Worsening sentiment sends share prices lower on JSX

JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX) closed lower across the board last week, after three days of straight falls and deteriorating sentiment.

The JSX Composite Index ended the week at 492.81, down 2.51 points, or 0.5 percent, from the week's opening of 495.32.

The market moved through narrow trading range last week, with foreign investors the net sellers.

Lack of fresh incentives from foreign investors were due to two issues: the selling of portions to raise funds for upcoming initial public offerings and more emphasis on other regional markets.

The players seen sidelined ahead of several big and small listings included BDNI Reksadana, Suryamas Dutamakmur, Asahimas, Miwon, Timah, Komatsu and the hottest issue-to-be, Telkom.

Barito Pacific published poor first-semester results, which placed the counter under heavy selling pressure over the week. The company's first-half earnings fell by 62.5 percent to Rp 38.7 billion from the same period of last year.

Supreme Cable Company (Sucaco) announced its 1-for-2 rights issue at a price of Rp 3,000 per share.

The property company Suryamas Dutamakmur has confirmed its IPO price at Rp 850 per share and is offering 80 million shares to public.

Meanwhile, Asahimas, Komatsu and Elang Realty conducted due diligence meetings or public exposes during the week .

Foreign investors were generally inactive. They dominated the selling orders on big liquid issues. Counters which saw active trading included BDNI, Astra International, Ganda Wangsa Utama, Bimantara Citra, CMNP, Gadjah Tunggal, Indah Kiat, SMART and Barito Pacific.

Local players were seen active on speculative issues. The counters which were actively traded by local players included Ganda Wangsa Utama, Rig Tenders, Berlian Laju Tanker, Semen Gresik, CMNP, Astra International, SMART and Bakrie & Brothers.

Average daily turnover on the regular board decreased to 18.3 million shares worth Rp 51.7 billion (US$22.7 million) last week from 24.6 million shares worth Rp 65.9 billion in the previous week. Last week's total turnover decreased to 144.2 million shares valued at Rp 488.2 billion from 273.1 million shares valued at Rp 1.23 trillion in the previous week.

Some of last week's best performers were Mayora Indah (up Rp 325), Branta Mulia, Lion Metal, Modern Photo (each up Rp 300) and Budi Acid Jaya (up Rp 200).

The biggest losers were Itamaraya (down Rp 700), Tira Austenite (down Rp 600), Inti Indorayon (down Rp 500), Gudang Garam (down Rp 450) and Jaya Real Property (down Rp 400).

Gainers outnumbered losers by 45 to 89, while 68 counters remained unchanged.

-- Sigma Batara