Local stock prices closed to mixed active trading

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