Share prices up 5.33 points at JSX

JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX) closed mixed across the board last week, amid a lack of fresh incentives.

The JSX composite index closed the week up 5.33 points from the week's opening of 489.997, mainly due to the price increases of selected large-capped stocks.

Selling pressure continued to push share prices down early in the week. The index kissed the week's low of 485.43 before bargain hunters came in, boosting the index.

Trading concentrated on large capped stocks which had fallen substantially during bouts of selling orders.

The bullish Japanese stock market, following the recent cut in the Japanese key rates, seemed to have attracted some funds from other markets. This has to an extent affected markets throughout the region.

Investors also seemed to be cautious largely due to the expected large outflow of funds from the secondary market, arising from the upcoming public offerings of the state owned domestic telecommunication company PT Telkom and tin mining producer PT Tambang Timah.

Particular attention was paid on Inti Indorayon and Berlian Laju Tanker. The former saw heavy selling pressure on news of the rising price for dissolving pulp, a raw material used for the production of rayon. Meanwhile, reports that Berlian Laju Tanker had won a big contract drove local investors to speculate on the counter.

Over the short term there is a likelihood that the market is prone to selling pressure at a level above 500.

Local players were seen active on speculative issues. The counters which were actively traded by them included SMART Corp., Gadjah Tunggal, Rig Tenders, BDNI, Bakrie & Brothers, Astra International, Barito, Roda Vivatex, Berlian Laju Tanker, Dharmala Intiland and Duta Anggada.

Foreign investors came in, bargain hunting, on selected counters. Counters which saw active foreign trading included SMART Corp., Gadjah Tunggal, Bimantara, BDNI, Semen Gresik, Inti Indorayon, BII and Indocement

Average daily turnover on the regular board increased to 24.6 million shares worth Rp 65.9 billion (US$29.0 million) compared to 23.6 million shares worth Rp 55.4 billion in the previous week. Total turnover for the week increased to 273.1 million shares valued at Rp 1,235.1 billion from 164.5 million shares valued at Rp 531.4 billion in the previous week.

Some of the best performers last week were Bakrie Sum Plan (up Rp 800), Bank Internasional Indonesia (up Rp 675), Indofood SM (up Rp 625), Super Indah Makmur (up Rp 600) and Darya-Varia Lab. (up Rp 550). The biggest losers were Nipress (down Rp 2,225), Intraco Penta (down Rp 1,125), Ades Alfindo (down Rp 600), Unilever and Sari Husada (each down Rp 500). Gainers outnumbered losers by 73 to 70, while 20 counters remained unchanged.

-- Sigma Batara