Profit-taking sends prices down on JSX
Profit-taking sends prices down on JSX
JAKARTA (JP): The Jakarta Stock Exchange (JSX) failed to sustain its upward momentum last week, following heavy bouts of profit-taking during the early part of the week. The JSX Composite Index lost 2.82 points (0.6 percent) to close the week at 458.71.
Having hit the over-bought indicators, the market rally started to lose its impetus as both foreign and local punters cashed in on gains from the previous week.
There was some late buying towards the end of last week but it was not sufficient to support the market.
Trading activities deteriorated towards the end of the week, as investors took to the sidelines in anticipation of sluggish activities as the stock exchange commences its computerized trading in its new building in South Jakarta today. Investors are cautious about the impact of the transition from a manual to a computerized stock exchange.
Indofood has finally disclosed further details of its acquisition of the Bogasari Flour Mill from Indocement. However, both counters saw minimal activity as the information has already been discounted by the market.
The listing of automotive distributor Tunas Ridean last Tuesday elicited little market response although the counter closed two points up at Rp 2,750 (US$1.23). In the short term, we see the market trading at current levels as there is strong support at 450 points.
Profits
Domestic players started to take profits last week at the first sign of slower overseas activities. Counters which were actively traded by domestic players included BDNI, Smart, Gadjah Tunggal, Indah Kiat, Tjiwi Kimia, JAPFA, Lippoland, Duta Anggada, Pakuwon Jati, JIHD, PSP and Dharmala Intiland.
Foreign investors were active on such counters as Gadjah Tunggal, BDNI, United Tractors, Indah Kiat, Dharmala Intiland, Duta Anggada, Lippoland, Barito Pacific Timber, Indosat, Indocement, HM Sampoerna and Indofood.
Average daily turnover on the regular board decreased to 18.96 million shares worth Rp 60.15 billion (US$26.93 million) last week from 34.50 million shares worth Rp 108.90 billion in the previous week. Total turnover for the week decreased to 211.86 million shares valued at Rp 628.51 billion from 213.76 million shares valued at Rp 725.15 billion in the previous week.
Some of last week's best performers were Modern Photo (up Rp 1,125), Ultra Jaya (up Rp 800), Gudang Garam (up Rp 750), Tempo Scan Pacific (up Rp 700) and Semen Gresik (up Rp 650). The biggest losers were Ekadharma (down Rp 1,700), Perdana Finance (down Rp 1,025), BUN (down Rp 950), BII (down Rp 725) and Indosat (down Rp 625). Losers outnumbered gainers by 72 to 48, while 30 counters remained unchanged.
-- Sigma Batara