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.