The Indonesian stock market is set for a rebound this week with investors focusing on selected telecoms and banking stocks seen undervalued at current levels, analysts said. "I expect a technical rebound to take place next week since some blue chips are already quite low and the rupiah remains steady," said Surya Securities analyst Hendra Bujang. Dealers would also focus on mining stocks but transactions would be short-term and speculative in nature, he said. David Ferdinandus, a director of Anugrah Indah Securities, said he expected investors to begin buying Telkom stocks ahead of the firm's annual shareholders meeting in June.
For the week to May 20, the Jakarta Stock Exchange composite index shed 11.161 points or 1.05 percent to 1,048.112.
Daily average volume totalled 1.19 billion shares worth 1.32 trillion rupiah (138.9 million dollars).
Comments
Comments are closed.