JSX prices lose ground on profit taking

JSX prices lose ground on profit taking

JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX)
closed 0.9 percent lower yesterday as investors started taking
profits.

A dealer at a foreign brokerage firm said the market had
remained strong but colored with profit taking on big capitalized
stocks.

The JSX index dropped 6.07 points yesterday to close at
678.91, down from 684.98 the previous day.

Yesterday's turnover was worth Rp 632.9 billion (US$268,2
million) with 301.04 million shares changing hands.

Most analysts contacted by The Jakarta Post said the market
was slowing down after strong gains early this week.

Jasmine Tedja of HSBC Securities said the price drop was
partly caused by the 94.28-point fall in the Dow Jones index.

She said the falling Dow Jones index stimulated selling on the
local market, pushing down most share prices.

HM Sampoerna fell Rp 150 to close at Rp 14,250, cigarette
maker Gudang Garam dropped Rp 350 to close at Rp 11,400, Kalbe
Farma dropped Rp 200, Modern Photo dropped Rp 350, BNI dropped Rp
75 to close at Rp 1,625 and BII dropped Rp 50 to close at Rp
1,750.

PT Telkom shares closed unchanged at Rp 4,100 with 2.9 million
shares changing hands. Indosat fell Rp 100 to close at Rp 7,000
and Astra shares fell one point locally to close at Rp 6,300
while rising Rp 100 on the foreign board to close at Rp 7,850.

Several second-line shares gained ground despite the drop in
most share prices. Zebra Nusantara gained Rp 775 to close at Rp
6,900, Bank BDNI rose Rp 200 to close at Rp 2,850.

One analyst said shares of Bank BDNI, primarily owned by
Gajah Tunggal group, had risen because of a recently announced
rights issue and its better than expected financial results.

An analyst from HSBC Jasmine Tedja was surprised by the rise
of Zebra Nusantara shares despite an absence of market rumors on
the stock.

Telaga Mas shares gained Rp 325 to close at Rp 5,700, Prasidha
Aneka Niaga gained Rp 200 to close at RP 3,300, Vander Horst
gained Rp 125 to close at Rp 1,620, Lippo Karawaci gained Rp 175
to close at Rp 2,775, Bumi Modern Hyatt rose Rp 150 to Rp 1,700,
Bank Danamon gained Rp 100 to close at Rp 2,550 and Sona Topas
gained Rp 75 to close at Rp 1,125.

An analyst with a securities firm said foreign and local
investors favored Bank Danamon stock because others were
overpriced.

The analyst said the price of Lippo Karawaci shares rose
because investors expected that the planned initial public
offering for Gleneagle hospital in the next few months would
further strenthen its financial performance.

Gleneagle, Lippo's joint venture with a Singapore firm,
operates a new hospital in Karawaci, West Java. (09)