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Indonesia Bourse Tipped To Snap Losing Streak

(RTTNews) - The Indonesia stock market finished lower in back-to-back trading days, falling more than 90 points or 1.5 percent along the way. The Jakarta Composite Index now rests just above the 6,365-point plateau and it's expected to rebound on Tuesday.

The global forecast for the Asian markets is firm thanks to solid economic data, rising oil prices and expected bargain hunting. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The JCI finished modestly lower on Monday following losses from the financial shares and a mixed picture from the resource stocks.

For the day, the index sank 16.63 points or 0.26 percent to finish at 6,366.43 after trading between 6,366.04 and 6,420.78.

Among the actives, Indocement tumbled 2.19 percent, while Semen Indonesia added 0.40 percent, United Tractors spiked 2.59 percent, Indofood Suskes skidded 1.38 percent, Unilever Indonesia gained 0.68 percent, Kalbe Farma shed 0.33 percent, Bank Danamon Indonesia plunged 3.90 percent, Bank Central Asia climbed 1.10 percent, Bank Mandiri retreated 1.45 percent, Bank Negara Indonesia lost 0.86 percent, Indosat plummeted 3.53 percent, Bumi Resources cratered 7.04 percent, Aneka Tambang rose 0.51 percent, Vale Indonesia declined 1.764 percent, Timah jumped 1.50 percent and Bank Rakyat Indonesia was unchanged.

The lead from Wall Street is broadly positive thanks to bargain hunting after a rough couple of sessions. The major averages opened in the green on Monday and stayed there throughout the session.

The Dow added 200.64 points or 0.79 percent to 25,650.88, while the NASDAQ spiked 149.92 points or 2.02 percent to 7,558.06 and the S&P 500 jumped 40.23 points or 1.47 percent to 2,783.30.

The rally on Wall Street came following a report from the Commerce Department showing an unexpected uptick in U.S. retail sales in January. The Commerce Department also noted business inventories increased as expected in December.

But the upside for the Dow was limited by a big drop in shares of Boeing, with the aerospace giant slumping 5.3 percent. Boeing came under pressure following the crash of Ethiopian Airlines Flight 302, which was the second crash in five months involving the company's 737 Max 8 model.

Crude oil prices moved higher on Monday, lifted by reports that Saudi Arabia will extend output cuts. West Texas Intermediate Crude futures for April ended up $0.72 or 1.3 percent at $56.79 a barrel.
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