Share prices on JSX rise slightly

Share prices on JSX rise slightly

JAKARTA (JP): Despite mixed market sentiment on the regional
stock markets, the Jakarta Stock Exchange (JSX) Composite Index
climbed by 2.7 points (0.52 percent) to close at 510.93 last
week.

Conglomerate Bimantara Citra shares were the highlight of last
week, topping the list of most active counters for five
consecutive days. The shares' price booked a 44 percent increase
on their listing debut on Monday, when 28 million shares changed
hands on the regular board.

The strong market sentiment spread across the board, boosting
other blue-chip counters. The sharp gains, however, were
subsequently eroded by profit taking on Bimantara and other
large-capped stocks.

The market went into an overbought position, when prices of
large-capped stocks reached lofty levels.

Meanwhile, the chairman of the U.S. Federal Reserve, Alan
Greenspan, made a comment on Wednesday that the U.S. economy was
on the right track, which was interpreted by many investors as a
signal that the Fed may not reduce interest rates in August after
all. This, and news of disappointing results of technology-
related stocks in the United States, sent the stock markets
throughout the world tumbling down in the middle of the week.

However, the end of the week saw bargain hunters scurrying
back to accumulate oversold shares from the market. This week, we
expect the market to remain firm.

Domestic players were active on large-capped issues. The
counters which were actively traded by them included Bimantara
Citra, BDNI, Sinarmas Multi Artha, Indah Kiat, Dharmala Intiland,
Duta Anggada, JIHD, Tjiwi Kimia, Bank PDFCI, PSP, Barito Pacific
and Indorama.

Foreign investors dominated trading last week, focusing mainly
on Bimantara and other conglomerate-related shares. Other
counters which saw their active trading included BDNI, Sinarmas
Multi Artha, SMART, Gadjah Tunggal, Astra International, Indah
Kiat, CMNP, Steady Safe, Semen Gresik, Matahari and Indosat.

Andayani Megah's 1-for-1 bonus issue was listed last week.

Average daily turnover on the regular board increased to 23.9
million shares worth Rp 72.2 billion (US$32 million) last week
from 18.65 million shares worth Rp 64.66 billion in the previous
week. Last week's total turnover increased to 433.9 million
shares valued at Rp 1,100.9 billion from 231.64 million shares
valued at Rp 834.82 billion in the previous week.

Some of last week's best performers were Gudang Garam (up Rp
1,200), Sorini Corp (up Rp 600), Tempo Scan and Sari Husada (each
up Rp 500) and Unilever (up Rp 475). The biggest losers were
Lippo Pacific (down Rp 525), Ciputra Development and Medco Energi
(each down Rp 400), Bakrie Sum (down Rp 350) and Smart Corp (down
Rp 275). Losers outnumbered gainers by 68 to 48, while 13
counters remained unchanged.

-- Sigma Batara