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Renewed Support Anticipated For Indonesia Shares

The Indonesia stock market on Tuesday halted the two-day winning streak in which it had surged more than 270 points or 5.4 percent. The Jakarta Composite Index now sits just above the 5,100-point plateau although it's expected to rebound on Wednesday.

The global forecast for the Asian markets suggests mild upside, again led by the technology stocks ahead of the Federal Reserve announcement later today. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The JCI finished sharply lower on Tuesday following losses from the financial shares and resource stocks.

For the day, the index skidded 60.96 points or 1.18 percent to finish at 5,100.87 after trading between 5,091.29 and 5,187.28.

Among the actives, Bank Danamon Indonesia tumbled 2.08 percent, while Bank Mandiri skidded 1.30 percent, Bank CIMB Niaga retreated 1.27 percent, Bank Negara Indonesia surrendered 2.18 percent, Indosat tanked 3.98 percent, Indocement added 0.66 percent, Semen Indonesia sank 2.28 percent, United Tractors surged 3.80 percent, Indofood Suskes declined 1.60 percent, Astra Agro Lestari shed 0.46 percent, Aneka Tambang gained 0.63 percent, Vale Indonesia eased 0.25 percent, Timah was down 1.24 percent and Bumi Resources was unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday, although the Dow gave back almost all of its gains.

The Dow rose 2.27 points or 0.01 percent to finish at 27,995.60, while the NASDAQ spiked 133.67 points or 1.21 percent to end at 11,190.32 and the S&P 500 rose 17.66 points or 0.52 percent to close at 3,401.20.

A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.

However, trade was somewhat subdued ahead of the Federal Reserve's monetary policy statement later today. The Fed is expected to leave interest rates unchanged, but traders will listen for any tweaks to the accompanying statement. The Fed's latest economic projections may also be of note.

In economic news, the Fed said U.S. industrial production slowed more than expected in August. Also, the Labor Department noted an increase in U.S. import prices last month, with prices jumping by much more than expected.

Crude oil futures ended sharply higher Tuesday as news of the stoppage of energy operations in the Gulf of Mexico due to Hurricane Sally outweighed concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for October rose $1.02 or 2.7 percent at $38.28 a barrel.

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