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Indonesia Stock Market Inherits Positive Lead

The Indonesia stock market on Thursday halted the six-day winning streak in which it had advanced more than 120 points or 2 percent. The Jakarta Composite Index now rests just above the 6,340-point plateau and it's tipped to open slightly higher on Friday.

The global forecast for the Asian markets is upbeat on optimism regarding trade and interest rates, The European and U.S. markets were slightly higher and the Asian bourses are predicted to open in similar fashion.

The JCI finished modestly lower on Thursday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index lost 39.78 points or 0.62 percent to finish at 6,342.17 after trading between 6,337.52 and 6,414.48.

Among the actives, Bank Danamon Indonesia spiked 2.12 percent, while Bank Central Asia skidded 1.31 percent, Bank Negara Indonesia tumbled 1.56 percent, Bank Rakyat Indonesia collected 0.71 percent, Indosat sank 2.88 percent, Indocement dipped 0.25 percent, Semen Indonesia soared 2.46 percent, Indofood Suskes plunged 2.58 percent, Bumi Resources plummeted 4.90 percent, Aneka Tambang shed 0.44 percent, Vale Indonesia fell 0.52 percent, Timah surged 2.51 percent and Bank Mandiri was unchanged.

The lead from Wall Street suggests mild upside as stocks fluctuated on Thursday but maintained a positive bias. The major averages once again ended the session at their best closing levels in over a month.

The Dow added 45.41 points or 0.17 percent to 27,182.45, while the NASDAQ gained 24.79 points or 0.30 percent to 8,194.47 and the S&P 500 rose 8.64 points or 0.29 percent to 3,0009.57.

Stocks fluctuated throughout much of the session as traders reacted to conflicting reports regarding an interim U.S.-China trade deal. Stocks showed a notable move to the upside on reports that Trump administration officials have discussed offering an interim trade agreement to China.

However, stocks ebbed after a senior White House official told CNBC the U.S. is "absolutely not" considering an interim trade deal. But the markets maintained a positive bias when Trump said he is temporarily delaying raising tariffs on $250 billion worth of Chinese imports.

Positive sentiment was also generated in reaction to the European Central Bank's monetary policy decision, with the ECB cutting rates and announcing a massive new bond-buying program.

Crude oil futures ended lower on Thursday, extending losses to a third straight session following a downward revision in OPEC's oil demand forecast and speculation that the U.S. may ease sanctions on Iran. West Texas Intermediate Crude oil futures for October ended down $0.66 or 1.2 percent at $55.09 a barrel.

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