Shares mixed as the year closes

Shares mixed as the year closes

JAKARTA (JP): Back to the office on Boxing Day Monday, most Indonesians were already preparing for the weekend commemoration of the Prophet Muhammad's Ascension Day and New Year festivities.

Like the streets of Jakarta at that time of the year, the stock market was visibly deserted as most local investors had either left for vacations or were preparing to do so.

Shares closed mixed across the board last week, following active trading the week before. The market posted low volumes on last week's three trading days in the absence of foreign investors, who had mostly closed their books and were away on holiday.

The Indonesian market was the only market open last Monday, and predictably, trading activity was minimal. The overall mood for the last trading week of the year was fairly subdued, trading volume was low with the usual year-end window dressing. The index closed the week up 2.91 point (0.6 percent) to 469.64 from the preceding week's close of 466.73.

There was no distinctive market trend, as most investors had already cashed-out the week before. Local investors dominated the floor.

However, foreign investors recognized good value in Astra International, Indah Kiat, Panin Bank, Bank Bali and BII. Other stocks which were actively traded during the week included Great River, Bank Danamon, Japfa Comfeed, Duta Anggada, Indosat, Indocement and Anwar Sierad.

Average daily turnover on the regular board decreased to 6.63 million shares worth Rp 18.97 billion (US$8.62 million), as compared to 13.16 million shares worth Rp 42.82 billion ($19.47 million) in the previous week.

Total turnover for the week also decreased to 109.28 million shares valued at Rp 508.09 billion ($230.95 million) from 208.34 million shares valued at Rp 678.39 billion ($308.50 million) in the previous week.

Some of the best performers last week were Surya Toto, Ultra Jaya (up Rp 700 each), Jaya Pari Steel, Wicaksana (up Rp 600 each) and Soedarpo (up Rp 575). The biggest losers were Suba Indah (down Rp 1,600), Davomas Abadi (down Rp 950), Ugahari (down Rp 750), Ades Alfindo (down Rp 425), Panin Life and Mayora Indah (down Rp 300 each). Gainers outnumbered losers by 72 to 42, while 25 remained unchanged.

-- Sigma Batara