Share prices up 5.33 points at JSX

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