Press bans affected JSX performance last week<\/p>\n
By Sigma Batara<\/p>\n
JAKARTA (JP): External factors such as another possible
\nincrease in the U.S. dollar interest rate together with local
\nprotests against the government's banning of three popular
\npublications further weakened performance on the Jakarta Stock
\nExchange (JSX) last week.<\/p>\n
Towards the end of the week, foreign investors were seen
\ndominating the market with largely selling orders. Trading
\nthroughout the week was generally thin. The JSX index fell 7.68
\npoints from the previous week to close at 468.87.<\/p>\n
A newcomer to the market, Ugahari failed to excite the market,
\nshowing only thin trading in its debut. Outlook over the next few
\nweeks is expected to remain largely unchanged with the market
\ncontinuing its move sideways.<\/p>\n
Other factors constraining the rise of the index include a
\nline of IPO issues entering its offering period, absorbing funds
\nfrom the secondary market. In addition, some foreign fund
\nmanagers are still absent while several are rumored to be hit by
\nredemption calls.<\/p>\n
Average daily turnover on the regular board increased to 4.6
\nmillion shares worth Rp 20.82 billion (US$9.64 million) compared
\nto 4.8 million shares worth Rp 19.79 billion ($9.18 million) the
\nprevious week.<\/p>\n
Total turnover for the week decreased to 45.11 million shares
\nvalued at Rp 232.03 billion ($107.47 million) from 98.97 million
\nshares valued at Rp 276.19 billion ($128.05 million) the
\nprevious week.<\/p>\n
Thin foreign activity in the market reduced liquidity. Foreign
\nselling orders were mainly seen on counters like Mayora, Semen
\nCibinong, Astra Int'l Indonesia, Matahari, HM Sampoerna, Indah
\nKiat, BDNI, JIH, Gajah Tunggal, Great River, Pan Brothers,
\nPakuwon Jati, Indorayon, Bank Mashill and Andayani Megah.
\nVolatile trading was seen on counters such as Tjiwi Kimia, and
\nBarito Pacific which were still surrounded with the shares swap
\nnews of CASH Berhad and Prajogo Pangestu, the major shareholder
\nof the Barito Group.<\/p>\n
Local investors were still inactive except for some
\nspeculative trades although there were some investors locking
\ninto bargain counters, anticipating market recovery by August.
\nCounters targeted by the local players were Surabaya Agung, BDNI,
\nInco, Mayatex, Barito Pacific, Japfa, Iki Kabel, Indah Kiat, and
\nTjiwi Kimia.<\/p>\n
Rights issue that went ex last week was Dharmala Sakti
\nSejahtera (1-for-1) with an exercise price of Rp 1,650 per share.
\nMeanwhile, Branta Mulia also went ex with a 4-for-5 bonus issue<\/p>\n
Among the week's best performers were Sari Husada and Tira
\nAustenite (both up Rp 500), Bakrie Brothers and Mulia Industrindo
\n(both up Rp 300), and Centex (up Rp 250). The biggest losers were
\nMetrodata Electronics (down Rp 1,475), BBL Dharmala (down
\nRp 1,150), Bank Niaga (down Rp 900), Mayora Indah (down Rp 600),
\nand Semen Cibinong (down Rp 575). Losers outnumbered gainers by
\n78 to 19, while 21 remain unchanged.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/press-bans-affected-jsx-performance-last-week-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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