Jakarta – Indonesian share prices, which fell 1.6 percent this week, are expected to remain flat next week due to a lack of positive sentiment and the market's disappointment with the announcement of the winner of PT Astra International's bid, analysts said Friday.

"For next week, the market is trending sideways due to the lack of positive sentiments that could boost it up," Trimegah Securities institutional sales representative, Voni Juwono, told AFP.

She said the Indonesian Bank Restructuring Agency (IBRA) decision to name Cycle and Carriage Ltd as the winner of an open bidding process for the government's 40 percent stake in PT Astra International – at 3,700 rupiah per share – has "disappointed a lot of people."

"A lot of my clients were disappointed with the bidding price of 3,700 rupiah since they had expected it would reach 4,000 rupiah," she said.

Another dealer with a local brokerage said the market was "under selling pressure" during afternoon trade following rumors the offer price of the bidding would be lower than 4,000 rupiah. "The selling pressure on Astra also prompted selling pressure in other big cap stocks including cigarette stocks," he said, adding there was little support from regional markets which were trading only slightly positively

The Jakarta Stock Exchange composite index dropped 9.379 percent, or 1.6 percent, during the week to close at 581.473. The week's daily transactions stood at an average of 471.24 million shares worth 80.93 million dollars, compared to last week's average of 441.76 million shares worth 82.8 million dollars. The rupiah slightly weakened to close the week at 7,445-7,450 against the dollar compared to 7,435-7,440 against the greenback last week.

State telephone operator Telkom closed the week down 125 rupiah at 3,600 rupiah while satelitte operator Indosat also lost 175 rupiah at 12,575 rupiah. Cigarette makers Gudang Garam and rival H.M Sampoerna ended the week losing 225 rupiah each at 14,575 and 13,075 rupiah respectively.

Astra International ended the week down 125 rupiah at 3,650 rupiah compared to 3,775 rupiah the previous week. Astra Graphia was up 25 rupiah at 1,000 rupiah, off a low of 950 rupiah, following reports it has signed a memorandum of understanding to form a joint venture company with a Singapore firm.