Stock prices stagnant on local mart

Stock prices stagnant on local mart

JAKARTA (JP): The Jakarta Stock Exchange (JSX) was stagnant
last week, with its composite index moving up only 0.266 points
to a close for the week of 496.56

The market continued to be quiet in anticipation of the
upcoming initial public offering (IPO) of PT Telkom, the state-
owned domestic telecommunications operator.

On Thursday, the newly listed property company Suryamas
Dutamakmur made a poor debut with its price falling by Rp 100
(4.38 U.S. cents) to Rp 750. It remained under selling pressure
on Friday and fell by another Rp 100.

In general, the market was dominated by local investors, while
foreign investors mostly took hold or sell positions. Astra
International was under heavy local-buying pressure, sparked by
the possible increase of foreign limitation in 1996 and coupled
with better earning expectation in the third quarter. Meanwhile,
Gadjah Tunggal-related companies were also under local buying
pressure due to rumors that the BDNI mutual fund had started
investing in these shares. Local investors also speculated on
Mayatexdian and property stocks such as Duta Anggada and Dharmala
Intiland.

In the short term, the market is likely to move sideways as
lack of fresh incentives and more investors wait for the IPO of
Telkom.

Local investors were active in small cap stocks and
speculative issues. Counters that were actively traded by local
players were Suryamas Dutamakmur, Intraco Penta, Astra
International, Mayatexdian, SMART, Duta Anggada, Rig Tenders, Pan
Brothers and CMNP.

Foreign investors were mostly on the sell side except in
Lippoland. Other active counters included BDNI, HM Sampoerna and
Semen Gresik.

Average daily turnover on the regular board decreased to 20.8
million shares worth Rp 50.7 billion (US$22.3 million) from 28.8
million shares worth Rp 65.8 billion in the previous week. Total
turnover for the week also decreased to 180.3 million shares
valued at Rp 546.9 billion from 189.5 million shares valued at
Rp 600.1 billion in the previous week.

Some of last week's best performers were Budi Acid (up Rp
800), Tempo Scan (up Rp 600), Multi Bintang (up Rp 550), Suba
Indah (up Rp 500) and Lippo Land (up Rp 450). The biggest losers
were Langgeng Makmur (down Rp 875), Medco (down Rp 650),
Modernland (down Rp 575), Fast Food (down Rp 500) and Panin Life
(down Rp 400). Gainers outnumbered losers by 55 to 75, while 31
counters remained unchanged.

-- Sigma Batara