Stock prices end lower on news of SBI rate rise<\/p>\n
JAKARTA (JP): Prices on the Jakarta Stock Exchange (JSX)
\nreversed their upward trend yesterday on news of the increase in
\ninterest rates on Bank Indonesia's promissory notes (SBI),
\nbrokers said.<\/p>\n
The brokers said buying dominated the market in early trade
\nbut was not sustained as investors sold their stocks to get quick
\ncash.<\/p>\n
\"Many investors sold their stocks to benefit from the increase
\nin interest rates. It really killed the positive market
\nsentiment,\" a broker with Trimegah Securities said.<\/p>\n
The central bank, Bank Indonesia, raised its one-week SBI rate
\nto 43 percent from 25 percent, the 14-day SBI rate to 44 percent
\nfrom 24 percent, the one-month rate to 45 percent from 22
\npercent; the three-month rate to 30 percent from 19 percent; the
\nsix-month rate to 20 percent from 18 percent; and the one-year
\nSBI rate to 18 percent from 16 percent.<\/p>\n
Stock analysts said the interest rate hike pushed up the
\nbattered rupiah.<\/p>\n
The currency closed at 8,950 to the American dollar yesterday,
\n7.7 percent higher than its close last week at 9,700.<\/p>\n
The JSX Composite Index closed 0.41 points lower at 516.32
\npoints with a total turnover of 926.54 million shares changing
\nhands on the regular market worth Rp 835.20 billion (US$93.93
\nmillion) yesterday.<\/p>\n
Brokers said the main price index rose 1.8 percent in early
\ntrade and then fell in the afternoon due to the change in the
\nmarket trend.<\/p>\n
Other Asian share prices closed mixed yesterday with Hong Kong
\nand Tokyo posting modest gains after profit-taking swept both
\nbourses amid a lack of strong direction, dealers said.<\/p>\n
In Hong Kong, the Hang Seng index was up 30.10 points at
\n11,594.33, off an early low of 11,488.91 and an early high of
\n11,671.70.<\/p>\n
In Tokyo, the key Nikkei stock average of 225 selected issues
\non the Tokyo Stock Exchange rose 38.36 points to end the session
\nat 16,868.83, while the broader Topix index of all first section
\nissues edged down 4.57 points to 1,250.49.<\/p>\n
In Australia, the main indicator, the All Ordinaries index,
\nclosed 4.1 points higher at 2,779.3, pipping by 0.1 point the
\nprevious highest close, reached jointly on Sep. 25 and Oct. 1
\nlast year.<\/p>\n
In Singapore, the Straits Times Industrials lost 18.67 points
\nto end trading at 1,660. 44, while the broader All-Singapore
\nindex fell 2.07 points to 431.69.<\/p>\n
In Kuala Lumpur, the 100-share weighted composite index rose
\n4.55 points to end at 735.79. The lesser second board climbed
\n1.99 points, or 1.1 percent, to 187.20.<\/p>\n
In Bangkok, the Stock Exchange of Thailand composite index
\nended the day up 3.92 points at 503.67 in thin trade, also buoyed
\nby a stronger baht, while the selected SET 50 index closed 0.42
\nfirmer at 37.13.<\/p>\n
In Manila, the Philippine Stock Exchange index gained 35.92
\npoints to close at 2,310.06.<\/p>\n
In Seoul, the composite index closed down 9.72 points at
\n511.90.<\/p>\n
In Shanghai, the B share index fell 0.73 points to close at
\n54.99 points while the A share index of locally-traded stocks
\nended down 7.88 points, or 0.6 percent, to 1,243.68 points.<\/p>\n
In Taipei, the Taiwan Stock Exchange weighted price index
\ndropped 98.47 points to 8, 757.59.<\/p>\n
In New Zealand, the NZSE-40 ended down 30.75 points at
\n2,319.27. (aly)<\/p>",
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