JSX index sharply up on foreign buying
JSX index sharply up on foreign buying
Dow Jones, Jakarta
Indonesian shares ended sharply higher Friday as program buying by foreign investors pushed the index to levels last seen in September 2001, dealers said.
The JSX Composite index ended up 2.41 percent, or 9.706 points, at 411.775, but off its intraday high of 417.332. Gainers led decliners 92 to 46 with 76 stocks unchanged.
Volume was 928 million shares valued at Rp1.28 trillion.
Foreign brokerages led the buying spree, pushing the index higher for the third straight day as investors begin to build up their portfolios for 2002.
Indonesia's largest cigarette maker, Gudang Garam, led the gainers, surging 12 percent, or Rp1.150, to Rp10,850 on continuing speculation the company will soon produce a light cigarette to compete with its rival HM Sampoerna.
Shares in HM Sampoerna gained 3.5 percent, or Rp125, to Rp3,750.
Bellwether Telekomunikasi Indonesia shares ended up 2.4 percent, or Rp75, at Rp3.175 after its American Depositary Receipts rose 5.3 percent to US$5.99 Thursday.
Bank Central Asia shares rose 4.8 percent, or Rp75, at Rp1,650 on speculative buying ahead of the government's announcement of the final bidder for its 51 percent stake in the bank.
Meanwhile, other Asian stock markets closed mixed Friday, with the key indexes in Tokyo and Hong Kong falling for the fourth straight session.
Japan's benchmark 225-issue Nikkei Stock Average lost 96.84 points, or 0.9 percent, to 10441.59. On Thursday, the index fell 125.55 points, or 1.2 percent.
The Nikkei slipped on concerns that earnings reports from U.S. companies next week may bring more bad news for the global technology industry.
Trading was lackluster, however, as investors took to the sidelines ahead of a three-day weekend. Financial markets in Japan will be closed Monday for a national holiday.
In Hong Kong, the blue-chip Hang Seng Index fell 89.61 points, or 0.8 percent, finishing at 11166.46. On Thursday, the index had lost 184 points, or 1.6 percent.
Taiwan shares tumbled amid a strong selloff in dynamic random access memory issues and profit-taking after the market's recent gains.
The Weighted Price Index of the Taiwan Stock Exchange fell 183.69 points, or 3.1 percent, to 5687.59.
In Singapore, shares closed slightly lower on profit-taking. The Straits Times Index fell 2.57 points, or 0.2 percent, to 1704.07.
Philippine shares also closed slightly higher. The 30-company Philippine Stock Exchange Index rose 2.12 points, or 0.2 percent, to 1191.60.
South Korean shares closed lower as investors continued to take profit. The Korea Composite Stock Price Index, or Kospi, fell 0.1 percent, or 0.87 point, to 727.36.
Malaysian share prices closed lower after Prime Minister Mahathir Mohamad said the currency could be repegged if the Japanese yen weakens further, dealers said. The Composite Index of 100 blue chips closed down 0.3 percent, or 1.95 points, at 703.04.