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Indonesia Bourse May Test Resistance At 6,300 Points

The Indonesia stock market moved higher again on Wednesday, one session after it had ended the three-day winning streak in which it had advanced almost 110 points or 1.7 percent. The Jakarta Composite Index now rests just above the 6,270-point plateau and it's expected to see continued support on Thursday.

The global forecast for the Asian markets is firm on continued trade optimism and surging crude oil prices. The European and U.S. markets were higher and the Asian bourses are tipped to open in slimier fashion.

The JCI finished slightly higher on Wednesday as gains from the telecoms and resource stocks were sapped by weakness from the cement companies and a mixed picture from the financials.

For the day, the index added 9.39 points or 0.15 percent to finish at 6,272.24 after trading between 6,265.33 and 6,311.58.

Among the actives, Indosat skyrocketed 24.65 percent, while Bumi Resources soared 2.90 percent, Aneka Tambang surged 2.63 percent, Vale Indonesia gained 0.62 percent, Indocement skidded 1.29 percent, Semen Indonesia shed 0.88 percent, Holcim Indonesia tumbled 2.10 percent, United Tractors jumped 2.18 percent, Indofood Suskes added 0.34 percent, Unilever Indonesia plunged 2.85 percent, Bank Danamon Indonesia dropped 1.51 percent, Bank Central Asia collected 0.29 percent, Bank Mandiri accelerated 3.06 percent and Bank Negara Indonesia fell 0.56 percent.

The lead from Wall Street is upbeat as stocks fluctuated on Wednesday but still finished higher, extending gains for a fourth consecutive session.

The Dow added 91.67 points or 0.39 percent to 23,879.12, while the NASDAQ gained 60.08 points or 0.87 percent to 6,957.08 and the S&P was up 10.55 points or 0.41 percent to 2,584.96.

The markets continued to benefit from optimism about a potential trade deal between the U.S. and China after talks between U.S. and Chinese officials were extended to a third day. Traders remain hopeful the U.S. and China will reach a long-term agreement before a March 1 deadline.

Stocks remained positive after the minutes of the latest Federal Reserve meeting confirmed Fed Chairman Jerome Powell's recent remarks suggesting the central bank will take a patient approach to further interest rate increases.

Crude oil prices rose sharply Wednesday, extending gains to an eighth straight session amid easing concerns about energy demand. Crude oil futures for February ended up $2.58 or 5.2 percent at $52.36 a barrel.

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