Tambang Timah plunges after Busang failure<\/p>\n
JAKARTA (JP): State-owned tin mining company PT Tambang
\nTimah's shares were under pressure yesterday as the market
\nreacted negatively to its failure to join the Busang gold
\nproject.<\/p>\n
The company's shares plunged by Rp 400 to close at Rp 4,425
\n(US$1.86) from the previous day's Rp 4,825.<\/p>\n
Securities analysts attributed the drop to its failure to
\nparticipate in the controversial Busang gold mining project in
\nEast Kalimantan.<\/p>\n
Minister of Mines and Energy I.B. Sudjana said yesterday the
\ngovernment agreed on Bre-X's proposal to own 45 percent of the
\nmine and the Indonesian government and private firms owning 55
\npercent.<\/p>\n
Under a memorandum of understanding signed Sunday night, PT
\nAskatindo Karya Mineral, PT Amsya Lyna and their local partners
\nget 30 percent; Freeport 15 percent; and the government, through
\nthe Ministry of Finance, 10 percent.<\/p>\n
Jakarta Stock Exchange (JSX) prices ended 0.9 percent lower
\nyesterday and the JSX composite index closed at 695.21, down 6.55
\npoints from the previous day's index of 701.76 points.<\/p>\n
Total turnover was 189.38 million shares, down from the
\nprevious day's volume of 173.23 million shares.<\/p>\n
Yesterday's transaction value also fell to Rp 440.95 billion
\nfrom the previous day's transactions of Rp 463.3 billion.<\/p>\n
In other development, AFP reported yesterday that share prices
\nin Hong Kong, China and Taiwan fell yesterday amid jitters about
\nthe health of China's patriarch Deng Xiaoping, dealers said.<\/p>\n
Hong Kong share prices eased 0.3 percent after recovering in
\nlate trade from a sharp fall triggered by reports that Deng's
\nhealth was failing.<\/p>\n
\"I think the market has been shaken out of its earlier
\njitters,\" after Beijing denied rumors that Deng's health had
\ntaken a turn for the worse, said Alex Tang, research head of
\nYamaichi (International) Securities.<\/p>\n
The Stock Exchange of Hong Kong's key Hang Seng Index lost
\n41.68 points to finish at 13,102.94.<\/p>\n
In Shanghai, B shares, nominally reserved for foreign
\ninvestors, fell 6.96 percent after rumors that patriarch Deng was
\nseriously ill swept through the market, brokers said.<\/p>\n
The Shanghai Stock Exchange's B share index dropped 4.75
\npoints to close at 63.45 points.<\/p>\n
In Taipei share prices in Taiwan finished 0.6 percent lower in
\nresponse to reports that China's paramount leader's health was
\ndeteriorating.<\/p>\n
The Taiwan Stock Exchange weighted price index declined 45.15
\npoints to 7, 642.03.<\/p>\n
In Tokyo, the leading barometer of the Tokyo Stock Exchange
\ndropped 279.90 points to finish the session at 18,470.75 while
\nthe broader Topix index of all shares on the first section closed
\n12.62 points lower at 1,381.12.<\/p>\n
In Singapore, the Straits Times Industrials index of leading
\nshares on the Stock Exchange of Singapore fell 26.31 points to
\n2,229.79. The broader All-Singapore index was down 5.79 points to
\n567.24.<\/p>\n
In Sydney, the Australian Stock Exchange's key barometer, the
\nAll Ordinaries index, climbed 8.5 points to break through the
\ncrucial 2,500-point barrier and close at 2,501.7 points.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex fell 4.58 points to 1,247.90. The lesser second board index
\ndropped 2.69 points, or 0.4 percent, to 639.92.<\/p>\n
In Seoul, the composite index closed down 5.99 points at
\n706.94.<\/p>\n
In Bangkok, the broad-based Stock Exchange of Thailand (SET)
\nindex fell 8.05 points to close at 700.15 points, while the
\nselected SET 50 index was off 0.78 point at 50.87 points.<\/p>\n
In Manila, the Philippine Stock Exchange index fell 8.41
\npoints to 3,306.43.<\/p>\n
In Wellington, the key New Zealand Stock Exchange-40 capital
\nindex rose 3.48 points to 2, 331.32.<\/p>",
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