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Indonesia Bourse Likely To Snap Losing Streak

Ahead of Wednesday's holiday for the Hindu New Year, the Indonesia stock market had finished lower in back-to-back sessions, skidding more than 250 points or 6.2 percent in that span. The Jakarta Composite Index now rests just beneath the 3,940-point plateau and it's called sharply higher on Thursday as it catches up on missed upbeat sentiment.

The global forecast for the Asian markets is positive on continued optimism for stimulus in response to the coronavirus pandemic. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished sharply lower again on Tuesday as losses from the financial shares and cement stocks were mitigated by support from the resource companies.

For the day, the index skidded 51.89 points or 1.30 percent to finish at 3,937.63 after trading between 3,911.72 and 4,123.56.

Among the actives, Bank Danamon Indonesia sank 2.05 percent, while Bank Mandiri tumbled 6.99 percent, Bank Central Asia climbed 1.58 percent, Bank Negara Indonesia retreated 6.78 percent, Bank Rakyat Indonesia declined 6.87 percent, Indosat dropped 6.25 percent, Semen Indonesia skidded 6.84 percent, Indofood Suskes lost 5.61 percent, Aneka Tambang spiked 4.60 percent, Vale Indonesia skyrocketed 10.69 percent, Timah gained 1.13 percent, Bukit Asam soared 6.87 percent and Bumi Resources and Indocement were unchanged.

The lead from Wall Street is cautiously optimistic as stocks moved sharply higher on Wednesday before giving ground late in the session to end mixed.

The Dow jumped 495.64 points or 2.39 percent to finish at 21,200.55, while the NASDAQ fell 33.56 points or 0.45 percent to 7,384.29 and the S&P 500 climbed 28.23 points or 1.15 percent to 2,475.56.

Stocks moved sharply higher earlier in the session in reaction to news that Senate leaders and the White House have reached an agreement on the $2 trillion stimulus bill - but a potential snag over jobless benefits could delay its passage, sending stocks lower in the afternoon.

The Senate could pass the bill as soon as today, although the stimulus package would still need to be approved by the Democrat-controlled House before heading to President Donald Trump's desk.

Crude oil prices moved higher on Wednesday after a decline in weekly gasoline inventories. Optimism about the passage of the massive $2 trillion stimulus bill also contributed to oil's rise in the session. West Texas Intermediate crude oil futures for May ended up $0.48 or 2 percent at $24.49 a barrel.

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