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