Shares end mixed on profit-taking<\/p>\n
Dow Jones, Jakarta<\/p>\n
Shares ended mixed on Thursday, with further profit-taking in
\ntelecommunications company PT Telkom keeping the main index in
\nnegative territory, dealers said.<\/p>\n
Overall sentiment was weak with many investors moving to the
\nsidelines following losses on Wall Street overnight after the
\nOrganization of Petroleum Exporting Countries (OPEC) decided to
\ncut its oil production ceiling.<\/p>\n
\"It's a healthy correction after Wednesday's gains,\" said a
\ntrader with a local brokerage firm. The main index rose 2.9
\npercent to hit a 43-month closing high on Wednesday.<\/p>\n
The Jakarta Stock Exchange Composite index ended down 0.3
\npercent, or 1.915 points, at 603.708, up from an intra-day low of
\n598.604.<\/p>\n
But, gainers led decliners 68 to 60, with 86 stocks unchanged.<\/p>\n
Volume was 1.9 billion shares traded valued at Rp 871 billion
\nrupiah.<\/p>\n
On Wednesday, the Dow Jones Industrial Average fell 1.6
\npercent, while the Nasdaq dropped 3.1 percent.<\/p>\n
Bellwether Telkom fell 5 percent, or Rp 300, to Rp 5,700, on
\nprofit-taking after gaining 9.1 percent on Wednesday.<\/p>\n
Profit-taking also hit retail company PT Ramayana Lestari
\nSentosa which lost 1.3 percent, or Rp 50, to Rp 3,950.<\/p>\n
Shares in oil producer Medco Energi ended up 3.9 percent, or
\nRp 50, to Rp 1,325, on expectations of higher revenue from higher
\noil prices after OPEC decided to cut its crude output ceiling by
\n900,000 barrels a day.<\/p>\n
Dealers said a slew of foreign investors bought other select
\nblue chips, preventing the main index from falling further.<\/p>\n
Cigarette maker PT Gudang Garam rose 3.6 percent, or Rp 400,
\nto Rp 11,500, and its rival PT Hanjaya Mandala Sampoerna 0.5
\npercent, or Rp 25, to Rp 4,675.<\/p>\n
Car maker PT Astra International rose 2.9 percent, or Rp 125,
\nto Rp 4,500, on bargain hunting and expectations of higher car
\nsales this year.<\/p>\n
Dealers said they expect the market to trade flat or slightly
\nlower on Friday on further profit-taking in telecommunications
\nblue chips.<\/p>\n
Meanwhile, the rupiah closed unchanged on Thursday as dollar
\ndemand from local companies was offset by capital inflows into
\nthe local stock market, dealers said.<\/p>\n
The local unit closed at Rp 8,440 per dollar, after trading
\nbetween 8,435 and 8,460.<\/p>\n
Demand for the dollars is usually heavy in the run-up to the
\nend of the month when local companies pay their offshore
\nobligations.<\/p>\n
But foreigners' stock buying that buoyed the local share
\nmarket to a 43-month high on Wednesday also unleashed a flood of
\ndollars into Indonesia.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/shares-end-mixed-on-profit-taking-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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