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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank

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To: Thomas Sterner who wrote (9543)	5/19/1998 8:08:00 AM
From: Susan Saline	Read Replies (2) of 120523

INDO market rally IIT TLK PAP ------------------------------------------------------ Tuesday May 19, 2:09 am Eastern Time Jakarta stocks soar 6 pct after Suharto speech JAKARTA, May 19 (Reuters) - Jakarta stocks shot up just before the midday close on Tuesday after President Suharto addressed the nation, promising new elections in which he would not stand. He gave no timetable for the elections and said he would supervise the reform process. Brokers said the speech was received positively as indicating Suharto could step down gracefully after a transitional phase to guarantee stability. Shares linked to the Suharto family soared. The composite index ended its morning session 6.03 percent higher at 412.37 points. ''The statement from Suharto saying that he would not be renominated again for the presidency and his plan to make a 'Cabinet of Reformation' boosted buying sentiment,'' a broker said. Shares linked to Suharto family recovered sharply. Bimantara (BMTR.JK) was up 175 rupiah at 475 on 2.7 million shares traded, and Citra Marga (CMNP.JK) rose 100 rupiah to 475 on 988,000 shares traded. ''But we have to wait on the reaction from the students especially those at parliament,'' the broker added. One dealer said the market's positive reaction on the Suharto speech was premature as most students were demanding that Suharto go immediately. Thousands of students swarmed into Indonesia's parliament on Tuesday demanding President Suharto quit as parliamentary leaders met to discuss his fate. More than 5,000 students gathered at the parliamentary complex in central Jakarta and some climbed onto a wide second-floor balcony on the three-storey main building to unfurl banners saying ''Down with Suharto'' and ''We want reform.'' At Jakarta's stock exchange, troops guarded the building in preparation for another anti-Suharto protest due about noon. A group of Indonesian professionals said it planned a rally at the exchange to demand Suharto quit, but many feared it could turn violent with reports of pro-government supporters gathering nearby to oppose it. Trading was still thin with turnover of 41 billion rupiah. Some 79 stocks were traded with gainers leading losers 43 to 11.

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