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Indonesia Bourse May Slip Back Beneath 6,300-Point Level On Wednesday

The Indonesia stock market has finished higher in four straight sessions, advancing almost 270 points or 4.5 percent along the way. The Jakarta Composite Index now rests just above the 6,305-point plateau although it may spin its wheels on Wednesday.

The global forecast for the Asian markets is mixed and flat, with profit taking expected following recent gains. The European markets were up and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

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

For the day, the index collected 16.38 points or 0.26 percent to finish at 6,305.99 after trading between 6,255.26 and 6,310.00.

Among the actives, Bank Danamon Indonesia skidded 1.46 percent, while Bank Mandiri added 0.32 percent, Bank Central Asia gained 0.51 percent, Bank Negara Indonesia dropped 1.15 percent, Indocement tumbled 2.14 percent, Semen Indonesia retreated 1.64 percent, Indofood Suskes spiked 2.17 percent, Unilever sank 0.78 percent, Bumi Resources soared 2.46 percent, Aneka Tambang jumped 1.92 percent, Vale Indonesia skyrocketed 4.64 percent, Timah surged 4.46 percent and Bank Rakyat Indonesia and Indosat were unchanged.

The lead from Wall Street is soft as stocks failed to sustain an initial move to the upside Tuesday, bouncing back and forth across the unchanged line before closing slightly lower.

The Dow shed 14.17 points or 0.05 percent to end at 26,048.51, while the NASDAQ lost 0.60 points or 0.01 percent to 7,822.57 and the S&P 500 fell 1.01 points or 0.03 percent to 2,885.72.

The initial strength on Wall Street reflected recent optimism for a potential interest rate cut by the Federal Reserve, with the central bank due to make its next monetary policy decision next week.

Buying interest waned shortly after the start of trading, however, inspiring traders to cash in on recent gains as they await further developments regarding the ongoing trade dispute between the U.S. and China.

Crude oil futures ended little changed on Tuesday as traders appeared to be waiting for a clear picture to emerge from the OPEC meeting scheduled June 25 in Vienna. West Texas Intermediate crude oil futures for July ended at $53.27 a barrel, up a penny from Monday's close.

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