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Indonesia Shares Likely To Be Rangebound On Wednesday

The Indonesia stock market on Tuesday ended the two-day slide in which it had stumbled almost 25 points or 0.4 percent. The Jakarta Composite Index now rests just beneath the 6,390-point plateau and it's looking at a steady start on Wednesday.

The global forecast for the Asian markets is mixed and flat on concerns over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly higher on Tuesday following gains from the cement stocks and resource companies.

For the day, the index rose 36.50 points or 0.57 percent to finish at the daily high of 6,388.32 after moving as low as 6,351.42.

Among the actives, Indocement soared 4.32 percent, while Semen Indonesia jumped 1.64 percent, Indofood Suskes dropped 1.08 percent, United Tractors perked 1.47 percent, Vale Indonesia spiked 2.06 percent, Timah rose 0.48 percent, Astra Agro Lestari accelerated 2.15 percent, Bank Rakyat Indonesia shed 0.66 percent and Aneka Tambang was unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened lower on Tuesday but recovered to finish mixed.

The Dow shed 22.65 points or 0.08 percent to 26,783.49, while the NASDAQ added 43.35 points or 0.54 percent to 8,141.73 and the S&P 500 rose 3.68 points or 0.12 percent to 2,979.63.

Traders seemed reluctant to make significant moves ahead of Congressional testimony by Federal Reserve Chairman Jerome Powell later today. The Fed chief is not likely to specifically lay out the central bank's plans to lawmakers, but traders will analyze his comments for clues about the outlook for rates.

Wednesday will also see the release of the minutes of the Fed's last monetary policy meeting, which may shed additional light on the central bank's decision to make notable changes to its accompanying statement.

Crude oil futures settled higher Tuesday as traders weighed crude demand and supply prospects ahead of weekly inventory data. West Texas Intermediate Crude oil futures for August ended up $0.17 or 0.3 percent at $57.83 a barrel.

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