The Indonesian stock market is expected to undergo a correction in the coming week after rising more than five percent this week, analysts said Friday.
"For next week, a technical correction will most likely to take place since the market has broken several trading day records this week," said Mandiri Sekuritas analyst Arwani Pranajaya.
For the trading week ended April 21, the Jakarta Stock Exchange index rose 77.166 points, or 5.5 percent, to finish at 1,459.288.
Daily average volume totalled 2.96 billion shares valued at 271 trillion rupiah (304.15 million dollars). Pranajaya said the market outlook remains positive since foreign investors remained net buyers this week.
The market will likely extend its technical correction with strong support seen at 1,400 points, he said, adding that mining and property stocks would remain attractive for dealers.