Local stock prices closed to mixed active trading

JAKARTA (JP): Stock prices closed to mixed active trading last week as the market worked itself through another narrow trading range.

The JSX composite index closed the week at 500.44, up 3.88 points (+0.8%) over the week's opening of 496.56.

The market's activities were focused on several large-capped stocks. The government's approval for a toll road fee hike encouraged local players to speculate on Citra Marga, but profit taking actions were seen immediately as it failed to attract attention from foreign players.

Astra International was actively traded during the week following the news on the company's plan to build a new plant next year.

Gajah Tunggal was also seen as one of the most active counters at the beginning of last week as the government provided incentives for local tire producers.

Tambang Timah

The newly-listed tin mining company, Tambang Timah, failed to make an impressive debut as anticipated by investors. Despite rumors on the gray market price prior to the listing, the stock closed at Rp 2,925, up by one point from the IPO price of Rp 2,900, on the first day of listing on Thursday, and closed the week at Rp 2,650, down Rp 250.

Another newcomer, BDNI Reksadana, also made a disappointing debut on Monday and came under immediate selling pressure. After opening at Rp 500, the stock touched its lowest point at Rp 400 and rebounded slightly to Rp 425 on the first day, but made up most of its lost ground by Friday, closing the week at Rp 475.

Property company JIHD was one of the gainers, due to the news on its planned rights issue earlier in the week.

Meanwhile, the small-cap stock shoe company, Ganda Wangsa, was seen active as a result of the upcoming event on launching a new product.

Bank Niaga announced a one-for-one bonus and favorable nine- month results on Thursday.

The market is expected to move in a narrow range again this week.

Local players were active last week, mostly on a speculative counters. The counters which were actively traded included Tambang Timah, Astra International, CMNP, Gajah Tunggal, Suryamas Dutamakmur, Ganda Wangsa, SMART, Semen Gresik, Bimantara Citra, JIHD, and Intraco Penta.

Foreign investors continued to wait and see for the largest upcoming issue of Telkom.

Counters which saw active foreign trading included Astra International, Semen Gresik, Bimantara Citra, Mayora, Indofood, Indah Kiat, Tambang Timah, Bakrie Brothers, Lippo Land, and JIHD.

Average daily turnover on the regular board increased to 34.3 million shares worth Rp 97.8 billion (US$42.9 million) compared to 20.8 million shares worth Rp 50.7 billion (US$22.2 million) in the previous week.

Total turnover for the week also increased to 269.7 million shares valued at Rp 816.1 billion (US$357.6 million) from 180.3 million shares valued at Rp 546.9 billion (US$239.9 million) in the previous week.

Best performers

Some of the best performers last week were Gudang Garam (up Rp 1,700), Modern Photo (up Rp 1,150), Astra International (up Rp 825), HM Sampoerna (up Rp 800), and JIHD (up Rp 650).

The biggest losers were Unitex (down Rp 1,500), Unilever (down Rp 1,000), Kalbe Farma and Bakrie Sumatra P (both down Rp 625), and Prasidha (down Rp 500).

Gainers outnumbered losers by 46 to 93, while 31 counters remained unchanged.

-- Sigma Batara