Sustained rally pushes shares up<\/p>\n
JAKARTA (JP): Sustained rally from the preceding week lifted
\nshare prices on the Jakarta Stock Exchange (JSX) higher last
\nweek.<\/p>\n
Last Tuesday saw the index reaching the week's high of 457.33,
\nup by 2.8% from the week's opening. The upward momentum was
\nhowever cut short by heavy profit taking by local investors.<\/p>\n
The JSX composite index closed last week at 453.31, up 7.93
\npoints (1.78 percent) from the previous week's close of 445.38.<\/p>\n
The price surge early in the week was stimulated by a strong
\nrise on Wall Street and bourses in the region.<\/p>\n
Foreign investors took advantage of big cap stocks which were
\nconsidered grossly undervalued. There were strong buying
\ninterests in Indocement after the company disclosed its plan to
\nsell its subsidiary Bogasari Flour Mills to Indofood, its major
\nsubsidiary. The sale, expected to be financed through new share
\nissues, should boost Indocement earnings in 1995 through
\nIndofood. Minority shareholders of Indofood, however, showed
\ntheir objection of the deal by dumping Indofood shares on the
\nmarket. Further, conversion of Indofood Mandatory Exchangeable
\nBonds into 139 million shares caused some uneasiness among
\ninvestors.<\/p>\n
Pharmaceutical company Darya Varia was also bid up on old news
\nof an acquisition of another pharmaceutical company.<\/p>\n
This week the market is expected to take a cautious attitude,
\nmonitoring closely the reaction of Wall Street and the regional
\nbourses on U.S. inflation data expected to be released during the
\nweek-end.<\/p>\n
Average daily turnover on the regular board increased to
\n21.18 million shares worth Rp 70.68 billion (US$31.98 million)
\nlast week from 16.16 million shares worth Rp 42.00 billion in the
\nprevious week.<\/p>\n
Last week's total turnover increased to 509.08 million shares
\nvalued at Rp 1,199.83 billion from 110.22 million shares valued
\nat Rp 313.05 billion in the previous week.<\/p>\n
Domestic players were mostly taking profit on gains from the
\nweek before. The counters which were actively traded by domestic
\nplayers included Indosat, Kalbe Farma, BDNI, Indofood, Sampoerna,
\nIndocement, Japfa, Jababeka, Indosat, Indah Kiat, Sumalindo,
\nDharmala Intiland, PSP and Duta Anggada.<\/p>\n
Foreign players took positions mostly on selected large cap
\nstocks. Among foreign players, the attractive counters were
\nIndosat, BDNI, Indah Kiat, Tjiwi Kimia, BDNI, Sumalindo,
\nSampoerna, JIHD, Darya Varia, Citra Marga, Indofood and
\nIndocement.<\/p>\n
Some of last week's best performers were Darya Varia Lab (up
\nRp 1,625), HM Sampoerna (up Rp 1,000), Indocement (up Rp 775),
\nIndosat (up Rp 525) and Indorayon (up Rp 500). The biggest losers
\nwere Kabelindo (down Rp 1,700), Jaya Real Property (down Rp 550),
\nUltra Jaya (down Rp 500), Panin Life and Medco Energi (down Rp
\n400 each).<\/p>\n
Losers outnumbered gainers by 54 to 52, while 30 remained
\nunchanged.<\/p>\n
-- Sigma Batara<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/sustained-rally-pushes-shares-up-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }