Shares weakened last week

Shares weakened last week

JAKARTA (JP): The market weakened slightly last week as most
investors avoided the secondary market and focused on the Telkom
IPO that started last Friday.

The index dropped gradually from Monday to Friday by 5.97
points (down 1.19 percent) from 500.44 to 494.47.

Tambang Timah still dominated transaction activity last week
as local investors were seen cutting losses which increased
selling pressure.

It reached a low of Rp 2,400 on Wednesday before rebounding to
close the week at Rp 2,550. Japfa and Anwar Sierad were active,
being bought mostly by local investors, who thought the shares
had been oversold.

Astra International and Gadjah Tunggal continued to be active
although their prices received some selling pressure from profit
taking action.

Lippo Land received attention as the government announced a
new regulation allowing new factories to be built in Java only in
industrial estates.

The market will most likely remain weak until the listing of
Telkom, although some selective buying may be seen at some
counters that report good nine months result.

Local players were bargain hunting in selective stocks. They
were active in Timah, Anwar Sierad, Japfa, Astra International,
SMART, and Dharmala Sakti Sejahtera.

Foreign investors were mostly on the selling side. They were
active in BDNI, Semen Gresik, Darya Varia, Kalbe Farma, HM
Sampoerna, and Gudang Garam.

Average daily turnover on the regular board decreased to 20.6
million shares worth Rp 58.4 billion (US$25.6 million) compared
to 34.3 million shares worth Rp 97.8 billion (US$42.9 million) in
the previous week.

Total turnover for the week also decreased to 169.4 million
shares valued at Rp 575.0 billion (US$251.8 million) from 269.7
million shares valued at Rp 816.1 billion (US$357.6 million) in
the previous week.

Some of the best performers last week were Modernland (up
Rp 700), Mulia Industrindo (up Rp 475), Kedaung Indah (up Rp
400), Bank Bira (up Rp 325), and Ciputra Dev. (up Rp 275).

The biggest losers were HM Sampoerna (down Rp 1,400), Unilever
(down Rp 1,000), Kalbe Farma (down Rp 775), Tempo Scan (down
Rp 375), and Tjiwi Kimia (down Rp 350). Gainers outnumbered
losers by 53 to 63, while 43 counters remained unchanged.

-- Sigma Batara