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Indonesia Shares Predicted To See Further Upside

The Indonesia stock market has tracked higher in two straight sessions, accelerating almost 75 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 6,185-point plateau and it's tipped to add to its winnings again on Monday.

The global forecast for the Asian markets is broadly positive on solid economic data and a spike in crude oil prices. The European and U.S. markets were firmly higher on Friday and the Asian bourses are tipped to follow that lead.

The JCI finished modestly higher on Monday following gains from the resource stocks and cement companies, while the financials were mixed.

For the day, the index collected 34.75 points or 0.56 percent to finish at the daily high of 6,186.87 after moving as low as 6,145.12.

Among the actives, Bank Danamon Indonesia climbed 1.09 percent, while Bank Central Asia collected 0.87 percent, Bank Negara Indonesia jumped 1.68 percent, Bank Rakyat Indonesia skidded 1.18 percent, Indosat sank 1.28 percent, Indocement added 0.73 percent, Indofood Suskes spiked 1.59 percent, Bumi Resources tumbled 1.47 percent, Aneka Tambang rose 0.62 percent, Vale Indonesia accelerated 1.93 percent, Timah increased 0.65 percent and Bank Mandiri and Semen Indonesia were unchanged.

The lead from Wall Street is firm as stocks moved sharply higher on Friday as the major averages extended recent gains.

The Dow jumped 337.26 points or 1.22 percent to 28,015.06, while the NASDAQ climbed 85.83 points or 1.00 percent to 8,656.53 and the S&P 500 rose 28.48 points or 0.91 percent to 3,145.91. For the week, the Dow and NASDAQ fell 0.1 percent and the S&P added 0.2 percent.

The rally on Wall Street came after the Labor Department's closely watched monthly jobs report showed much stronger than expected U.S. job growth in November - while the unemployment rate fell to 3.5 percent.

Adding to the positive sentiment, preliminary data released by the University of Michigan showed a much bigger than expected improvement in U.S. consumer sentiment in December.

Crude oil prices rose sharply on Friday after Saudi Arabia and Russia agreed on further output curbs. West Texas Intermediate Crude oil futures for January ended up $0.77 or 1.3 percent at $59.20 a barrel, the highest settlement since September 17.

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