Jakarta shares expected to decline

Indonesian shares are expected to fall as investors seek to lock in profits after weeks of strong gains, dealers said. "A healthy correction is possible as shares have strengthened," Ciptadana Securities head of sales John Teja said. "In the past two months the index had gone from 1,300 to more than 1,800."
Batavia Prosperindo head of research Suherman Santikno said commodity-related stocks seen as over-valued would bear the brunt of the selling.
Political factors related to July presidential elections could also weigh on sentiment, dealers said. "The support level will be at 1,650 and resistance at 1,780," Teja said. The Jakarta Composite Index shed 111.53 points to 1,750.91 during the week to May 15. The rupiah ended weaker at 10,460 to the dollar compared to 10,375 the week before.