JAKARTA (JP): Buying was not on the minds of most investors at

JAKARTA (JP): Buying was not on the minds of most investors at
the Jakarta Stock Exchange (JSX) yesterday, with most share
prices falling in moderate trading.

The broad-based Composite Index dropped lower to close at
454.4 from 454.84 on the previous day.

The narrower-based GTDBS-50 Index also lost ground to close at
107.91 from 107.97.

Securities brokers said most investors are still waiting for
the development of the country's monetary situation.

Investors are still waiting for large domestic banks' reaction
to last week's hike in the U.S. interest rate, which has caused a
half-percentage-point rise in the deposit rate in dollars offered
by local banks to between five and 5.5 percent per year.

Small banks began yesterday raising their interest rates by
around a half-percentage point to between 12.5 and 13 percent per
year as many depositors have converted their deposits to U.S.
currency for higher yields.

Big banks have yet to follow suit and are maintaining their
deposit rates at between eight and nine percent. Their rise in
rates is expected to further deteriorate buying on the local
market.

Top losers included Bank Bali (-Rp 200), Eratex Jaya (-Rp
550), Ever Shine (-Rp 300), H.M. Sampoerna (-Rp 400), Modernland
(-Rp 200), PGI (-Rp 2,500), Petrosea (-Rp 300) and Toko Gunung
Agung (-Rp 800).

Top gainers were Argha Karya (+Rp 225), Anwar Sierad (+Rp
300), Bunas Finance (+Rp 300) and Mayora (+Rp 400).

Trading volume dropped to 12.27 million shares worth Rp 60.4
billion (US$28.76 million) yesterday from 17.14 million shares
worth Rp 73.74 billion ($35.11 million) on Friday.(hen)