Share prices close mixed on Jakarta Stock Exchange

Share prices close mixed on Jakarta Stock Exchange

JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX)
closed mixed across the board, amid highly unpredictable market
sentiment.

The JSX composite index closed the week with only a slight
rise of 1.41 points, or 0.3 percent, from the week's opening of
502.00.

The market was on a roller-coaster ride last week, with the
index reaching a high of 506.91 in the middle of the week, before
easing back to the 500 level by the end of the week.

Over 100 companies released their 1995 first-half results
during the week, most of which were in line with expectations.
However, due to a lack of trading liquidity, the announcements
generally failed to excite investors. Rising interest rates over
the past 12 months have put a significant burden on the financing
costs of the smaller-cap companies.

Trading activities were focused on those companies which had
unexpectedly strong first-half 1995 earnings. Bakrie Sumatra
Plantation and cooking-oil producer SMART came under the spot-
light. While the former rose on rumors of a capital injection
from a Dutch bank, the latter fell on very poor first-half
results.

Many blamed SMART for the weakened market towards the end of
the week. Last Thursday, the day on which SMART released its
results, over six million shares changed hands with SMART shares
dropping by almost 10%.

This week, there is a likelihood of another narrow trading
range.

Local players were seen active on speculative issues last
week. The counters which were actively traded by local players
included Bakrie Sumatra Plantation, SMART, Mayatexdian, Gadjah
Tunggal, Bimantara, BDNI, Indah Kiat, Sekar Laut, Mas Murni, Bank
Umum Nasional, Summarecon, Bakrie & Brothers, Ficorinvest, PSP,
Rig Tenders, PDFCI, Ganda Wangsa, Perdana Bangun Pusaka and Bank
Duta.

Foreign investors were seen taking the side-line. They
dominated the selling orders in the market. Counters which saw
active foreign trading included SMART Corp, Gadjah Tunggal, Indah
Kiat, Bimantara, BDNI, Barito, Sumalindo, Andayani Megah and
Matahari Prima Putera.

Average daily turnover on the regular board increased to 21.4
million shares worth Rp 55.8 billion (US$24.6 million) last week
from 18.4 million shares worth Rp 53.7 billion in the previous
week. Total turnover for the week increased to 175.8 million
shares valued at Rp 531.4 billion, from 159.0 million shares
valued at Rp 494.5 billion in the previous week.

Some of last week's best performers were Bakrie Sum Plan (up
Rp 1,050), HM Sampoerna (up Rp 775), Gudang Garam (up Rp 650),
BUN (up Rp 525) and Bank Tamara (up Rp 475). The biggest losers
were Sumalindo Lestari (down Rp 600), Tembaga Mulia (down Rp
400), Dynaplast (down Rp 350), SMART Corp. (down Rp 325) and
Darya Varia Lab. (down Rp 225). Losers outnumbered gainers by 65
to 58, while 38 counters remained unchanged.

-- Sigma Batara