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Indonesia Markey May Test Resistance At 6,300 Points

The Indonesia stock market on Monday snapped the two-day slide in which it had given away more than 90 points or 1.5 percent. The Jakarta Composite Index now rests just above the 6,285-point plateau and it's expected to open in the green again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic as easing geopolitical concerns were offset by sliding oil prices. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to split the difference.

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

For the day, the index advanced 16.42 points or 0.26 percent to finish at 6,286.75 after trading between 6,262.24 and 6,305.03. There were 183 decliners and 181 gainers, with 122 stocks finishing unchanged.

Among the actives, Tiga Pilar Sejahtera Food soared 2.44 percent, while Bukit Darmo Property tumbled 2.02 percent, Voksel Electric skidded 1.92 percent, Bank MNC Internasional dropped 1.89 percent, XL Axiata jumped 1.15 percent, SLJ Global shed 0.61 percent, Jasa Marga added 0.43 percent, Bank Danamon Indonesia climbed 1.11 percent, Bank Mandiri collected 0.62 percent, Vale Indonesia gained 0.62 percent, Indofood dipped 0.35 percent and Bumi Resources, Bank Pan Indonesia and Lotte Chemical were unchanged.

The lead from Wall Street is positive as stocks moved higher on Monday, reacting to positive earnings and economic news while extending last week's gains.

The Dow added 212.90 points or 0.87 percent to 24,573.04, while the NASDAQ gained 49.63 points or 0.70 percent to 7,156.28 and the S&P climbed 21.54 points or 0.81 percent to 2,677.84.

The strength reflected a positive reaction to earnings news from financial giant Bank of America (BAC), which beat Q1 forecasts.

In economic news, the Commerce Department noted stronger than expected retail sales growth in March. Also, the National Association of Home Builders saw a modest drop in homebuilder confidence in April.

Stocks remained positive in the afternoon after President Donald Trump said he intends to nominate Richard Clarida as Federal Reserve Vice Chairman.

Crude oil prices fell Monday after data showed the shale sector is expected to rise by 125,000 barrels a day in May. June WTI oil settled at $66.22/bbl on Nymex, down $1.17 or 1.7 percent. Prices tumbled from last week's three-year peak.

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