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Indonesia Bourse May Extend Winning Streak

The Indonesia stock market has tracked higher in back-to-back sessions, gathering almost 60 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 6,410-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat in surging crude oil prices and renewed optimism for the outlook on interest rates. The European markets were down and the U.S. bourses were up - and the Asian markets also figure to open higher.

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

For the day, the index added 22.36 points or 0.35 percent to finish at 6,410.68 after trading between 6,393.19 and 6,412.82.

Among the actives, Bank Danamon Indonesia shed 0.22 percent, while Bank Mandiri collected 0.63 percent, Bank Rakyat Indonesia climbed 1.36 percent, Indosat surged 7.60 percent, Indocement advanced 1.15 percent, Semen Indonesia gained 1.01 percent, Indofood Suskes rose 0.73 percent, Aneka Tambang lost 0.61 percent, Vale Indonesia tumbled 1.68 percent, Timah fell 0.48 percent and Bumi Resources, Bank Central Asia and Bank Negara Indonesia were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday, gave ground in the afternoon but still finished in the green.

The Dow added 76.71 points or 0.29 percent to 26,860.20, while the NASDAQ gained 60.80 points or 0.75 percent to 8,202.53 and the S&P 500 rose 13.44 points or 0.45 percent to 2,993.07.

Early buying interest was generated by Federal Reserve Chairman Jerome Powell's remarks before the House Financial Services Committee. Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.

Powell's comments led to renewed optimism about a potential rate cut by the Fed at its next meeting later this month. Mirroring Powell's remarks, the minutes of the central bank's June meeting released later in the day said many participants believe the case for lowering interest rates has strengthened.

Crude oil prices rose sharply Wednesday after data showed a larger than expected decline in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for August ended up $2.60 or 4.5 percent at $60.43 a barrel, a seven-week high.

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