Share prices close mixed on JSX

JAKARTA (JP): Share prices closed mixed across the board on the Jakarta Stock Exchange (JSX) last week, with sentiment remaining weak.

The JSE Composite Index closed the week at 513.84, up 1.33 points (0.3 percent) over the week's opening of 512.51.

Lack of strong incentives and mixed performance on regional bourses kept the Jakarta market in a narrow trading range. Investors' focus largely remained on large capped and liquid counters.

SMART was under the spot-light last week, on a report of a poor earning growth for 1995. Its share price was under a heavy selling pressure despite a limited downside. The counter topped the list of most active stocks with 8.56 million shares transacted.

A particular interest was paid on toll road operator Citra Marga Nusaphala Persada, on news of a possible increase in toll fees, likely to be approved by the government in September.

Matahari, Indonesia's largest department store chain, was also one of the most actively traded counters due to its private placement of 20 million shares earlier in the week. The rights shares of BDNI (3-for-4) and tire producer Gadjah Tunggal (1-for- 1) were listed last week. BDNI's share price closed above its ex- bonus price on positive sentiment regarding the projection of the company's earning.

This week we expect the market to continue its course sideways as investors await firmer indications from the regional bourses and Wall Street as to where the stocks prices will head.

Local players were less active last week, largely waiting for strong and fresh incentives. The counters which were actively traded by local players included Bimantara, Citra Marga Nusaphala Persada, Matahari Putra Prima, Dharmala Intiland, PSP, Barito, Indah Kiat, BDNI, Duta Pertiwi Realty and Duta Anggada.

Foreign investors' activities were concentrated on selective large-capped counters. Counters which saw active trading by them included SMART, Bimantara Citra, Gadjah Tunggal, Matahari Putra Prima, Barito Pacific, Indah Kiat, Lippo Bank, BDNI, Semen Gresik, Argha Karya, HM Sampoerna, Enseval, Indocement and Andayani Megah.

Average daily turnover on the regular board increased to 16.4 million shares worth Rp 55.4 billion (US$24.5 million), from 15.5 million shares worth Rp 52.3 billion in the previous week. Last week's total turnover increased to 286.1 million shares valued at Rp 915.5 billion, from 137 million shares valued at Rp 483.4 billion in the previous week.

Some of last week's best performers were Gudang Garam (up Rp 1,300), Mayora (up Rp 900), HM Sampoerna (up Rp 875), Ficorinvest Bank (up Rp 600) and Duta Pertiwi Realty (up Rp 550). The biggest losers were Kalbe Farma (down Rp 600), Plaza Indonesia and Enseval (each down Rp 400), Branta Mulia (down Rp 375) and Tempo Scan P. (down Rp 300). Losers outnumbered gainers by 78 to 56, while 28 counters remained unchanged.

-- Sigma Batara