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Indonesia Bourse Tipped To Snap Losing Streak

The Indonesia stock market has finished lower in two straight sessions, sliding nearly 100 points or 1.6 percent along the way. The Jakarta Composite Index now rests just above the 6,165-point plateau although it may find support on Friday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The JCI finished modestly lower on Thursday following losses from the financial shares and a mixed performance from the resource companies.

For the day, the index lost 51.92 points or 0.84 percent to finish at 6,165.62 after trading between 6,119.42 and 6,235.64.

Among the actives, Bank Danamon Indonesia skidded 1.66 percent, while Bank Mandiri collected 0.36 percent, Bank Central Asia eased 0.16 percent, Bank Negara Indonesia climbed 1.33 percent, Bank Rakyat Indonesia plunged 3.85 percent, Indosat tumbled 1.76 percent, Indocement advanced 1.21 percent, Semen Indonesia gained 1.19 percent, Indofood Suskes retreated 1.59 percent, United Tractors sank 3.50 percent, Bumi Resources cratered 5.95 percent, Aneka Tambang shed 0.59 percent, Vale Indonesia added 1.11 percent and Timah lost 1.20 percent.

The lead from Wall Street is positive as stocks opened higher on Thursday, faded a bit as the day progressed but still finished firmly in the green.

The Dow added 182.24 points or 0.66 percent to 27,674.80, while the NASDAQ gained 23.89 points or 0.28 percent and the S&P 500 rose 8.40 points or 0.27 percent to 3,085.18.

The early strength on Wall Street followed signs of progress in U.S.-China trade talks after a spokesman for the Chinese Commerce Ministry said the U.S. and China have agreed to lift existing tariffs in phases.

In U.S. economic news, the Labor Department reported a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended November 2.

Crude oil prices moved higher on Thursday, rebounding smartly after suffering a setback in the previous session. West Texas Intermediate Crude oil futures for December ended up $0.80 or 1.4 percent at $57.15 a barrel.

Closer to home, Indonesia will release Q3 numbers for current account later today; in the three months prior, the current account reflected a deficit of $8.44 billion and the financial account had a surplus of $7.05 billion.

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