Selling of blue chips pulls index down
Selling of blue chips pulls index down
JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX)
continued losing ground yesterday due to the large sales of blue
chip stocks.
Brokers and analysts said trading activity was dull as
investors feared the U.S. Federal Reserves would hike interest
rates.
JSX composite index dropped 9.36 points to close at 686.16
from 695.52 the previous day with losers leading gainers at 114
to 31, while another 49 shares went unchanged.
Total transaction volume also dropped to 249.84 million shares
in comparison to 265.70 million shares Tuesday.
Total transaction value also dropped to Rp 558 billion against
Rp 719.99 billion Tuesday.
"The market was bearish," said a broker from a joint venture
brokerage firm attributing the weak market to the corporate's
less-than-expected results including that reported by cigarette
maker HM Sampoerna and Indosat last week.
Dealers said yesterday's fall in most blue chips' prices was
partly triggered by the drop of Sampoerna's share price in the
last two days.
Other big Losers included Indosat and Bank Negara Indonesia
(BNI).
In addition to less-than-expected financial results of several
big companies', the fear of a hike in interest rates as hinted by
the U.S. Federal Reserve also further dumped the buying mood,
dealers said.
"Most investors either held their investment or went
sideways," said Irfan Nasution, an analyst at Amsteel Securities.
Irfan said most of the price falls took place because many
shares had been overvalued.
Among the losers were PT Telkom which dropped by Rp 50 to Rp
4,100, Indosat by Rp 100 to Rp 6,725, Astra local shares by Rp 50
to Rp 6,150 and its foreign shares by Rp 75 to Rp 8,100,
Sampoerna by Rp 125 to Rp 11,625, Gudang Garam by Rp 125 to Rp
10,825 and BNI by Rp 50 to Rp 1,600.
Other losers included cementmaker Semen Cibinong which dropped
by Rp 600 to Rp 6,550, Semen Gresik by Rp 525 to Rp 6,450, and
Elang Realty by Rp 75 to Rp 825.
Gainers included Lippo Bank which rose Rp 75 to Rp 2,825,
Multipolar by Rp 50 to Rp 2,950, Matahari Putera Prima by Rp 225
to Rp 3,825, Lippo Pacific Finance by Rp 425 to 2,850. (09)