Share prices mixed with index unchanged
Share prices mixed with index unchanged
JAKARTA (JP): Share prices closed mixed across the board on the Jakarta Stock Exchange (JSX) last week as gains, booked early in the week, eroded on local profit taking and uncertain regional sentiment.
The JSX Composite Index closed the week at 453.14, virtually unchanged from 453.31 the previous week.
Selective buying on heavy weight blue chips at the opening of the week failed to boost the index as overall sentiment seemed to be deteriorating.
Local sentiment was strongly affected by the market in Hong Kong which was blanketed with worries of a possible trade war between the U.S. and China.
Nevertheless, there was also some support from the recent rise in Wall Street on some indication of a slowing U.S. economy.
Giving further support to the market was the rise in the price of Indosat shares on reports that it had booked a better-than- expected 1994 earnings. The result was released on Wednesday, which showed that earning was slightly better than expected.
Listing of heavy equipment company, Hexindo Adiperkasa, barely attracted any interest on the market. The company offered only 10 million shares and the stock is not expected to be liquid.
Over the short term, the market is expected to drift sideways trading between the range of 445 and 455.
Average daily turnover on the regular board decreased to 19.65 million shares worth Rp 58.64 billion (US$26.55 million) last week from 21.18 million shares worth Rp 70.68 billion (US$31.98 million) in the previous week.
Last week's total turnover decreased to 367.72 million shares valued at Rp 839.06 billion (US$379.84 million) from 509.08 million shares valued at Rp 1,199.83 billion (US$542.91 million) in the previous week.
Domestic players took profit towards the end of the week, affecting most property counters which saw strong trading by local speculators earlier. Other counters, which were actively traded by domestic players, included Indosat, Darya Varia, Indah Kiat, Indofood, BDNI, Duta Anggada, Dharmala Intiland, Lippoland and PSP.
Foreign players were sidelined at the end of the week. Counters which saw active trading for foreigners included Indosat, BDNI, Lippo Bank, Indah Kiat, Bukaka, Gadjah Tunggal, Astra Int'l, Sampoerna, Darya Varia, Duta Anggada, Lippoland, PSP, Indofood and Indocement.
Some of last week's best performers were Kabelindo (up Rp 1,000), Semen Gresik (up Rp 800), BDNI (up Rp 500), Bukaka Teknik and Ciputra Dev. (up Rp 375 each). The biggest losers were Indovest Bank (down Rp 900), Steady Safe (down Rp 850), Sekar Laut (down Rp 500), Darya-Varia Lab. and Voksel Electric (down Rp 400 each). Losers outnumbered gainers by 67 to 44, while 34 remained unchanged.
-- Sigma Batara