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)