Jakarta shares finished at a record closing high on Wednesday, but some analysts said profit taking could soon kick in.
The composite index finished 0.41 percent higher at 814.20 points in heavy turnover estimated at 2.05 trillion rupiah ($237 million). Gainers outnumbered losers 64 to 62 while 78 shares were unchanged.
During the day the market booked another record intraday high of 824.51 points.
"Some foreigners still seem to be buying shares. But I think the market should face a correction and profit taking tomorrow," a local dealer said.
The Jakarta index has gained more than five percent in the past four trading days.
Trevor Gasman, an analyst at Samuel Sekuritas Indonesia, said some shares that had been left behind from the recent upsurge in the market started to catch up during the day.
Among the gainers were Indonesia's second largest telecommunications firm, PT Indonesian Satellite Corp Tbk, which rose 5.85 percent to 4,525 rupiah.
Some banking shares ended in positive territory such as the country's largest bank PT Bank Mandiri Tbk and the third largest, PT Bank Central Asia Tbk.
Mandiri gained 3.33 percent to 1,550 rupiah while BCA rose a similar rate to 4,000 rupiah.
"The index closed only three points higher. I think the upward momentum has started to slow down," Gasman said.
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