Share prices mixed on Jakarta Stock Exchange

JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX) closed mixed in moderate trading last week, as the market worked itself through another narrow trading range.

The JSX Composite Index closed the week at 512.51, up 1.58 points (0.3 percent) over the week's opening of 510.93.

The market's activities were focused on several large-capped stocks affiliated with major conglomerates. The Sinar Mas group was one such conglomerate which attracted investor attention.

Earlier in the week, the rating agency Moody's upgraded the senior secured debts of two major Sinar Mas companies, Indah Kiat and Tjiwi Kimia, which boosted sentiment on other Sinar Mas-owned companies, such as SMART, Bank International Indonesia and Sinarmas Multi Artha, all of which posted gains.

Great River's announcement that its workers were no longer on strike failed to improve its share price.

Last week saw the listing of Mustika Ratu, a manufacturer of traditional cosmetics and personal care products. The counter was well accepted and staged a 15 percent gain on the listing day.

Over this week, sentiment is likely to remain mixed. It is likely that the market will continue to trade within its narrow range as the market is still overbought at current levels.

Domestic players were less active last week, largely waiting for strong and fresh incentives. The counters which they were actively trading included Bimantara Citra, Mustika Ratu, BDNI, Sinarmas Multi Arta, PSP, SMART, Ficorinvest Bank, Indah Kiat and Duta Anggada.

Foreign investors continued to dominate trading activities, focusing on blue-chip conglomerate shares, which included Bimantara Citra, Sinarmas Multi Artha, Mustika Ratu, SMART, BDNI, Gadjah Tunggal, Bakrie Brothers, Indah Kiat, BII, Indosat, CMNP, Matahari and Astra International.

Two bonus issues which were listed last week were Putra Sejahtera Pionerindo (1-for-1) and Putra Surya Perkasa (2-for-3). Semen Gresik's 3-for-1 rights issue was also listed last week, offering 444.86 million shares at a price of Rp 3,275 each.

Average daily turnover on the regular board decreased to 15.5 million shares worth Rp 52.3 billion (US$23.2 million) from 23.9 million shares worth Rp 72.2 billion in the previous week. Total turnover for the week also decreased to 137 million shares valued at Rp 483.4 billion from 433.9 million shares valued at Rp 1,100.9 billion in the previous week.

Some of last week's best performers were Darya-Varia Lab (up Rp 1,300), Bank Niaga (up Rp 750), Mustika Ratu (up Rp 500), Dankos Labs (up Rp 450) and H.M. Sampoerna (up Rp 375).

The biggest losers were KIA (down Rp 700), Centris (down Rp 575), Ugahari (down Rp 475), Mayora Indah (down Rp 450) and Trias Sentosa (down Rp 400). Losers outnumbered gainers by 81 to 47, while 13 counters remained unchanged.

-- Sigma Batara