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Soft Start Seen For Indonesia Stock Market

The Indonesia stock market on Wednesday wrote a finish to the two-day winning streak in which it had advanced almost 100 points or 1.6 percent. The Jakarta Composite Index now rests just above the 6,130 point plateau and it's predicted to open in the red again on Thursday.

The global forecast for the Asian markets is flat to lower, thanks to a decline in crude oil prices. The European markets were down and the U.S. markets were closed and the Asian bourses are tipped to open slightly lower on Thursday.

The JCI finished modestly lower on Wednesday following losses from the financial shares and a mixed picture from the resource stocks.

For the day, the index shed 19.74 points or 0.32 percent to finish at the daily high of 6,133.12 after moving as low as 6,064.83.

Among the actives, Bumi Resources skidded 2.86 percent, while Aneka Tambang surged 4.23 percent, Vale Indonesia dropped 2.45 percent, Indocement added 0.89 percent, United Tractors shed 0.34 percent, Indofood Suskes lost 0.75 percent, Unilever Indonesia fell 0.57 percent, Bank Danamon Indonesia retreated 1.32 percent, Bank Central Asia eased 0.19 percent, Bank Mandiri declined 0.98 percent, Bank Rakyat Indonesia was down 1.62 percent, Indosat tumbled 1.97 percent and Semen Indonesia was unchanged.

There is no lead from Wall Street as the major averages were closed Wednesday for the funeral of former President George H.W. Bush, who died Nov. 30.

In economic news, the Federal Reserve released its Beige Book and most of the twelve Fed districts reported that their economies expanded at a modest or moderate pace from mid-October through late November.

The release of the Beige Book comes as the Fed is widely expected to raise interest rates by a quarter point at its next monetary policy meeting later this month.

Crude oil futures failed to hold earlier gains and settled lower on Wednesday, with traders weighing the prospects of future demand. Crude oil futures for January ended down $0.36 or 0.7 percent at $52.89 a barrel.

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