It's an up and down business at JSX

It's an up and down business at JSX

JAKARTA (JP): When the Jakarta Stock Exchange (JSX) opened last Monday, share prices plunged in line with the falling U.S. dollar and the surprise announcement on increases in cement reference prices.

However, shares rebounded towards the end of the week as investors reentered the market for some bargains. Shares closed mixed at the end of last week with the JSX Composite Index closing at 428.99, up 0.35 points (0.08 percent) from the week's opening of 428.64.

The rebound last week was also brought up by gains in the regional markets and expectation of significant efforts to support the dollar, which was expected to stabilize over the short term.

Most investors seem to agree that the market has hit its lowest this year and that a potential upside is very likely, given the country's strong economic fundamentals and healthy corporate earnings growth.

Looking forward, a side-way direction for the index is likely in the short term. Sentiment is still volatile and will depend on the performance of the regional bourses and the stability of the dollar.

Local players' activities were moderate and continued to be concentrated on property stocks. Counters which were actively traded by local players included BDNI, Mayatexdian, Lippoland, Duta Anggada, Pakuwon Jati, PSP and Dharmala Intiland.

Foreign investors were slightly more calmer given the Japanese interest rate cut, which provided some support to the dollar. Counters which saw active trading by foreigners included CMNP, Jababeka, SMART, HM Sampoerna, Indosat, Indofood, Indocement, BDNI, Inco, Lippoland, Gadjah Tunggal, PSP and Duta Anggada.

Average daily turnover on the regular board decreased to 11.24 million shares worth Rp 38.78 billion (US$17.47 million) from 13.91 million shares worth Rp 42.46 billion in the previous week.

Last week's total turnover increased to 124.78 million shares valued at Rp 455.26 billion from 112.12 million shares valued at Rp 393.07 billion in the previous week.

Some of last week's best performers were HM Sampoerna (up Rp 600), Inti Indorayon (up Rp 550), Gudang Garam, Indofood and Semen Cibinong (up Rp 400 each) and Steady Safe (up Rp 375).

The biggest losers were Dankos Lab (down Rp 1,100), Bank Niaga (down Rp 1,000), Ultra Jaya (down Rp 700), Bank Bali (down Rp 625) and Tigaraksa (down Rp 500).

Losers outnumbered gainers by 79 to 34, while 26 remained unchanged.

-- Sigma Batara