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