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The surging price of crude oil may provide fuel for a rally in Indonesian stocks this week, analysts said.

Crude oil rose to nearly $80 a barrel on Friday, and gained 7.7 percent for the week, which is likely to boost demand for domestic commodity-related stocks, they said.

However, they cautioned that any rally would likely be limited by profit-taking, especially among short-term traders.

The Jakarta Composite Index fell for a second-straight day on Friday, closing down 0.2 percent at 2,554.4.

The JCI gained 0.8 percent on the week as rising commodity prices spurred demand for shares in mining and plantation companies, and strong earnings reports from lenders boosted demand for banking shares.

Purwoko Sartono, an analyst at PT Panin Sekuritas, said selling pressure created by the Greek debt crisis had eased by Friday.

Foreign investors were net buyers by Rp 2.2 trillion ($235.4 million) last week, while domestic investors were net sellers by the same amount, according to data from the Indonesia Stock Exchange (IDX).

IDX data showed that coal miners, especially PT Bumi Resources and PT Adaro Energy, and oil and gas producer PT Energi Mega Persada were the most heavily traded shares.

Edwin Sinaga, an analyst from PT Financorpindo Nusa, said any rally this week would likely lead to profit-taking by short-term traders.

Regional markets are expected to enjoy positive sentiment this week after US indexes posted their biggest weekly gain since November last week on lower-than-expected US inflation figures. Yohanes Obor