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Indonesia Bourse Expected To Remain Rangebound

The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had stumbled almost 65 points or 1.2 percent. The Jakarta Composite Index now rests just above the 4,900-point plateau although it figures to move higher again on Tuesday.

The global forecast for the Asian markets is upbeat as hopes for a solid economic recovery outweighed a rising number of coronavirus cases worldwide. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The JCI finished barely lower on Monday following losses from the cement companies and mixed performances from the financial shares and resource stocks.

For the day, the index eased 2.27 points or 0.05 percent to finish at 4,901.82 after trading between 4,862.04 and 4,909.91.

Among the actives, Bank Danamon Indonesia collected 0.37 percent, while Bank Mandiri skidded 1.20 percent, Bank Central Asia added 0.53 percent, Bank Negara Indonesia rose 0.22 percent, Indosat tumbled 2.46 percent, Indocement retreated 1.88 percent, Semen Indonesia eased 0.26 percent, Indofood Suskes climbed 1.12 percent, United Tractors jumped 1.37 percent, Aneka Tambang sank 1.65 percent, Vale Indonesia fell 0.36 percent, Timah advanced 0.84 percent, Perusahaan Gas gained 1.32 percent and Bumi Resources was unchanged.

The lead from Wall Street is broadly positive as stocks shook off a soft open Monday to move solidly into the green, offsetting losses from the previous session.

The Dow surged 580 points or 2.32 percent to finish at 25,595.80, while the NASDAQ spiked 116.93 points or 1.20 percent to end at 9,874.15 and the S&P 500 soared 44.19 points or 1.47 percent to close at 3,053.24.

The soft open on Wall Street was in response to rising numbers of new cases of coronavirus in the U.S. and several other parts across the globe. Data from Johns Hopkins University showed the number of coronavirus cases worldwide has surpassed 10 million, while the global death toll from the pandemic rose to more than 500,000.

But the markets rebounded when the National Association of Realtors said that pending home sales in the United States surged a record 44.3 percent in May. Also, the Dallas Fed's manufacturing index fell less than expected, further stoking optimism for economic recovery.

Crude oil prices climbed higher Monday despite concerns about the outlook for energy demand amid the spike in the virus. West Texas Intermediate crude futures for August ended up $1.21 or 3.1 percent at $39.70 a barrel.

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