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Higher Open Expected For Indonesia Stock Market

The Indonesia stock market has moved lower in consecutive trading days, easing 5 points or 0.1 percent along the way. The Jakarta Composite Index remains just above the 5,110-point plateau although it may halt its slide on Thursday.

The global forecast for the Asian markets is upbeat on solid earnings news and economic data. The European markets were mixed and the U.S. bourses moved higher and the Asian markets are expected to follow the latter lead.

The JCI finished barely lower on Wednesday as losses from the financials were mitigated cy support from the cement companies and a mixed picture from the resource stocks.

For the day, the index eased 1.88 points or 0.04 percent to finish at 5,111.11 after trading between 5,085.34 and 5,117.35.

Among the actives, Bank Danamon Indonesia skidded 1.08 percent, while Bank Mandiri tumbled 2.56 percent, Bank Central Asia shed 0.81 percent, Bank Negara Indonesia retreated 1.92 percent, Indosat plummeted 6.77 percent, Indocement added 0.40 percent, Semen Indonesia gained 0.80 percent, Indofood Suskes fell 0.39 percent, Aneka Tambang climbed 1.39 percent, Vale Indonesia sank 0.87 percent, Timah soared 5.41 percent and Bumi Resources was unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday and picked up steam as the day progressed.

The Dow added 160.29 points or 0.61 percent to finish at 26,539.57, while the NASDAQ spiked 140.85 points or 1.35 percent to end at 10,542.94 and the S&P 500 rose 40.00 points or 1.24 percent to close at 3,258.44.

Early buying interest was partly generated by the latest batch of earnings news, with a number of big-name companies reporting better than expected quarterly results including Advanced Micro Devices (AMD) and C.H. Robinson (CHRW).

The strength on Wall Street also reflected a report from the National Association of Realtors showing another significant increase in pending home sales in June.

Stocks saw continued strength after the Federal Reserve announced its widely expected decision to leave interest rates at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.

Crude oil prices moved higher on Wednesday after data showed a larger than expected decline in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.23 or 0.6 percent at $41.27 a barrel.

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