Share prices on JSX close slightly higher<\/p>\n
JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX)
\nrose slightly yesterday as many heavyweight stocks lost ground in
\nactive trading.<\/p>\n
Brokers said that a number of blue chips were under selling
\npressure as investors dumped heavyweight stocks following reports
\nof more campaign violence in the country's main cities.<\/p>\n
Foreign investors fear the situation will get worst next week
\nwhen the three political parties -- Golkar, the Moslem-based
\nUnited Development Party (PPP) and the Indonesian Democratic
\nParty (PDI) -- end their campaigns.<\/p>\n
"The selling pressure is due to domestic political issues
\nrather than external factors such as reports on the possible
\ndevaluation of the Thai currency," an analyst said.<\/p>\n
The JSX composite index closed almost unchanged at 657.07
\npoints compared to 656.98 the previous day.<\/p>\n
Total shares changing hands were 379.02 million yesterday
\nworth Rp 599.38 billion (US$249.74 million).<\/p>\n
Most second and third line shares gained ground in moderate
\ntrading.<\/p>\n
A Harita Securities analyst said banking stocks which lost
\nground Thursday on the drop in the Thai baht, mostly recovered in
\nactive trading.<\/p>\n
Investors fear the Thai financial problem will cause a domino
\naffect on other Southeast Asian countries like the financial
\ncrisis which hit Mexico in late 1995. The Mexican crisis caused a
\nmassive outflow of foreign funds not only in Mexico but also in
\nother developing nations such as Indonesia, Malaysia and
\nThailand.<\/p>\n
"Indonesia has strong economic fundamentals," head of research
\nof Vickers Ballas Tamara David Chang said yesterday. He said that
\nwould stop foreign investors running away from the local market.<\/p>\n
Telkom remained unchanged yesterday at Rp 3,675, Cigarette
\nmaker Sampoerna fell Rp 250 to Rp 9,700 while rival Gudang Garam
\nwas down Rp 50 to Rp 9,725.<\/p>\n
Satellite operator Indosat dropped Rp 125 to Rp 6,800 on
\ncontinued foreign selling with disappointing first quarter
\nresults also weighing on the stock. (09)<\/p>",
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