Moreover, the value of transactions on the Indonesia Stock Exchange was supported by a crossing of Matahari Department Store's (LPPF) shares at the price of IDR 10,850 (US $1.11), valued at IDR 14.66 trillion (US $1.5 billion), which was executed by local brokers UBS Securities Indonesia (AK) and CIMB Securities Indonesia (YU). The upward movement of the IHSG also implied a successful initial public offering (IPO) of Dyandra Media International (DYAN).

On Monday, Indonesia's main indicator ended at the level of 4,777.90, an 1.16 percent rise. Trade volume and total value of transactions both increased.

The IDR rupiah gained slightly influenced by the speculation that an agreement will be reached between Cyprus and Troika regaring the requirements surrounding the bailout. Market participants welcomed the idea that Cyprus would stay in the Euro-zone and would find a way to pay its debt. This news made the rupiah rise against the US dollar. The government of Cyrpus agreed to place a 25 percent tax on depositor accounts that contain over €100,000 to fund the €5.8 billion as a requirement to receive the €10 billion bailout package. Depositor accounts below €100,000 will not be charged.

Market participants are also awaiting the speeches of Federal Reserve governor Ben Bernanke and Bank of England governor Mervyn King at the London School of Economics.

Asian stock markets rose due to news from Cyprus. Despite the fact that China Petroleum & Chemical Corp. and China Construction Bank Corp. posted better than expected profits, China's stock market slipped as most of the telecommunication stocks fell.

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