Indonesian share prices are expected to see a further correction in the coming week as investors fret over an uncertain outlook for the US economy, dealers said Friday.
Heavy losses Friday, sparked by fresh concerns over the problems in the US housing market, rattled the region which has been running up record gains for months.
"I think a technical correction may continue next week after the index hit its highest level (earlier in the week) and the sharp fall of Wall Street," Lanang Trihardian from Erdikha Elit told AFP.
He said that the market might bounce back at the end of the week as big companies such as state-owned Telkom, Pegas and Antam would report strong first-half earnings.
For the week ending July 27, the Jakarta Stock Exchange composite index dropped 67.99 points or 2.87 percent to 2,298.41.
Daily average volume was 6.68 billion shares worth 5.58 trillion rupiah (607 million dollars).
Trihardian said that major stocks that have lost ground in the past few days such as Bank BRI and Telkom will be favoured in the coming week.
He said that the market might face resistance at 2,350 points, with the support level at 2,240. (*)
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