recorded total transactions of 102.5 million shares
\nvalued at Rp 262.4 billion as compared to Tuesday's figures of
\n172 million shares worth Rp 310 billion.<\/p>\n
Cigarette maker HM Sampoerna rose Rp 300 to Rp 21,800 while
\nGudang Garam was unchanged at Rp 8,450.<\/p>\n
Conglomerate Bimantara Citra increased Rp 75 to close at Rp
\n2,125, while toll-road developer Citra Marga stood at Rp 3,175.<\/p>\n
Other big shares on the rise were Astra International, Barito
\nPacific, Semen Gresik and Tambang Timah.<\/p>\n
"We didn't get a strong sign that a recovery had begun.
\nMoreover, it is local investors who drive the market today. So, I
\nwould say that the market is likely to fluctuate in a very narrow
\nrange, whether up or down tomorrow," the dealer added.<\/p>\n
"But traders seemed more cautious on the possible reaction of
\nMegawati's supporters if the court denies her lawsuit, which is
\nscheduled to be filed today...So, I would say that the market
\nwill need more time to regain positive sentiment if other mass
\nriots occur following Megawati's court hearing," he said.<\/p>\n
The rupiah edged up in midday trading yesterday in a tight
\nrange between 2,348 and 2,350 because the demonstration rumor was
\nproven untrue, the dealers said.<\/p>\n
"The rupiah-dollar trading remains nervous but it is
\nrecovering a bit now," a dealer at the Standard Chartered Bank
\nsaid.<\/p>\n
Rupiah-dollar trading is expected to remain slow in the next
\nfew days as most investors are likely to remain cautious, he
\nsaid.<\/p>\n
"We have to wait. As you know the market is still surrounded
\nby a lot of uncertainty," another foreign exchange dealer
\nsaid. (alo\/hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/local-stocks-prices-increase-04-in-quiet-trading-1447893297",
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