The Indonesian stock market will remain volatile on concerns over soaring global oil prices and fears of unrest caused by a planned fuel price hike at home, an analyst said on Friday.
Global crude oil prices hit an all-time high above 135 dollars per barrel Thursday on concerns that supplies will not meet demand. "There is a big uncertainty over the rising global oil prices and the fact that the government hasn't announced the fuel hike yet," Batavia Prosperindo analyst Suherman Santikno told AFP.
The government is set to raise fuel prices by nearly 30 percent but has yet to give a date for the decision's implementation. For the week ending May 23, the composite index dropped 288 points or 0.1 percent to finish at 2,465.96. Daily average volume was 5.65 billion shares valued at 6.64 trillion rupiah (710.48 million dollars).
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