Market sentiment sends share prices up<\/p>\n
By Sigma Batara<\/p>\n
JAKARTA (JP): Positive market sentiment, which swept across
\nthe Asian stock markets last week, carried the Jakarta Stock
\nExchange (JSX) and pushed the Composite Index up by 21.71 points
\nfrom the previous week to close at 472.8 last Friday.<\/p>\n
This occurred despite pressure on U.S. interest rates as
\ninvestors expected strong employment figures to be announced
\nduring the weekend.<\/p>\n
However, announcements by 11 local banks of increased deposit
\nrates on Wednesday was discounted by the market and had little
\nimpact on investor confidence.<\/p>\n
Ironically, news of a general labor strike in Nigeria,
\nexpected to push oil prices up by a further US$2 or $3, brought a
\nsigh of relief to the general business community in Indonesia.<\/p>\n
Distribution company Enseval was listed on Monday. A surge in
\nforeign buying interest in the stock on Friday pushed the price
\nup briefly to a high of Rp 6,000 before closing at Rp 5,950, up
\nfrom its offering price of Rp 5,500.<\/p>\n
Foreign buyers were focused on other counters such as BDNI,
\nJIHD, BII, Kalbe Farma, Astra International, Modern Photo, Indo
\nFood, Barito Pacific, CP. Indonesia, UIC, HM Sampoerna, Tjiwi
\nKimia, United Tractors and Kabel Metal.<\/p>\n
Average daily turnover on the regular board increased to 10.49
\nmillion shares worth Rp 41.87 billion ($19.31 million) from 5.88
\nmillion shares worth Rp 21.68 billion in the previous week.<\/p>\n
Last week's total turnover increased to 112.68 million shares
\nvalued at Rp 458.91 billion from 81.76 million shares valued at
\nRp 347.81 billion in the previous week.<\/p>\n
More unconfirmed rumors of an imminent government lifting of
\nthe 49 percent foreign ownership limit gave further impetus to
\nlocal speculators to punt on Indah Kiat, Inco and Astra
\nInternational, where foreign shares command a premium price.<\/p>\n
Other counters pursued by local investors during the week were
\nAstra International, Smart, BDNI, JIHD, Mayatexdian, Pan
\nBrothers, Japfa, Bank Danamon, IKI Kabel, Surabaya Agung, BII,
\nGajah Surya and Ganda Wangsa.<\/p>\n
The three bonus shares listed last week were Astra
\nInternational (3-for-1), Ganda Wangsa Utama (3-for-10) and Unggul
\nIndah Corp. (1-for-8 in the form of stock dividends).<\/p>\n
Some of the best performers last week were Bank Internasional
\nIndonesia (up Rp 1,250), Gudang Garam (up Rp 1,050), Lippo Bank
\n(up Rp 1,000), Kalbe Farma (up Rp 950) and Indosepamas Anggun (up
\nRp 800).<\/p>\n
The biggest losers were Indocement (down Rp 1,000), Bank PDFCI
\n(down Rp 775), Unilever and Schering Plough and Inter Pacific
\nBank (all three down Rp 500).<\/p>\n
Gainers outnumbered losers by 69 to 38, while 17 remained
\nunchanged.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/market-sentiment-sends-share-prices-up-1447893297",
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"sponsor": "Okusi Associates",
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