General sentiment continues deteriorating on the JSX

By Sigma Batara

JAKARTA (JP): General market sentiment continued deteriorating last week with most foreign houses carrying net selling orders.

Jaya Real Property, listed last week, was traded about two percent above its initial public offering (IPO) price despite foreign selling pressure on the other counters.

The weaknesses of U.S. dollar against the surging yen was bad news for the regional markets. This heightened fears that the U.S. Federal Reserve may raise short term interest rates again.

As stock markets across Asia tumbled with the U.S. dollar, the Jakarta Stock Exchange Composite Index dropped 10.13 points from the previous week to close at 458.74. However, a few counters such as JIHD, Barito Pacific Timber and Surabaya Agung were well- supported towards the end of the week.

Average daily turnover on the regular board decreased to 4.7 million shares worth Rp 20.73 billion (US$9.60 million) last week from 4.6 million shares worth Rp 20.82 billion in the previous week.

Last weeks' total turnover increased to 63.17 million shares valued at Rp 325.08 billion from 45.11 million shares valued at Rp 232.03 billion in the previous week.

Foreign investors still dominated selling positions except for several counters. Stocks that took severe beatings by foreign sellers were Astra International Indonesia, Gudang Garam, Semen Cibinong, Mayora Indah, Putra Surya Perkasa, Bank Mashill, Polysindo, Texmaco, Anwar Sierad and Barito Pacific Timber.

Others that were actively traded or recovered were Matahari, Jaya Real Property, Indorayon, Mulia Industrindo, JIHD and Barito Pacific Timber.

Local investors were generally back riding foreign investors and still reluctant to initiate the turning point. Some of the counters that local investors consistently accumulated were Surabaya Agung, Barito Pacific Timber, Ganda Wangsa Utama, BDNI, Tjiwi Kimia and Mas Murni Indonesia. Other actively traded counters by domestic investors were Rig Tenders, Inco, Bank Papan Sejahtera and Indah Kiat.

Bakrie & Brothers' 4-for-1 rights shares were listed last week at an offering price of Rp 6,500 per share.

Among last week's best performers were Tancho Indonesia (up Rp 750), Bayer Ord. (up Rp 400), Ometraco Finance and Polysindo (both up Rp 275) and BBL Dharmala and Lion Mesh P. (both up Rp 250).

The biggest losers were Mayora Indah (down Rp 1,300), Indorama (down Rp 1,000), Kalbe Farma (down Rp 650), Bank Niaga and Ades Alfindo (both down Rp 600) and Ugahari (down Rp 500). Losers outnumbered gainers by 77 to 24, while 17 remained unchanged.