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Indonesia Stock Market May Extend Recovery

The Indonesia stock market rebounded on Tuesday, one sessions after it had snapped the four-day winning streak in which it had advanced almost 110 points or 1.9 percent. The Jakarta Composite Index now rests just beneath the 5,955-point plateau and it may inch higher again on Wednesday.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The JCI finished barely higher on Tuesday as gains from the resource stocks were sapped by weakness from the cement companies and a mixed picture from the financials.

For the day, the index rose 2.31 points or 0.04 percent to finish at 5,954.40 after trading between 5,945.05 and 5,979.57.

Among the actives, Bank Mandiri collected 0.65 percent, while Bank Central Asia eased 0.07 percent, Bank Negara Indonesia shed 0.34 percent, Bank Rakyat Indonesia added 0.22 percent, Indosat tumbled 3.10 percent, Indocement skidded 1.34 percent, Semen Indonesia tumbled 2.24 percent, Indofood Suskes dropped 0.97 percent, Vale Indonesia advanced 0.92 percent, Timah gained 0.71 percent and Aneka Tambang, Bank Danamon Indonesia and Bumi Resources were unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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