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Indonesia Shares May Be Stuck In Neutral On Tuesday

The Indonesia stock market has finished higher in five straight sessions, advancing more than 165 points or 2.9 percent along the way. The Jakarta Composite Index now rests just above the 5,920-point plateau although the rally may stall on Tuesday.

The global forecast for the Asian markets is murky ahead of U.S. midterm elections later today as weakness from oil and technology stocks will likely cap any upside. The European and U.S. markets were mixed and little changed and the Asian bourses figure to open in similar fashion.

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

For the day, the index added 14.30 points or 0.24 percent to finish at 5,920.59 after trading between 5,886.21 and 5,926.63.

Among the actives, Lotte Chemical surged 4.55 percent, while Bank Pan Indonesia skidded 1.87 percent, Bukit Darmo Property dropped 1.67 percent, SLJ Global climbed 1.08 percent, XL Axiata added 0.48 percent, Jasa Marga shed 0.48 percent, Bank Danamon Indonesia collected 0.34 percent, Bank Central Asia gained 0.73 percent, Bank Mandiri lost 0.67 percent, Bank Negara Indonesia retreated 2.25 percent, Bank Rakyat fell 0.30 percent, Indocement advanced 0.72 percent, Semen Indonesia dipped 0.26 percent, Holcim Indonesia picked up 0.55 percent, Unilever Indonesia perked 0.82 percent, Indofood declined 0.83 percent, Aneka Tambang was down 0.72 percent, Vale Indonesia plunged 2.47 percent and Bumi Resources, Bank MNC Internasional and Indosat were unchanged.

The lead from Wall Street provides little clarity as stocks moved in opposite directions on Monday, with the Dow and the S&P 500 adding to last week's strong gains but the tech-heavy NASDAQ extending the sharp pullback seen last Friday.

The Dow added 190.87 points or 0.76 percent to 25,461.70, while the NASDAQ fell 28.14 points or 0.38 percent to 7,328.85 and the S&P 500 gained 15.25 points or 0.56 percent to 2,738.31.

A notable drop by Apple (AAPL) weighed on the NASDAQ after a report from Japan's Nikkei newspaper said demand for the company's iPhone XR appears to be disappointing.

Overall trading was subdued, with traders reluctant to make significant moves ahead of today's midterm elections, which will decide control of both the House and Senate. Democrats are seen as having a better chance to claim a majority in the House, which would allow them to hinder President Donald Trump's agenda.

The Federal Reserve's looming monetary policy announcement on Thursday also kept traders on the sidelines. While the Fed is widely expected to leave interest rates unchanged, traders will keep a close eye on the accompanying statement for clues about an expected rate hike in December.

Crude oil futures eased Monday, after having moved up earlier in the day as U.S. sanctions on Iranian oil and came into force. Crude oil futures for December ended down $0.04 or less than 0.1 percent at $63.10 a barrel.

Closer to home, Indonesia will provide Q3 numbers for gross domestic product later today; in the three months prior, GDP was up 4.21 percent on quarter and 5.27 percent on year.

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