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Rally May Stall For Indonesia Stock Market

The Indonesia stock market has climbed higher in back-to-back trading days, advancing almost 180 points or 3 percent along the way. The Jakarta Composite Index now rests just above the 6,130-point plateau although it may be stuck in neutral on Tuesday.

The global forecast for the Asian markets is negative as soft data stoked fears for the health of the world economy. The European and U.S. markets were down and the Asian bourses are predicted to open in similar fashion.

The JCI finished sharply higher on Monday following gains from the financial shares, cement companies and resource stocks.

For the day, the index soared 118.23 points or 1.97 percent to finish at the daily high of 6,130.06 after trading as low as 6,023.01.

Among the actives, Bank Danamon Indonesia spiked 2.17 percent, while Bank Mandiri jumped 1.79 percent, Bank Central Asia accelerated 2.31 percent, Bank Negara Indonesia collected 0.67 percent, Bank Rakyat Indonesia jumped 2.93 percent, Indosat soared 5.24 percent, Indocement gained 3.99 percent, Semen Indonesia rose 0.87 percent, Indofood Suskes added 0.63 percent, Bumi Resources skyrocketed 10.77 percent, Aneka Tambang surged 5.33 percent, Vale Indonesia was up 3.67 percent and Timah perked 4.96 percent.

The lead from Wall Street is soft as stocks showed a notable move to the downside on Monday, extending losses from the previous session and pulling back further from the record highs set last Wednesday.

The Dow shed 268.37 points or 0.96 percent to 27,783.04, while the NASDAQ lost 97.48 points or 1.12 percent to 8,567.99 and the S&P 500 fell 27.11 points or 0.86 percent to 3,113.87.

The continued weakness on Wall Street followed a report from the Institute for Supply Management noting continued contraction in U.S. manufacturing activity in November. A separate report from the Commerce Department showed an unexpected decrease in U.S. construction spending in October.

Traders also reacted to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.

The price of crude oil regained some ground during on Monday following Friday's substantial decline. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session.

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