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Indonesia Bourse May Extend Monday's Gains

The Indonesia stock market has tracked higher in consecutive trading days, gathering almost 75 points or 1.3 percent along the way. The Jakarta Composite Index now rests just beneath the 5,915-point plateau and it's looking at a green light again on Tuesday.

The global forecast for the Asian markets is upbeat thanks to solid economic data, although a decline in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The JCI finished modestly higher on Monday following mixed performances from the financial shares and the resource stocks.

For the day, the index picked up 13.18 points or 0.22 percent to finish at 5,914.03 after trading between 5,909.11 and 5,936.14. There were 183 decliners and 142 gainers, with 119 stocks finishing unchanged.

Among the actives, Bumi Resources plummeted 13.07 percent, while Vale Indonesia added 0.39 percent, Lotte Chemical spiked 2.42 percent, Bank MNC Internasional skidded 1.96 percent, Jasa Marga climbed 1.34 percent, XL Axiata tumbled 1.07 percent, Bank Pan Indonesia shed 0.88 percent, Bank Danamon Indonesia advanced 2.40 percent, Bank Mandiri fell 0.37 percent and Tiga Pilar Sejahtera Food lost 0.54 percent.

The lead from Wall Street is positive as stocks moved higher on Monday, adding to recent gains and setting fresh record closing highs.

The Dow added 152.51 points or 0.68 percent to 22,557.60, while the NASDAQ rose 20.76 points or 0.32 percent to 6,516.72 and the S&P climbed 9.76 points or 0.39 percent to 2,529.12.

In economic news, the Institute for Supply Management saw an unexpected acceleration in growth in manufacturing activity in September. Also, the Commerce Department said construction spending in the U.S. increased by more than expected in August.

Crude oil futures tumbled Monday as the U.S. dollar continued to strengthen. Also, a report said OPEC compliance with its supply quota plan has dropped to 86 percent. WTI light sweet crude oil was down $1.24 to $50.43 a barrel.

by RTT Staff Writer

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