Markets rally at the JSX falls short of expectations<\/p>\n
By Sigma Batara<\/p>\n
JAKARTA (JP): The market rally triggered by the listing of
\nIndofood fell short of expectations, as the market slowed down
\nwith the JSX (Jakarta Stock Exchange) Composite Index losing 2.76
\npoints to close at 459.07 last week.<\/p>\n
Overall trading was dominated by large selling orders from
\nforeign investors, followed by domestic players. Market sentiment
\ndeteriorated on Thursday and Friday as the U.S. Federal Reserve
\nannounced that the weak dollar is clearly a strong inflationary
\nindication and would require another increase in the U.S. dollar
\nshort-term interest rate. Although there were mixed feelings
\namong fund managers, overall global market performance was down.<\/p>\n
Average daily turnover on the regular board increased to 7.2
\nmillion shares worth Rp 30.46 billion (US$14.06 million) from 6.3
\nmillion shares worth Rp 25.45 billion in the previous week. Total
\nturnover for the week decreased to 64.81 million shares valued at
\nRp 319.88 billion from 81.50 million shares valued at Rp 378.50
\nbillion.<\/p>\n
The crossing board was dominated by foreign investors, with
\nlarge crossings on Barito Pacific Timber, Mulia Industrindo,
\nIndorayon and Indah Kiat. On the regular board, domestic players
\ndominated the trading, largely on Inco, on rumors that the
\ngovernment may lift the 49 percent foreign ownership limit. Other
\ncounters which were actively traded in the regular board included
\nIndah Kiat, Ganda Wangsa and BDNI.<\/p>\n
Among the foreign favorites during the week were Gudang Garam,
\nIndorayon, Mulia Industrindo, Smart, Gajah Tunggal, Hadtex, UT,
\nBDNI, HM Sampoerna, Indofood, Smart, Indah Kiat, Kabel Metal,
\nTjiwi Kimia, Bank Bali, BII and Astra International.<\/p>\n
Domestic players, however, were seen taking a more speculative
\nposition, with heavy trading on Inco, Indah Kiat, Pan Brothers,
\nBDNI, Indofood, Dharmala Intiland, Mayatexdian, Japfa, Barito,
\nSurabaya Agung, Mas Murni, Argha Karya and JIHD.<\/p>\n
The three bonus shares which were listed last week were
\nAlumindo Perkasa (1-for-10), Jembo Cable (8-for-10) and Lippo
\nPacific (1-for-5).<\/p>\n
Among last week's best performers were Semen Gresik (up Rp
\n2,300), Lippo Life (up Rp 1,150), BAT (up Rp 500), Tembaga Mulia
\n(up Rp 450) and Bank Niaga (up Rp 400). The biggest losers were
\nCipendawa (down Rp 700), Sucaco (down Rp 600), HM Sampoerna (down
\nRp 500), Panin Insurance (down Rp 425) and Ugahari (down Rp 400).
\nLosers outnumbered gainers by 73 to 35, while 15 remained
\nunchanged.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/markets-rally-at-the-jsx-falls-short-of-expectations-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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