General sentiment continues deteriorating on the JSX

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.