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Overbought Indonesia Market Still Called To Open Higher

The Indonesia stock market has climbed higher in seven straight sessions, advancing more than 185 points or 3.3 percent along the way. The Jakarta Composite Index now rests just beneath the 5,940-point plateau and it has another firm lead for Thursday.

The global forecast is positive following the U.S. midterm elections. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.

The JCI finished modestly higher on Wednesday as gains from the resource stocks were offset by weakness from the cement stocks and a mixed picture from the financial sector.

For the day, the index picked up 15.96 points or 0.27 percent to finish at 5,939.89 after trading between 5,891.14 and 5,947.61.

Among the actives, XL Axiata tumbled 3.14 percent, while Voksel Electric jumped 1.61 percent, SLJ Global climbed 1.04 percent, Bukit Darmo Property plunged 3.28 percent, Bank Pan Indonesia shed 0.47 percent, Bank Danamon Indonesia perked 1.01 percent, Bank Central Asia skidded 1.23 percent, Bank Negara Indonesia collected 0.65 percent, Bank Rakyat Indonesia advanced 1.20 percent, Indosat fell 1.28 percent, Bumi Resources spiked 1.81 percent, Aneka Tambang soared 2.21 percent, Vale Indonesia accelerated 1.58 percent, Indocement lost 0.98 percent, Semen Indonesia eased 0.26 percent, Holcim Indonesia dipped 0.28 percent and Bank Mandiri, Lotte Chemical, Jasa Marga and Bank MNC Internasional were unchanged.

The lead from Wall Street is solid as stocks showed a significant move to the upside on Wednesday, adding to the gains posted in the previous session.

The Dow added 545.29 points or 2.13 percent to 26,180.30, while the NASDAQ jumped 194.79 points or 2.64 percent to 7,570.75 and the S&P gained 58.44 points or 2.12 percent to 2,813.89.

The rally on Wall Street came as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.

Democrats are projected to retake control of the House for the first time since 2010 - which will give them subpoena power, potentially leading to numerous investigations of President Donald Trump's administration.

Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.

Crude oil prices tumbled on Wednesday after data showed a seventh straight weekly rise in U.S. crude inventories. Crude oil futures for December were down $0.54 or 0.9 percent at $61.67 a barrel, the lowest settlement price in nearly eight months.

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