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Lower Open Predicted For Indonesia Stock Market

The Indonesia stock market has finished higher in two straight sessions, advancing more than 40 points or 0.9 percent along the way. The Jakarta Composite Index now sits just beneath the 4,550-point plateau although it may turn lower on Wednesday.

The global forecast for the Asian markets suggests profit taking after multiple sessions of gain, as well as ongoing concerns over the lingering effects of Covid-19. The European and U.S. markets were down and the Asian bourses are tipped to follow in similar fashion.

The JCI finished modestly higher on Tuesday following gains from the resource stocks, weakness from the cement companies and a mixed picture from the financial shares.

For the day, the index rose 37.60 points or 0.83 percent to finish at 4,548.66 after trading between 4,519.51 and 4,609.04.

Among the actives, Bank Danamon Indonesia climbed 1.30 percent, while Bank Mandiri jumped 3.76 percent, Bank Central Asia tumbled 1.78 percent, Bank Negara Indonesia soared 5.71 percent, Indosat skidded 1.48 percent, Indocement dropped 0.93 percent, Semen Indonesia retreated 1.16 percent, Indofood Suskes accelerated 3.85 percent, Vale Indonesia gained 1.72 percent, Timah rose 0.87 percent and Bumi Resources and Aneka Tambang were unchanged.

The lead from Wall Street is negative as stocks turned in a lackluster performance of Tuesday before coming under pressure going into the close - offsetting gains from the previous session.

The Dow shed 390.51 points or 1.59 percent to finish at 24,206.86, while the NASDAQ lost 49.72 points or 0.54 percent to 9.185.10 and the S&P 500 fell 30.97 points or 1.05 percent to 2,922.94.

The late-day weakness on Wall Street came as traders cashed in on the rally seen on Monday, which lifted the Nasdaq and the S&P 500 to their best closing levels in over two months.

Traders have recently expressed considerable optimism about the economy reopening, although lingering concerns about the coronavirus pandemic led to some caution.

Traders were also reacting to comments from Federal Reserve Chair Jerome Powell, who reaffirmed the central bank will provide more support to the economy.

Crude oil prices were higher Tuesday, supported by increased demand and output cuts on the expiration of the front-month contract. West Texas Intermediate Crude oil futures expired at $32.50 a barrel, gaining $0.68 or 2.1 percent. July series WTI contract advanced $0.31 or 1 percent to settle at $31.96 a barrel.

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