Indonesian share prices are expected to succumb to profit-taking in the coming week following recent strong gains, dealers said. Chances of a correction are high because of strong gains over the past two weeks. Some stocks are already overbought so I expect there will be profit-taking," said Adrian Rusmana, chief analyst at BNI Securities.
He said in the energy sector, Medco was expected to undergo a correction after a sharp rise Thursday following rumours it would set the price at around 4,000 rupiah a share for its secondary offering, well above current prices.
Medco's stock fell Friday after it announced it had set a price of 2,850 rupiah a share to raise a total of 300 million dollars.
For the week ending July 29, the Jakarta Stock Exchange composite index rose 10.057 points or 0.86 percent to 1,182.301.
Average volume stood at 2.19 billion shares worth 1.88 trillion rupiah (191.8 million dollars), compared to last week's 1.92 billion shares worth 1.43 trillion rupiah.
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