Dow Jones Newswire, Monday April 26, 2004 10:59 AM
Indonesian Shares Lower Early On Pft-Taking, Ambon Riots
JAKARTA (Dow Jones)--Indonesian shares are lower early Monday as concerns over
violence in Maluku Islands and losses in many regional maarkets have spurred
investors to take profit, dealers said.
Muslim and Christian gangs fought running battles in Indonesia's Maluku islands
Sunday, leaving at least 10 people dead - two of them youths hacked to death by
sword-wielding men.
"The incident in Ambon has provided a good excuse for investors to take profit," said
an analyst with BNI Securities.
She added, however, that the underlying sentiment toward Indonesian shares remains
positive on the improved economic situation and amid hopes that many companies
will book higher first quarter net profits.
At 0247 GMT, the Jakarta Stock Exchange Composite index was down 6.382 points,
or 0.8%, to 809.062. The main index hit a record high Friday.
Decliners lead gainers 30 to 4, with 41 stocks unchanged.
Volume is 154 million shares valued at 62 billion rupiah ($1=IDR8,618).
Cigarette maker Hanjaya Mandala Sampoerna is leading decliners, down IDR200, or
3.9%, at IDR5,200 on profit-taking. The stock rose 21% in the previous seven days.
Sampoerna's rival, Gudang Garam, is down IDR100, or 0.7%, at IDR14,550.
Bank Mandiri, the nation's largest lender, has dropped IDR50, or 3.2%, to IDR1,500
and Indonesian Satellite Corp. is down IDR25, or 0.6%, to IDR4,375.
Bank Central Asia, however, is bucking the trend on expectations of higher first
quarter net profit. BCA is up IDR25, or 0.6%, at IDR3,950.
Dealers expect the market to trade flat to slightly lower the rest of Monday.
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