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Indonesia Bourse Tipped To Bounce Higher On Tuesday

The Indonesia stock market headed south again on Monday, one session after snapping the three-day slide in which it had stumbled more than 110 points or 1.9 percent. The Jakarta Composite Index now sits just above the 5,970-point plateau and it's expected to rebound on Tuesday.

The global forecast for the Asian markets is upbeat, although the upside may be limited since they've already had the chance to respond to most of the catalysts, while plummeting oil proves may also cap the gains. Most European markets were closed and the U.S. bourses were sharply higher and the Asian markets also figure to open in the green.

The JCI finished modestly lower on Monday following losses from the resource and cement stocks, while the financials came in mixed.

For the day, the index sank 41.17 points or 0.68 percent to finish at 5,970.29 after trading between 5,964.48 and 6,051.62.

Among the actives, Bank Danamon Indonesia soared 3.99 percent, while Bank CIMB Niaga climbed 1.46 percent, Bank Negara Indonesia jumped 1.32 percent, Bank Central Asia sank 1.12 percent, Bank Mandiri collected 0.40 percent, Bank Rakyat Indonesia plunged 2.10 percent, Indosat shed 0.39 percent, Indocement tanked 2.20 percent, Semen Indonesia retreated 1.20 percent, Indofood Suskes skidded 1.12 percent, United Tractors rose 0.11 percent, Aneka Tambang tumbled 1.79 percent, Vale Indonesia declined 1.12 percent, Timah plummeted 4.42 percent and Bumi Resources, Astra Agro Lestari, Energi Mega Persada and Astra International were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher and saw the gains accelerate at the session progressed.

The Dow climbed 373.98 points or 1.13 percent to finish at 33,527.19, while the NASDAQ jumped 225.49 points or 1.67 percent to end at 13,705.59 and the S&P 500 rallied 58.04 points or 1.44 percent to close at 4,077.91.

The rally on Wall Street came as traders finally had an opportunity to react to the much stronger than expected monthly jobs report, which was released while the markets were closed on Friday.

Stocks saw further upside when the Institute for Supply Management said its reading on activity in the service sector soared to an all-time high in March.

Crude oil prices sank sharply Monday, weighed down by the decision from major oil producers to increase production beginning in May. West Texas Intermediate Crude oil futures for May dropped $2.80 or 4.6 percent at $58.65 a barrel.

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