Price rally continues on JSX
Price rally continues on JSX
JAKARTA (JP): Prices on the Jakarta Stock Exchange (JSX) continued to rally last week, with the index closing the week at 486.72, an increase of 17.8 points (3.8 percent) from 468.93 in the previous week.
The market increased steadily every day as sentiment improved due to a stream of encouraging nine-month results. On Monday, active buying of Telkom pushed up its price by Rp 100 to close at Rp 2,425 (US$1.05).
Indosat also rose by Rp 275, closing at Rp 7,425 on Monday. On Tuesday, the index inched up by 0.85 points due to profit taking. While Telkom fell by Rp 25, Indosat rose further by Rp 175. By Wednesday, other liquid shares, such as Gadjah Tunggal, BDNI, Lippo Bank, Gudang Garam, and Sampoerna helped to push the index higher despite profit taking on Telkom.
On Thursday, some forestry stocks such as Barito, Tjiwi Kimia, and Indah Kiat made a modest rebound after coming under sustained selling pressure recently. On Friday, the index closed sharply higher following active buying of big cap stocks such as Sampoerna and Gudang Garam. Indah Kiat continued to rebound despite discouraging near term results due to the slump in pulp prices.
The market this week may hit resistance at the 485 mark. More profit taking should be seen as the market has increased by 7.4 percent in just two weeks. However, if market sentiment remains strong, it will be quite easy to break that resistance and rally off to the 500 mark.
Local players were seen bargain hunting and speculating on oversold stocks. The counters which were actively traded included Telkom, BDNI, Gadjah Tunggal, Indah Kiat, CMNP, Lippo Bank, Enseval, SMART and Tjiwi Kimia.
Foreign Investors were active in Telkom, BDNI, BII, Bank Niaga, Indosat, Semen Gresik, Gudang Garam, Sampoerna, Tjiwi Kimia, Indofood, Indocement and Kalbe Farma.
Average daily turnover on the regular board dropped to 39.7 million shares worth Rp 94.9 billion (US$41.3 million) last week from 44.6 million shares worth Rp 111.1 billion in the previous week. Last week's total turnover increased to 301.6 million shares valued at Rp 897.2 billion from 320.5 million shares valued at Rp 839.4 billion in the previous week.
Some of the best performers last week were Gudang Garam (up Rp 3,100), Sampoerna (up Rp 2,000), Kalbe Farma (up Rp 650), BII (up Rp 500) and Indosat (up Rp 450). The biggest losers were Unilever (down Rp 1,000), Modern Photo and Branta Mulia (each down Rp 500), Super Indah Makmur (down Rp 450) and KIA (down Rp 275).
Gainers outnumbered losers by 86 to 48, while 25 counters remained unchanged.
-- Sigma Batara