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Indonesia Stock Market Likely Rangebound On Thursday

The Indonesia stock market headed south again on Wednesday, one session after it had ended the three-day slide in which it had stumbled almost 115 points or 2 percent. The Jakarta Composite Index now rests just above the 6,215-point plateau and it's expected to see little movement again on Thursday.

The global forecast for the Asian markets is fairly rudderless amid a lack of catalysts as investors look for concrete details in a possible trade agreement between the United States and China. The European markets were slightly higher and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Wednesday following losses from the financials and food companies, while the resource stocks were mixed and the cement shares offered support.

For the day, the index lost 46.61 points or 0.74 percent to finish at 6,217.54 after trading between 6,198.50 and 6,274.29.

Among the actives, Bank Danamon Indonesia shed 0.24 percent, while Bank Mandiri tumbled 3.12 percent, Bank Central Asia dropped 1.02 percent, Bank Negara Indonesia skidded 2.91 percent, Bank Rakyat Indonesia plunged 3.26 percent, Indosat soared 4.26 percent, Indocement accelerated 2.99 percent, Semen Indonesia jumped 1.40 percent, Indofood Suskes retreated 1.56 percent, Aneka Tambang spiked 1.80 percent, Vale Indonesia lost 0.82 percent, Timah sank 1.78 percent and Bumi Resources was unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending mixed.

The Dow eased 0.07 points to end at 27,492.56, while the NASDAQ fell 24.05 points or 0.29 percent to 8,410.63 and the S&P rose 2.16 points or 0.07 percent to 3,076.78.

The choppy trading on Wall Street came as traders were reluctant to make significant moves amid uncertainty about the near-term outlook for the markets after the recent run to record highs.

Optimism about a potential U.S.-China trade deal contributed to the strength on Wall Street, but traders now seem to be looking for more concrete developments - limiting the upside.

In U.S. economic news, the Labor Department said labor productivity in the U.S. unexpectedly edged lower in the third quarter.

Crude oil prices drifted lower on Wednesday, snapping a three-day winning streak, after data showed a larger than expected increase in crude inventories last week. West Texas Intermediate Crude oil futures for December ended down $0.88 or 1.5 percent at $56.35 a barrel.

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