Stocks lower on mixed sentiment
Stocks lower on mixed sentiment
JAKARTA (JP): Shares on the Jakarta Stock Exchange (JSX)
continued to trade within a narrow range last week, given the
prevailing mixed sentiment.
The JSX Composite Index closed the week at 486.71, down 5.04
points (1.02 percent) from the week's opening of 491.75.
The market lacked fresh incentives as the regional bourses
remained in the doldrums last week.
A pick-up in Wall Street on further indications of an economic
slowdown in the U.S. provided some buoyancy to the market.
However, increases during the week were later shed by profit
takers.
Market activities were focused on trading of blue-chip and
speculative stocks. Rumors of bonus issue on counters such as
Semen Cibinong, Mayora and Gadjah Tunggal pushed the prices of
these counters up.
This week, the market is likely to continue its sideways
drift. Foreign investors had been net buyers last week and some
profit taking is expected.
Domestic players continued to be active on the property
sector, which was the most actively traded sector last week.
Semen Cibinong shares were also well sought after. The counters
which were actively traded by domestic players included
Lippoland, PSP, Dharmala Intiland, Semen Cibinong, Gadjah Tunggal
and CMNP.
Foreign investors focused their attention on selective blue-
chips, including Gudang Garam, Mayora, Smart, Andayani Megah,
Japfa, Tjiwi Kimia, Indocement and Gadjah Tunggal.
Four bonus issues that were listed last week were Clipan
Finance (1-for-2), Enseval PM (9-for-10), Kedaung Indah (3-for-50
stock dividend and 16-for-50 bonus issue) and Steady Safe (50-
for-100 bonus issue and 1-for-5 stock dividends). Meanwhile, the
1-for-2 rights issue by Matahari Putra Prima was also listed last
week, offering 75.17 million shares at a price of Rp 1,400 per
share.
Average daily turnover on the regular board decreased to
11.67 million shares worth Rp 40.44 billion (US$18.04 million)
last week from 22.74 million shares worth Rp 74.31 billion in the
previous week.
Last week's total turnover decreased to 119.79 million shares
valued at Rp 445.34 billion from 195.84 million shares valued at
Rp 689.97 billion in the previous week.
Some of last week's best performers were Semen Cibinong (up
Rp 1,200), Darya Varia (up Rp 800), Unilever (up Rp 700), Modern
Photo and Semen Gresik (each up Rp 500). The biggest losers were
Rimba Niaga (down Rp 1,275), Schering Plough (down Rp 750), HM
Sampoerna (down Rp 625), Kedaung Indah (down Rp 600), and
Indocement (down Rp 550). Losers outnumbered gainers by 81 to 47,
while 34 counters remained unchanged.
-- Sigma Batara