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Win Streak May End For Indonesia Stock Market

The Indonesia stock market has climbed higher in three straight sessions, gaining more than 130 points or 2.1 percent along the way. The Jakarta Composite Index now rests just above the 6,385-point plateau although it may hand back those gains on Tuesday.

The global forecast for the Asian markets is mixed as many of the regional bourses are overbought and overdue for profit taking although the oil and technology stocks are expected to provide continued support. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.

The JCI finished modestly higher on Monday as gains from the resource stocks and telecoms were capped by weakness from the food and chemical companies, while the financials came in mixed.

For the day, the index jumped 31.67 points or 0.50 percent to finish at the daily high of 6,385.40 after moving as low as 6,349.04.

Among the actives, XL Axiata surged 6.64 percent, while Bank MNC Internasional plummeted 3.77 percent, Jasa Marga jumped 1.15 percent, Bank Pan Indonesia skidded 2.60 percent, Lotte Chemical shed 0.52 percent, Bank Danamon Indonesia collected 0.35 percent, Bank Mandiri climbed 1.28 percent, Bumi Resources added 0.68 percent, Astra Agro Lestari soared 2.70 percent, Indofood tumbled 2.96 percent and Vale Indonesia, Voksel Electric and Tiga Pilar Sejahtera Food were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a lackluster performance on Monday, lingering near the unchanged line before closing mixed.

The Dow shed 12.87 points or 0.05 percent to 25,283.00, while the NASDAQ climbed 20.83 points or 0.29 percent to 7,157.39 and the S&P 500 rose 4.56 points or 0.17 percent to 2,747.71.

The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets after the recent run to record highs. A lack of economic data also kept traders on the sidelines, while earnings season is also about to begin.

Oil service stocks showed a significant move to the upside, driving the Philadelphia Oil Service Index up by 1.9 percent. The strength came amid an increase by the price of crude oil, with crude for February delivery rising $0.29 to $61.73 a barrel.

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