Subdued local market in search of regional leads<\/p>\n
JAKARTA (JP): The local financial market was again at loose
\nends on Wednesday due to the lack of regional guides, with the
\nrupiah dipping slightly to 8,750 against the greenback in
\nlistless trading and stock prices inching down 0.2 percent.<\/p>\n
Currency dealers said the rupiah was almost unmoved from the
\nopening, trading in a tight range between 8,725 and 8,775, as
\nmost offshore operators, especially from Singapore and Hong Kong,
\nwere still celebrating the Chinese New Year.<\/p>\n
\"We hardly saw any movement of the rupiah-dollar today
\nalthough we had quite a lot of good news, like that from the
\nADB,\" a dealer with a local private bank said.<\/p>\n
The Asian Development Bank announced on Wednesday it would
\nprovide Indonesia with US$1.52 billion in policy-based loans this
\nyear to help the country emerge from its economic crisis.<\/p>\n
On Tuesday, finance minister Bambang Subianto announced the
\ngovernment's procurement of $4.4 billion in overseas loans, from
\n$6.3 billion needed to compensate for the 1999\/2000 budget
\ndeficit.<\/p>\n
Dealers said the rupiah would remain in the current vicinity
\nfor the rest of the week because most operators would only
\nreturn to their trading desks next week.<\/p>\n
Meager trading also hampered the Jakarta Stock Exchange (JSX).
\nTrading volume totaled 95.9 million shares valued at Rp 64.93
\nbillion.<\/p>\n
The market's main price index, the JSX Composite Index, closed
\n0.873 points lower at 397.975.<\/p>\n
Losers edged gainers 34 to 32, with 88 unchanged.<\/p>\n
Stockbrokers and analysts said lack of regional guides because
\nof the Lunar New Year discouraged local investors from taking a
\nposition.<\/p>\n
\"Today was again very quiet. Most players were reluctant to
\ntrade as we did not get any guides from regional markets as most
\nof them were still closed,\" said Vonny Juwono, an institutional
\nsales broker at Trimegah Securindolestari.<\/p>\n
She said most foreign investors usually involved in
\nspeculative trading were not active.<\/p>\n
Adrian Rusmana, head of research at BNI Securities, said
\ntrading was likely to remain slow this week but would start to
\npick up again next week.<\/p>\n
\"I expect a technical rebound early next week,\" Adrian said.<\/p>\n
Stockbrokers said banking stocks were the focus of the day's
\ntrading amid anticipation of more bank closures later this month.<\/p>\n
Topping the most actively traded stocks was Bank Internasional
\nIndonesia, which closed unchanged at Rp 250 on 20.4 million
\nshares traded following the announcement of an 8-for-1 rights
\nissue.<\/p>\n
Market leader PT Telkom, the state-owned domestic
\ntelecommunications operator which accounts for 17 percent of
\nlocal market capitalization, was not actively traded, but its
\nfall dragged the index down into negative territory.<\/p>\n
Telkom was down Rp 50 at Rp 2,850 on 1.37 million shares,
\nwhile international call operator PT Indosat rose Rp 125 to close
\nat Rp 11,850.<\/p>\n
Cigarettemaker PT Gudang Garam increased Rp 100 to Rp 11,700,
\nbut rival PT HM Sampoerna remained stagnant at Rp 5,900.<\/p>\n
Diversified mining concern PT Aneka Tambang was up Rp 25 to
\nclose at Rp 1,500 and tin mining firm Rp Tambang Timah also
\nstrengthened by Rp 25 to Rp 4,850. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/subdued-local-market-in-search-of-regional-leads-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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