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