Share prices rise 5.34 points on Jakarta Stock Exchange

Share prices rise 5.34 points on Jakarta Stock Exchange

JAKARTA (JP): Share prices closed higher on the Jakarta Stock
Exchange (JSX) last week, with sentiment strengthening on the
release of several good results.

The JSX Composite Index closed the week at 519.18, up 5.34
points (1.0 percent) over the week's opening of 513.84.

Second line banking stocks enjoyed strong local interest last
week, with its share prices rising considerably, after having
been ignored for quite a long time. Talks on the acquisition of
Ficorinvest Bank drove domestic players to speculate on the
counter, which spilt over to other second line banking stocks.

Towards the end of the week, Indosat, Indorama and Inti
Indorayon reported positive first-half 1995 results. Their
earnings came in line with their full year projections.

Indosat recorded a 73 percent increase in net earnings.
Indorama posted a 99 percent jump in net profits, resulting from
higher polyester prices and the commissioning of its PET resin
plant in March 1995. Indorayon's net profit surged 951 percent,
amid higher capacity utilization and strong rayon and pulp
prices. The market reacted positively to the results.

Astra International was also under the spot light last week,
on sudden interest of domestic investors in Astra's local shares.
It was said in the market that several local pension funds were
keen on entering the stock. Some believed that the local shares,
trading at a 47 percent discount to its foreign share price of Rp
4,900 on Friday last week, was too cheap.

Meanwhile, newcomer, Surya Hidup Satwa, a distributor of
health products for farm animals, received moderate interest. The
counter closed its debut up by two points to Rp 1,175 per share.

This week, the market is likely to strengthen on anticipation
of further release of companies first-half 1995 results.

Domestic players were very active last week, with particular
focus on the financial sector. The counters which were actively
traded by them included Surya Hidup Satwa, Astra International,
Bimantara Citra, Indah Kiat, Gadjah Tunggal, PSP, Indovest Bank,
Ficorinvest Bank, Modern bank, BDNI and Inter-Pacific Bank.

Foreign investors' activities were concentrated on selective
large-capped counters. Counters which saw some of the most active
trading by them included Surya Hidup Satwa, Bimantara Citra,
Indah Kiat, Gadjah Tunggal, Mulia Industrindo, SMART, Matahari,
Indofood, Barito, BDNI, Indocement and Indosat.

Average daily turnover on the regular board increased to 20.8
million shares worth Rp 66.6 billion (US$29.5 million) last week
from 16.4 million shares worth Rp 55.4 billion in the previous
week.

Last week's total turnover decreased to 168.2 million shares
valued at Rp 572.6 billion from 286.1 million shares valued at Rp
915.5 billion in the previous week.

Some of last week's best performers were HM Sampoerna (up Rp
1,300), Tempo Scan and Ugahari (each up Rp 500), Mulia
Industrindo (up Rp 475) and Gudang Garam (up Rp 400). The biggest
losers were Kalbe Farma (down Rp 500), Perdana Finance (down Rp
325), Delta Djakarta, Bank Papan Sejahtera and Dankos Labs. (each
down Rp 300). Losers outnumbered gainers by 69 to 53, while 42
counters remained unchanged.

-- Sigma Batara