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Indonesia Stock Market Inherits Firm Lead

The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had climbed almost 90 points or 1.6 percent. The Jakarta Composite Index now rests just above the 5,800-point plateau and it's called higher again on Wednesday.

The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil prices. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The JCI finished sharply higher on Tuesday following gains from the financial shares and a mixed bag from the resource stocks.

For the day, the index jumped 73.56 points or 1.28 percent to finish at the daily high of 5,800.82 after moving as low as 5,719.51. There were 199 gainers and 193 decliners, with 112 stocks finishing unchanged.

Among the actives, Voksel Electric spiked 3.35 percent, while Bukit Darmo Property plunged 3.12 percent, Lotte Chemical skidded 1.16 percent, XL Axiata climbed 1.09 percent, Jasa Marga accelerated 1.86 percent, SLJ Global dropped 1.03 percent, Bank Pan Indonesia shed 0.91 percent, Bank Danamon Indonesia soared 3.61 percent, Bank Central Asia advanced 1.05 percent, Bank Mandiri jumped 1.96 percent, Bank Negara Indonesia collected 2.84 percent, Indosat tumbled 2.96 percent, Bumi Resources added 0.56 percent, Aneka Tambang shed 0.65 percent, Perusahaan Gas surged 7.84 percent, Vale Indonesia plummeted 3.38 percent and Bank MNC Internasional and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, offsetting the losses from the previous session.

The Dow jumped 547.87 points or 2.17 percent to 25,798.42, while the NASDAQ spiked 214.75 points or 2.89 percent to 7,645.49 and the S&P jumped 59.13 points or 2.15 percent to 2,809.92.

The rally on Wall Street followed upbeat earnings news from several big-name companies, including Johnson & Johnson (JNJ), UnitedHealth (UNH), Goldman Sachs (GS) and Morgan Stanley (MS).

Buying interest was also generated by positive economic data, including a report from the Federal Reserve showing industrial production increased in line with estimates in September. Also, the National Association of Home Builders noted an unexpected uptick in homebuilder confidence in October.

Crude oil futures were slightly higher on Tuesday on reports that Iranian crude exports dropped in the first two weeks of October. Crude oil futures for November ended up $0.14 or 0.2 percent at $71.92 a barrel.

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