Stock prices continued plummeting last week<\/p>\n
JAKARTA (JP): The Indonesian stock market continued to plummet
\nlast week in line with other stock markets in the region, led by
\na 49-point fall on the New York Stock Exchange last Thursday. The
\nJakarta Stock Exchange (JSX) Composite Index closed at 454.08
\nlast week, indicating a drop of 16.97 points (3.6 percent) from
\n471.05 in the previous week. The index was fast approaching the
\nyear's low of 449.72. In trading on early Friday, Indosat shares
\nfell to a low of Rp 7,300, close to its initial public offering
\n(IPO) price of Rp 7,000, as a result of an erroneous rumor that
\nthe government is using Indosat IPO proceeds to repay state
\nloans.<\/p>\n
However, a senior executive of the company confirmed that the
\ngovernment is repaying the high-interest state loans using the
\nmoney it received from divesting its Indosat shares to the
\npublic, not Indosat IPO funds. Prior to the listing, Indosat was
\n100 percent owned by the government with a total of 931.9 million
\nshares. After the share issue and divestment of part of its
\nshares, the government now holds about 65 percent of its enlarged
\ncapital.<\/p>\n
Average daily turnover on the regular board increased to 12.51
\nmillion shares worth Rp 43.56 billion (US$19.84 million) last
\nweek from 8.76 million shares worth Rp 36.82 billion in the
\nprevious week.<\/p>\n
Last week's total turnover also increased to 117.19 million
\nshares valued at Rp 431.32 billion from 91.26 million shares
\nvalued at Rp 404.23 billion in the previous week.<\/p>\n
On the last few days of last week, foreign investors were seen
\nselling down their positions in all counters. Some of the
\ncounters were Indosat, Indocement, Indofood, Astra International,
\nGadjah Tunggal, BDNI, HM Sampoerna, Gudang Garam, Barito Pacific
\nTimber, Tjiwi Kimia, and Indah Kiat. Local investors were
\nactively selling HM Sampoerna, Gudang Garam, BDNI, Indosat,
\nIndocement, Indofood, Tjiwi Kimia, SMART, Indah Kiat, Astra
\nInternational and KIA.<\/p>\n
Three companies were listed on the stock exchange last week.
\nThey were transport company Centris Multipersada Pratama,
\nKeramika Indonesia Assosiasi and Indal Aluminium Industry. Anwar
\nSierad's one-for-one bonus issue was listed last week.<\/p>\n
Despite weak market conditions, the stocks managed to close at
\nor above their IPO prices on their listing days.<\/p>\n
Some of last week's best performers were Surya Toto (up Rp
\n400), Hotel Sahid Jaya (up Rp 225), Langgeng Makmur (up Rp 150),
\nBank Tiara (up Rp 125), Alkasa, Pan Brothers and Super Indah
\nMakmur (up Rp 100 each). The biggest losers were Merck (down Rp
\n3,000), Metro Supermarket (down Rp 2,200), SS Gas (down Rp
\n1,875), Ultra Jaya (down Rp 1,600) and Modern Photo (down Rp
\n1,600). Losers outnumbered gainers by 78 to 19, while 78 remained
\nunchanged.<\/p>\n
-- By Sigma Batara<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/stock-prices-continued-plummeting-last-week-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }