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Indonesia Stock Market Draws Positive Lead

The Indonesia stock market on Wednesday halted the three-day losing streak in which it had stumbled more than 100 points or 1.7 percent. The Jakarta Composite Index now rests just above the 6,375-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets suggests mild upside on sound economic data and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The JCI finished modestly higher on Wednesday as gains from the cement and financial stocks were capped by weakness from the resource plays.

For the day, the index picked up 23.80 points or 0.37 percent to finish at the daily high of 6,377.58 after sliding as low as 6,337.87.

Among the actives, Indocement added 0.27 percent, while Semen Indonesia spiked 2.63 percent, United Tractors eased 0.19 percent, Indofood Suskes climbed 1.06 percent, Unilever Indonesia jumped 1.94 percent, Bank Danamon Indonesia soared 2.67 percent, Bank Mandiri collected 0.37 percent, Bank Negara Indonesia added 0.29 percent, Bank Rakyat Indonesia sank 0.78 percent, Indosat surged 4.87 percent, Bumi Resources shed 0.77 percent, Aneka Tambang fell 0.52 percent, Timah picked up 0.79 percent and Vale Indonesia was unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday. The major averages gave ground as the day progressed but still finished firmly in the green.

The Dow added 148.23 points or 0.58 percent to 25,702.89, while the NASDAQ gained 52.37 points or 0.69 percent to 7,643.41 and the S&P 500 rose 19.40 points or 0.69 percent to 2,810.92.

The strength on Wall Street reflected a positive reaction to a Commerce Department report showing an unexpected increase in durable goods orders in January. Also, the Labor Department noted a modest increase in producer prices in February.

Oil prices rallied sharply on Wednesday after data showed U.S. crude inventories dropped last week. West Texas Intermediate Crude oil futures for April ended up $1.39 or 2.4 percent at $58.26 a barrel, the highest settlement in four months.

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