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Renewed Support Expected For Indonesia Bourse

The Indonesia stock market on Tuesday halted the five-day winning streak in which it had advanced more than 240 points or 3.8 percent. Coming down from a record closing high, the Jakarta Composite Index now rests just beneath the 6,340-point plateau although it may bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat thanks to optimism about the outlook for the markets and the economy going into the new year. The European markets were down and the U.S. markets were up and the Asian bourses figure to follow the latter lead.

The JCI finished modestly lower on Tuesday following mixed performances from the food, finance and resource stocks.

For the day, the index shed 16.42 points or 0.26 percent to finish at 6,339.24 after trading between 6,326.09 and 6,445.91.

Among the actives, Bumi Resources shed 0.74 percent, while Vale Indonesia surged 4.84 percent, Voksel Electric plummeted 8.33 percent, XL Axiata tumbled 2.70 percent, Jasa Marga skidded 1.95 percent, Tiga Pilar Sejahtera added 0.42 percent, Indofood dropped 0.98 percent, Bank Danamon Indonesia jumped 2.16 percent, Bank Mandiri dropped 1.88 percent, Indocement spiked 4.78 percent, Astra Agro Lestari advanced 0.95 percent and Bank MNC Internasional and Bank Pan Indonesia were unchanged.

The lead from Wall Street is positive as stocks showed an early move to the upside Tuesday and stayed that way throughout the session.

The Dow added 104.79 points or 0.42 percent to 24,824.01, while the NASDAQ surged 103.51 points or 1.50 percent to 7,006.90 and the S&P gained 22.20 points or 0.83 percent to 2,695.81.

Trading activity was subdued, however, with a lack of major U.S. economic data keeping traders on the sidelines.

The economic calendar for the week starts off relatively quiet, although the closely watched monthly jobs report is likely to attract considerable attention on Friday.

Crude oil futures were flat Tuesday, holding near the highest in more than two years as a spate of ultra-cold weather may drive demand for heating oil and other energy products. February WTI oil fell 5 cents or 0.1 percent to $60.37/bbl.

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