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Renewed Support Expected For Indonesia Shares

Ahead of Tuesday's holiday, the Indonesia stock market had snapped the two-day winning streak in which it had advanced almost 170 points or 2.9 percent. The Jakarta Composite Index now rests just above the 5,830-point plateau, and it's tipped to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Monday as losses from the financial shares were mitigated by support from the resource stocks.

For the day, the index sank 20.35 points or 0.35 percent to finish at 5,831.12 after trading between 5,776.02 and 5,840.87. There were 214 decliners and 163 gainers, with 119 stocks finishing unchanged.

Among the actives, Vale Indonesia surged 4.04 percent, while Bumi Resources climbed 1.90 percent, Voksel Electric skidded 1.10 percent, Bank Pan Indonesia jumped 1.74 percent, Jasa Marga tumbled 3.33 percent, Lotte Chemical retreated 2.13 percent, SLJ Global plunged 4.46 percent, Bank Central Asia shed 0.40 percent, Bank Mandiri lost 0.75 percent, Bank Danamon Indonesia collected 0.38 percent, Bank Negara Indonesia dropped 1.02 percent, Bank Rakyat Indonesia retreated 1.98 percent, Indosat fell 0.34 percent and Bank MNC Internasional and Aneka Tambang were unchanged.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

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