JSX ends lower on blue chips profit-taking

JSX ends lower on blue chips profit-taking

Dow Jones, Jakarta

Indonesian shares ended lower on Thursday as losses on many
regional markets spurred profit-taking in telecom and automotive
blue chips, ending the main index's rally during the previous
seven sessions, dealers said.

"Selling, however, wasn't that heavy," said an analyst with
BNI Securities. She added that underlying sentiment for
Indonesian shares remains positive due to expectations of a
better-performing economy under the new government.

Analysts said the dollar's global weakness should also trigger
positive sentiment toward many Indonesian companies that have
dollar-denominated debt.

The Jakarta Stock Exchange Composite Index ended down 5.643
points, or 0.6 percent, at 955.681. The main index has risen 11
percent since the beginning of the month.

Gainers led decliners 73 to 57, with 85 stocks unchanged.

Volume was 1.8 billion shares valued at Rp 1.4 trillion (about
US$156 million).

Telecommunication blue chips led the decliners.

Bellwether Telekomunikasi Indonesia fell 2.9 percent to Rp
4,950 on profit-taking after gaining 8.5 percent in the previous
four sessions.

Telkom's rival Indonesian Satellite lost 5 percent to Rp
5,700, also on profit-taking after rising 15 percent in the
previous six sessions.

Profit-taking hit shares in carmaker Astra International,
which fell 2.3 percent to Rp 8,600, and Bank Mandiri, which ended
down 1.4 percent at Rp 1,800.

Shares in Indonesia's fifth largest lender Bank Danamon bucked
the trend, rising 4.3 percent to Rp 4,225 on expectations of
higher full-year earnings.

Dealers said investors also bought shares in mining blue chips
on expectations of higher 2004 revenue due to an increase in
commodity prices. Nickel miner International Nickel Indonesia, or
Inco, rose 4.8 percent to Rp 550, and gold and nickel miner Aneka
Tambang ended up 1.5 percent to Rp 1,725.

Elsewhere in Asia, most Asian stock markets declined Thursday
following recent gains, but Tokyo shares continued a rebound as
investors hunted for bargain technology and steel issues.

Japan's Nikkei Stock Average of 225 issues rose 28.01 points,
or 0.26 percent, to finish at 10,900.34. On Wednesday, the Nikkei
gained 22.94 points, or 0.21 percent.

In Hong Kong, shares fell for a second session, with losses
led by banking giant HSBC Holdings PLC and property blue chips.

The Hang Seng Index shed 70.41 points, or 0.5 percent, to end
at 13,926.61. On Wednesday, the Hang Seng fell 26.27 points, or
0.19 percent.

But the Australian and New Zealand markets shrugged off the
weakness in regional markets to finish at fresh record highs.

Share prices in Sydney rose for a third consecutive day on
strong demand for mining, energy and insurance stocks. The
S&P/ASX 200 index gained 21.70 points, or 0.6 percent, to
3,904.20.

In Wellington, shares finished at a new record high as
investors bought into a broad range of stocks. The NZSX-50 gained
19.79 points, or 0.7 percent, to 2,959.03.

In Bangkok, Thai shares climbed marginally on gains by banking
issues. The Stock Exchange of Thailand Index added 4.43 points,
or 0.7 percent, to 647.49.

In Kuala Lumpur, Malaysian shares declined as more investors
sold stocks in the absence of fresh leads. The weighted Composite
Index of 100 blue chips was 5.64 points, or 0.6 percent, lower,
at 905.22.

In Manila, Philippine shares fell following two sessions of
gains. The 30-company Philippine Stock Exchange Index shed 11.69
points, or 0.6 percent, to 1,814.50.

In Seoul, South Korean shares ended flat as investors began
selling late in the session, erasing most of the early gains, on
continued worries over the weak U.S. dollar against the country's
currency, the won. The Korea Composite Stock Price Index, or
Kospi, dropped 0.07 point, or 0.01 percent, to 872.49.

In Singapore, share prices edged down in the absence of fresh
leads. The Straits Times Index lost 5.31 points, or 0.3 percent,
to 2,034.88.

In Taipei, Taiwan shares fell as investors dumped stocks of
companies sensitive to the strengthening of the Taiwan dollar. A
gloomy technology sector outlook also weighed on sentiment. The
Weighted Price Index lost 56.07 points, or 1.0 percent, to
5,855.24.