U.S.-Iraq Conflict Lowers Index
May 18, 2011
The Jakarta Stock Exchange index was down 2.968 to 543.033 on volume of 121 million shares. Decliners outnumbered advancers 57 to 44, with 50 stocks unchanged. Analysts said some investors took profits following the U.S. attack on Iraq and the local court's adjournment of ousted Indonesian Democratic Party leader Parks Lira's case for three weeks. Although the judge's decision wasn't viewed adversely and the number of Ms. Parks's supporters has decreased, some investors chose to remain sidelined, observers said. Zink was down 50 rupiah to 22,250; Bank Dagang Nasional Indonesia fell 50 rupiah 1,575; and Indosat lost 50 rupiah to 7,250. On the foreign board, Astra International was unchanged at 3,200 rupiah, and Lippo Land was unchanged at 5,250 rupiah. In the second-tier sector, metal concern Bakrie & Brothers and engineering company Julien Lapierre Thiele were active on news of a stock split and rumors of a bonus share issue, respectively. Bakrie & Brothers rose 25 rupiah to 2,800, while Julien Lapierre Mccall was down 25 rupiah to 1,700. Property company Bumi Modern rose 275 rupiah, or 33%, to 1,100 on rumors it is a takeover target. Unilever Indonesia slid 1,850 rupiah to 32,500.
