Indonesian shares are likely to rise due to the increase in oil price and improving market sentiment, dealers said on Friday. "I expect the market to go up next week," Ciptadana Securities analyst John Teja told AFP. "This is due to the increasing oil price. There is an anticipation that commodity shares will go up along with mining shares," he said.
Oil prices had surged in recent days in reaction to the hike in US petrol stocks and indications of production cuts by the Organisation of the Petroleum Exporting Countries. New York's main contract, light sweet crude for April delivery, reached 45.56 dollars a barrel Friday. Teja said that the market sentiment would improve so there would be more trading activity next week.
"Support level will be at 1,230 while resistance at 1,330," he said. In the week to February 27, the Jakarta Composite Index dropped 4.84 points to 1,285.48. The rupiah closed at 12,110 to the dollar compared to 12,100 the week before.
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