Share prices drop 18.5% percent on JSX

Share prices drop 18.5% percent on JSX

JAKARTA (JP): Share prices closed lower amidst consolidation
on the Jakarta Stock Exchange last week, with its composite index
dropping 18.5 points (3.6 percent) from the week's opening of
519.18 to close at 500.65.

The market was closed on Thursday, due to the Indonesian
Independence Day.

The overall sentiment was weak, having been deteriorated by
falls in the regional bourses throughout the week. There were
bouts of selling seen across the board with support only on few
selective blue-chip consumer stocks.

The release of several positive first-half corporate results
failed to boost sentiment. The market which has risen well above
its support level of 500, seemed to run out of steam. Most large
capped and blue-chip stocks have been over-bought for quite
sometime. The problem lay in a lack of availability of first-line
stocks which were liquid and undervalued.

This week, the market will likely continue to weaken. Although
we expect that further release of positive first-half corporate
results should lend limited support.

Local players were very active last week, with a particular
focus on the financial sector. The counters which were actively
traded included Astra International, Surya Hidup Satwa, SMART
Corp, Bimantara Citra, Gadjah Tunggal, Barito Pacific, Indah
Kiat, Dharmala Intiland, Summarecon and PSP.

Foreign investors took the sidelines and dominated the selling
on the market. Counters which saw active foreign trading included
Astra International, Surya Hidup Satwa, SMART Corp, Bimantara
Citra, Matahari Putra Prima, Bakrie Brothers, Gadjah Tunggal,
Enseval Putera M, Barito Pacific, Indosat, Indah Kiat and BDNI.

Average daily turnover on the regular board decreased to 18.2
million shares worth Rp 61.8 billion (US$27.3 million) last week
from 20.8 million shares worth Rp 66.6 billion the previous week.
Total turnover for the week decreased to 147.0 million shares
valued at Rp 546.9 billion from 168.2 million shares valued at Rp
572.6 billion the previous week.

Some of last week's best performers were Darya-Varia Lab. (up
Rp 1,000), BAT (up Rp 550), KIA (up Rp 450), Aneka Kimia Raya (up
Rp 300) and Matahari PP (up Rp 225). The biggest losers were
Mayora Indah (down Rp 1,750), Gudang Garam (down Rp 1,700),
Modern Photo (down Rp 750), Indosat (down Rp 525) and Tjiwi Kimia
(down Rp 475).

Losers outnumbered gainers by 110 to 26, while 26 counters
remained unchanged.

-- Sigma Batara