Politically linked shares gain ground in active trade
Politically linked shares gain ground in active trade
JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX)
rose marginally by 0.8 percent yesterday on the back of some
gains on stocks related to those in the power, stockbrokers said.
They said most local investors grabbed stock related to newly
installed ministers like Citra Marga Nusaphala Persadha and Astra
International.
"But the overall trading activities remained dull with most
foreign investors on the sidelines," a broker with Trimegah
Securities said.
The JSX Composite Index rose 4.053 points to 510.786, with
total volume of 395.79 million shares valued at Rp 430.91 billion
(US$42.24 million).
Brokers said toll road builder Citra Marga, controlled by
President Soeharto's eldest daughter Siti Hardijanti Rukmana who
was appointed minister of social affairs, rose Rp 25 to Rp 650 in
active trade.
The country's largest automaker Astra International, where
Minister of Industry and Trade Mohamad "Bob" Hasan has
significant stakes, rose Rp 50 to Rp 1,825.
Bimantara Citra, controlled by Soeharto's second son Bambang
Trihatmodjo, also made gains, rising Rp 25 to Rp 1,025.
Stockbrokers said most foreign investors, who usually entered
blue chips, stayed out of the market amid skepticism over the new
cabinet's ability to tackle the economic crisis.
"I think the market is waiting for further development on the
country's steps to improve the paralyzed economy," Christina Lim
of Harita Securities said.
Elsewhere in the Asia-Pacific:
Asia-Pacific stock markets, as reported by AFP, ended mixed,
with Hong Kong, Singapore, Jakarta, Manila and Taipei among the
gainers while Tokyo, Kuala Lumpur, Sydney and Bangkok among the
losers.
In Tokyo, the Nikkei Stock Average of 225 leading issues on
the Tokyo Stock Exchange fell 199.00 points to end at 16,861.14,
reversing a 484.92-point rise on Friday.
In Hong Kong, the key Hang Seng Index rose 124.51 points to
end at 11,181.54, after a high of 11,207.35 and a low of
10,986.31.
In Singapore, the benchmark Straits Times Industrials index
rose 6.16 points to 1,604.79 while the broader All-Singapore
index slipped 0.11 points to end at 423.08.
In Kuala Lumpur, the 100-share weighted composite index fell
4.55 points to end at 703.61.
In Bangkok, the Stock Exchange of Thailand (SET) broad-based
index lost 1.7 points to finish at 512.54 points, while the SET
50 selected index shed 0.15 points to 38.20 at the close.
In Manila, the Philippine Stock Exchange index gained 20.83
points to 2,194.12.
In Seoul, the composite index closed down 4.68 points at
528.88, off a high of 539. 54 and a low of 528.87.
In Taipei, the Taiwan Stock Exchange weighted price index rose
9.79 points to 9,065. 30.
In Shanghai, index of B shares, nominally reserved for foreign
investors, rose 0.1 rose 0.04 points to close at 56.38 points
while the A share index of locally-traded stocks ended up 3.77
points to 1,252.31 points.
In Sydney, the Australian Stock Exchange's main indicator, the
All Ordinaries index, lost 1.7 points to 2,729.9.
In Auckland, the NZSE-40 index was down 6.38 points to
2,292.79. (aly)