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Jakarta stocks end slightly lower in thin trading

JAKARTA: Jakarta stocks ended slightly lower in thin trading on Monday ahead of the result of the Paris Club meeting of creditors this week.

Dealers said the market is also concerned about possible changes in the cabinet, mentioned by President Abdurrahman Wahid over the weekend.

The index closed down 1.198 points, or 1.2 percent to 569.62 points. Trading was thin at an estimated 303 billion rupiah turnover. Dealers said trading is likely to remain cautious and the index would move in a tight range ahead of the results of the Paris Club meeting this week.

"I don't think the market is going anywhere in the next few days and after that it could go up or down depending on the result of the Paris Club meeting," said Iwan Sanyoto, an equity fund manager from Vickers Ballas Tamara brokerage.

Senior economics minister Kwik Kian Gie said on Sunday he was confident the government would obtain a rescheduling of its $2.1 billion debt at the Paris Club meeting.

Shares in Astra Graphia rose 25 rupiah, or 2.3 percent to 1,100 rupiah amid talk it would sell a stake to a foreign investor. The company is a subsidiary of auto giant PT Astra International .

Last month the company said it had signed a deal with Malaysia's Three-Entity Sdn Bhd, to develop e-procurement and portal services in Indonesia. It also said it would reposition itself as an Internet solutions company, focussing on printing, e-business networking, and systems integration.

Transportation firm Mitra Rajasa was the most traded stock and its price gained 125 rupiah, or 19.23 percent to 775 rupiah amid talk of a stock split plan.

Technology firm Metrodata was also active after the company released its audited 1999 results and reported that it had returned to profit of 41.7 billion rupiah in 1999, compared with a loss of 78.9 billion in 1998.

"But we are still concerned with its management team," said an analyst at a foreign brokerage.

Metrodata ended down 25 rupiah or 1.8 percent to 1,375 rupiah. -Reuters