Jakarta bourse continues its course sideways

Jakarta bourse continues its course sideways

JAKARTA (JP): Last week the market continued its course
sideways as trading was shortened due to the market being closed
on Monday and Friday. The Jakarta Composite Index closed the week
at 513.85, up 1.1 points (0.2 percent) from last week's opening
at 512.79.

The opening of the week was characterized by profit-taking in
some liquid stocks with small trading volume. The market was
quiet early in the week as investors stayed on the sidelines
ahead of the year-end holidays.

However, sudden active buying occurred on the last trading day
of the year, partly due to window dressing in some stocks, and
the market rebounded slightly across the board.

Telkom continued its smooth rally and touched its highest
level at Rp 3,000 (US$1.30). Surabaya Agung Pulp and Paper
announced the 3-for-4 rights issue with 1 attached warrant.

Meanwhile, the pharmaceutical producer Darya-Varia and
pharmaceutical distributor Aneka Kimia Raya are expected to
acquire or increase their stake in subsidiaries to broaden their
business lines.

On the other hand, the textile manufacturer Polysindo Eka
Perkasa will soon divest its Texmaco Perkasa Engineering to give
this subsidiary more financing flexibility and to expand its
business.

The market is expected to remain quiet this week as the
majority of investors are on holiday. The index is expected to
move within a narrow range around the 510 level.

Local players were active on the last day of trading, showing
buying interests in second-liner stocks. Counters which saw
active trading included Telkom, Barito Pacific, BDNI, Polysindo
Eka Perkasa, Putra Surya Perkasa, Dharmala Intiland, CMNP,
Tambang Timah, Gadjah Tunggal, BDNI Reksadana, Smart, Bakrie
Brothers, Duta Anggada, Mayora, and Lippo Bank.

Foreign investors were slightly calmer given the holiday
season. Actively traded counters included Telkom, Astra
International, Darya Varia, BDNI, Bimantara Citra, CMNP, Gadjah
Tunggal, Bakrie Brothers, Indocement, Semen Gresik, and Lippo
Bank.

Average daily turnover on the regular board decreased to 21.8
million shares worth Rp 58.7 billion (US$25.4 million) compared
to 26.2 million shares worth Rp 77.2 billion (US$33.5 million) in
the previous week. Total turnover for the week also decreased to
324.6 million shares valued at Rp 495.8 billion (US$214.9
million) from 254.1 million shares valued at Rp 692.6 billion
(US$300.4 million) in the previous week.

Some of the best performers last week were Jaya Pari Steel (up
Rp 1,150), Tembaga Mulia (up Rp 1,000), Indomulti Inti Industri
(up Rp 600), IKI Kabel (up Rp 575), and Lionmesh (up Rp 450).

The biggest losers were Plaza Indonesia (down Rp 1,100),
Modern Photo (down Rp 500), Unilever (down Rp 425), Petrosea and
HM Sampoerna (both down Rp 400). Gainers outnumbered losers 67 to
64, while 31 counters remained unchanged.

-- Sigma Batara