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Win Streak Likely To End For Indonesia Stock Market

The Indonesia stock market has finished higher in three straight sessions, climbing almost 85 points or 1.4 percent along the way. The Jakarta Composite Index now rests just above the 6,035-point plateau, although investors figure to cash in on Thursday.

The global forecast for the Asian markets is flat to lower, thanks to concerns of violence in the Middle East and a decline in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.

The JCI finished modestly higher on Wednesday as gains from the financials were capped by weakness from the resource stocks.

For the day, the index climbed 35.03 points or 0.58 percent to finish at 6,035.51 after trading between 6,001.09 and 6,044.33.

Among the actives, Bank Danamon surged 8.25 percent, while Jasa Marga tumbled 2.33 percent, Bank MNC Internasional dropped 1.96 percent, Lotte Chemical skidded 1.76 percent, Bumi Resources plummeted 5.11 percent, Vale Indonesia fell 0.37 percent, Tiga Sejahtera Food retreated 1.62 percent, XL Axiata shed 1.00 percent, Bank Pan Indonesia lost 0.42 percent and Bank Mandiri, Voksel Electric and Indo-Rama Synthetics were unchanged.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Wednesday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ added 14.16 points or 0.21 percent to 6,776.38, while the Dow shed 39.73 points or 0.16 percent to 24,140.91 and the S&P 500 fell 0.30 points or 0.01 percent to 2,629.27.

The choppy trading came as traders expressed uncertainty about the economic impact of the Republican tax reform plan.

Concerns about the possibility of violence in the Middle East also weighed on the markets as President Donald Trump announced he is officially recognizing Jerusalem as the capital of Israel.

In economic news, payroll processor ADP noted a slightly bigger than expected increase in private sector employment. Also, the Labor Department saw a significant increase in labor productivity in the third quarter.

Crude oil futures plunged Wednesday, extending recent losses after official data confirmed a huge build in U.S. gasoline supplies. WTI light sweet crude oil for January was down $1.66 or 2.9 percent to $55.96 a barrel.

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