Share prices on JSX are expected to be flatter<\/p>\n
JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX)
\nare expected to stay flat this week as most domestic and foreign
\ninvestors are likely to hold their money for new initial public
\nofferings (IPOs), securities analysts and dealers said.<\/p>\n
David Chang, research director for Vicker Ballas Tamara, said
\nmany investors were turning to the new IPOs.<\/p>\n
"Investors will hold their money to invest in the new IPOs,"
\nDavid said.<\/p>\n
Because of this trading activities on the JSX would be quiet
\nand share prices would stay flat in the coming weeks, he said.<\/p>\n
Some of the companies due to offer shares on the JSX in May
\nare Unibank, Eterindo Wahanatama, Putra Surya Multidana, Asia
\nInti Selera.<\/p>\n
Besides that, analysts and dealers said many foreign
\ninvestors would be in a "wait and see" mood amid growing concern
\nabout possible riots prior to the general election on May 29.<\/p>\n
Supporters of the ousted Indonesian Democratic Party (PDI)
\nchairwoman Megawati Soekarnoputri demonstrated on Tuesday, in
\nwhat is believed to be the largest rally of her supporters so
\nfar.<\/p>\n
The Armed Forces tolerated the demonstration but have demanded
\nthey do not to stage another in the coming weeks.<\/p>\n
Early this month, there were riots in three cities in Central
\nJava, Pekalongan, Rembang and Temanggung week with nine people
\ninjured, one house vandalized, several shops attacked and 15
\nvehicles set on fire.<\/p>\n
"Foreign investors are worried about riots," said a securities
\nanalyst from a joint venture firm.<\/p>\n
The government has said there will be economic stability
\nbefore the election.<\/p>\n
The JSX composite index rose 0.44 points last week to close at
\n637.59 points last Thursday, from 637.15 in the previous week.<\/p>\n
The market was closed on Friday for Idul Adha, the Sacrifice
\nDay.<\/p>\n
Total daily turnover last week rose to 180.1 million shares,
\nup from 172.78 million shares the previous week.<\/p>\n
Total daily trading value also increased to Rp 458.9 billion
\n(US$189.2 million), from Rp 356.83 billion ($148.68 million) in
\nthe previous week.<\/p>\n
Irfan Nasution of Amsteel Securities said the high turnover
\nand value reached last week was pushed by the increased trading
\nactivities on Wall Street on Tuesday.<\/p>\n
"The increase on Wall street brought trading activities on the
\nJSX up," said one securities analyst, adding that other regional
\nmarkets were also affected.<\/p>\n
Several big capitalized stocks or blue chip stocks on the JSX
\nclosed mixed last week.<\/p>\n
Bank Negara Indonesia and Astra International remained
\nunchanged at Rp 1,375 and Rp 5,800 respectively.<\/p>\n
HM Sampoerna dropped by Rp 200 to Rp 9,425, Gudang Garam by Rp
\n75 to Rp 10,000, Telkom by Rp 25 to Rp 3,625.<\/p>\n
Analysts said the drop in HM Sampoerna shares was due to
\nlosses in controlling market shares for light cigarettes against
\nits competitor Djarum.<\/p>\n
Indosat gained by Rp 75 to Rp 6,700 and Bimantara Citra by Rp
\n200 to Rp 3,300.<\/p>\n
The mid size stocks that dropped last week were Multibreeder
\nAdirama Indonesia by Rp 200 to Rp 800, Bank Pikko by Rp 600 to Rp
\n3,100, Supermitory Utama by Rp 200 to Rp 3,150. (09)<\/p>",
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