Indonesian shares seen lower

Indonesian share prices are expected to head into a correction and post losses this week on profit-taking due to recent high stock price rises, dealers said. "Technically speaking, I expect many investors to perform profit-taking because many shares are already overbought," Surya Asset Management analyst Hendra Bujang said.
Bujang said investors still maintained concerns over Indonesia's security stability following the deaths of 21 people in last Saturday's twin bombings in Sulawesi province and unstable world oil prices.
However some selected blue chips - particularly telecom and banking stocks - remained attractive to dealers, he said.
For the trading week ending June 3, the Jakarta Stock Exchange composite index rose 31.007 points or 2.92 percent to 1,092.502.
Daily average volume totalled 2.43 billion shares worth 6.89 trillion rupiah (720.20 million dollars).