Indonesian share prices are likely to trade unchanged or drift lower in the coming week due to concerns over oil prices, dealers said Friday. "The main risk faced not only by us but all countries all over the world is the rising oil price," Batavia Prosperindo analyst Suherman Santikno told AFP.
New York's main oil futures contract, light sweet crude for August delivery, was at 145.26 dollars a barrel from a record close of 145.29 dollars on Thursday at the New York Mercantile Exchange.
For the week ending July 4, the Jakarta Stock Exchange composite index dropped 17.37 points or 0.7 percent Daily average volume totalled 3.09 billion shares valued at 4.9 billion rupiah (539 million dollars). Santikno said investors would continue to favour commodity shares such as tin, coal and palm oil stocks.
The market could test resistance at 2400, with support at 2300, he said. At the close of trade Friday, the rupiah was trading at 9,215 to the dollar.
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